Maruti Suzuki ties up with HDB Financial Services to facilitate easy car loans for customers
India’s largest automobile manufacturer, Maruti Suzuki India, formerly known as Maruti Udyog Limited on Thursday said it has tie-up with HDB Financial Services (HDBFS), a leading NonBanking Financial Company (NBFC) to provide car loans to customers.
With an objective to facilitate easy car financing, a largest automobile manufacturer in India, Maruti Suzuki India Limited (MSIL) today partnered with a leading NonBanking Financial Company (NBFC), HDB Financial Services Limited (HDBFS), to provide attractive and customized car loans for customers.
The MoU was signed in the presence of Executive Director (Marketing & Sales), MSIL, Mr. Shashank Srivastava, MD & CEO, HDBFS, Mr. G Ramesh, and other senior officials from both the organizations.
Maruti Suzuki India said in a statement that with this partnership, the company now has a retail finance tie-up with 7 NBFCs, 26 banks, and 8 regional rural banks. The tie-up will facilitate loans for both used and new cars.
Maruti Suzuki has a vast network of 569 pre-owned car retail channel True Value in over 280 locations. Maruti Suzuki has a more than 3,066 new car retail outlets network across 1,953 cities and towns.
HDB Financial Services Limited has a network of over 1,425 branches in 1,038 cities and towns. It is is a subsidiary company of HDFC Bank.
Executive Director (Marketing & Sales), Maruti Suzuki India Limited, Mr. Shashank Srivastava, said, “Maruti Suzuki offers the convenience of buying a car along with other services such as accessories, car insurance, and finance under one umbrella.
The tie-up with HDB Financial Services Limited will boost convenience by offering attractive loan schemes to customers. It also helps in increasing financial inclusion penetration for potential customers, Mr. Shashank Srivastava added.
HDB Financial Services Limited is an NBFC it has a strong network and it overcomes challenges being faced in conventional lending, thus giving rural and semi-rural India access towards credit.
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MD & CEO, HDB Financial Services, Mr. G Ramesh, said, the company has a more than 1425 branches pan-India and has a physical presence in more than 1000 locations.