The country's largest carmaker Maruti Suzuki India on Monday said it has tied up with Bank of Maharashtra for offering inventory financing to its dealer partners.
This is the first time that Bank of Maharashtra will be offering dealer inventory financing to the company's dealers, Maruti Suzuki India Ltd (MSIL) said in a statement.
Bank of Maharashtra's Mahabank Channel Financing scheme will provide comprehensive financing opportunities for MSIL's dealer partners across the nation under the partnership, it added.
MSIL Senior Executive Director, Marketing and Sales, Shashank Srivastava 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 added.
Bank of Maharashtra Managing Director and CEO AS Rajeev 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 MSME category and increase market penetration for MSIL," Rajeev 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 transaction."
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today