Maruti Suzuki, Bank of Maharashtra MoU for dealer inventory financing

“Bank of Maharashtra’s Mahabank Channel Financing scheme will provide comprehensive financing opportunities for MSIL’s dealer partners across the nation.”

Maruti Suzuki India Limited (MSIL) on Monday said it has signed an MoU with Bank of Maharashtra for offering inventory financing to its dealer partners.

Under the partnership, Bank of Maharashtra’s Mahabank Channel Financing scheme will provide comprehensive financing opportunities for MSIL’s dealer partners across the nation.

Shashank Srivastava, Senior Executive Director, Marketing and Sales, MSIL, said the collaboration with Bank of Maharashtra will offer new-age banking and finance solutions for the company’s dealer partners.

“There is a business requirement to induct more finance partners for dealer inventory funding keeping in mind long term business requirements and contingencies,” he said.

A S Rajeev, Managing Director and CEO, Bank of Maharashtra, said the partnership aims to provide enhanced digital lending services to MSIL’s dealers and produce a ‘great synergistic effect’.

“The tie-up will allow us to further consolidate the business to provide one-stop services under supply chain finance. We are optimistic that this partnership will help in leveraging business opportunities in the MSME category and increase market penetration for MSIL,” he added.

Through the collaboration, the bank will offer facilities to MSIL’s dealers across its 2,000 branch network across India with “competitive pricing, convenience repayment tenures and flexible limits, along with digitised and real time transactions.”

Source: https://auto.economictimes.indiatimes.com/