Note: The information is from a press release sent to us by the manufacturer. TURBOCHARGED is not responsible for any inconsistencies and inaccuracies in the below data.
New Delhi, February 27, 2024: Maruti Suzuki India Limited (MSIL) today announced the signing of a Memorandum of Understanding (MoU) with Union Bank of India for Inventory Funding. This new alliance further enhances comprehensive inventory funding options for over 4000 Maruti Suzuki sales outlets across the country.
Speaking on the partnership, Mr. Shashank Srivastava, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India Limited, said, “As a company, we take great care in nurturing our resilient dealer network. We proactively align our efforts in meeting the evolving demands of customers and the market. Our partnership with Union Bank of India since 2008, has steadily evolved and reached a significant milestone of facilitating over 300,000 MSIL car finance cases till date. As a next milestone of our association, we are entering into an inventory funding MoU which will focus on innovative financing solutions for dealer partners. This strategic alliance strengthens our enduring relationship with Union Bank, harnessing the combined capabilities of MSIL and Union Bank to deliver customized retail finance products and comprehensive working capital solutions.”
Speaking on the occasion, Ms. A Manimekhalai, Managing Director & CEO, Union Bank of India, said, “As one of the largest Public Sector Banks, we are delighted to partner with Maruti Suzuki India Limited (MSIL) – one of the leading car manufacturers in the country. The MoU is surely a big step towards providing vital inventory funding support to Maruti Suzuki’s extensive dealer network seamlessly across the country, reinforcing our dedication to empowering businesses through innovative financial products. Dealer finance stands as a cornerstone of our commitment to dealerships, offering a suite of tailored financial solutions. The Bank’s comprehensive range of products and services are crafted to support dealers at every stage of their business journey. By providing timely access to flexible financing options, we empower dealers to optimize their operations, enhance their competitiveness, and unlock new growth opportunities.”
