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