Maruti Suzuki joins hands with Indian Bank for car loans

As part of the partnership, the company’s customers can avail the loan benefits in over 5,700 plus branches of Indian Bank at metro, urban, semi-urban and rural locations.

Maruti Suzuki customers, under this exclusive scheme, can avail loans up to 90 per cent of the on-road price of the car besides getting benefits of zero processing charges, free accidental insurance cover up to Rs 30 lakh, free fastag and repayment tenure up to 84 months on their loans. The scheme is open till June 30 2022.

“About 80 per cent of retail sales in the automobile industry happen through financing and to enable our customer’s car-buying decisions, Maruti Suzuki has initiated several partnerships with banks & NBFCs across the public and private sectors. It is our firm belief that this partnership with Indian Bank will go a long way to cater to the diverse finance requirements of our customers,” MSI Senior Executive Director (Marketing and Sales) Shashank Srivastva said in a statement.

The country’s largest carmaker has a vast network of 3,357 new car retail outlets across 2,156 cities and towns.

With this partnership, Maruti Suzuki now has retail finance tie-ups with 37 financial institutions including all 12 public sector banks, 11 private banks, 7 NBFCs and 7 regional rural banks.

“Indian Bank has a wide presence all over the country and we are confident of offering best-in-class services to Maruti Suzuki customers for meeting their aspiration of owning a car,” Indian Bank Managing Director & CEO Shanti Lal Jain noted.

The bank is committed to making the car financing experience more convenient for the customer, and a variety of options in terms of rate of interest will be made available to simplify the financing process, he added.