Maruti Suzuki partners Bank of Baroda for vehicle finance

Maruti Suzuki India on Friday said it has joined hands with Bank of Baroda to support dealer inventory financing and customer auto loans. In a statement Maruti Suzuki India (MSI) said “the company has signed a memorandum of understanding with Bank of Baroda, under which the bank will become a preferred financier.”

“The partnership with Bank of Baroda will allow Maruti Suzuki to provide more comprehensive financing opportunities for dealers as well as customers,” it added.

The dealer inventory financing will be done as per Bank of Baroda’s existing product program of supply chain finance, the statement said.

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“We are confident that this collaboration with one of India’s largest public sector bank will offer new-age banking and finance solutions for our customers and dealer partners,” MSI Executive Director, Marketing and Sales Shashank Srivastava said.

Bank of Baroda MD & CEO P S Jayakumar said, “Given the huge potential available in the auto loan/commercial finance segment, we are hopeful that this agreement strengthens our presence in these segments and increases market penetration for Maruti Suzuki in India."

Last week, Maruti Suzuki has unveiled new variants of Swift and Wagon R which are in compliance with BS VI. In addition to this, the new models to also come with a standard set of safety features across all variants. Now, the Swift will come with seatbelt reminder, speed alert system and rear parking sensors as standard in all variants.

Maruti Suzuki is becoming the first mass manufacturer to have introduced BS VI compliant vehicle much ahead than April 1, 2020 deadline.

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The new price range of Maruti Suzuki Swift is starting from Rs 5.14 lakhs to Rs 8.89 lakh (ex-showroom, Delhi).

Recently, the company also introduced BS VI compliance variants of its popular hatchback Wagon R. Depending on the features introduced across variants, the ex-showroom price of the model in Delhi-NCR shall vary from Rs 5.10 lakh to Rs 5.91 lakh and in rest of the country from Rs 5.15 lakh to Rs 5.96 lakh, MSI said in a regulatory filing.