In a major development, India’s leading urban cooperative bank, Saraswat Co-operative Bank, announced the signing of a Memorandum of Understanding (MoU) with Maruti Suzuki India Limited (MSIL) on Tuesday. This partnership aims to boost retail car financing.
Under this tie-up, Saraswat Bank will offer customized auto retail financing solutions for customers. Maruti Suzuki will collaborate with its dealer partners to provide comprehensive retail financing options through Saraswat Bank, which will finance all Maruti Suzuki models across its dealership network.
The MoU was signed in the presence of key leaders from Saraswat Co-operative Bank, including Mr. Gautam E. Thakur (Chairman), Mr. Priyam Alok (Chief Business Officer), Mrs. Arti Patil (Managing Director & CEO), Mr. Laxman Samant (Director), and Mr. Kiran Umrootkar (Director). Representing Maruti Suzuki were Mr. Partho Banerjee (Senior Executive Officer, Marketing & Sales), Mr. Bhuvan Dheer (Executive Officer, Marketing), Mr. Kamal Mahtta (Vice President, Allied Business), and Mr. Vishal Sharma (General Manager, Maruti Suzuki Finance & Driving School), along with other senior officials from both organizations.
Sharing his thoughts on the alliance, Gautam E. Thakur, Chairman of Saraswat Co-operative Bank, said: “We are glad to have Maruti Suzuki as our partner for offering car financing solutions. This association will ensure that customers receive very competitive terms and the best possible service, benefiting them immensely.”
Partho Banerjee, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India Limited, added: “At Maruti Suzuki, our customers remain at the heart of everything we do. Our partnership with Saraswat Co-operative Bank is a step forward in providing them with easy, flexible, and personalized financing options tailored to their needs.”
“By leveraging the bank’s robust and extensive network, we will ensure customers can access convenient and customized financing solutions, making the process of owning a Maruti Suzuki vehicle seamless and stress-free. This initiative reaffirms our commitment to delivering convenience and spreading the joy of mobility for all”, he added.
Car financing plays a pivotal role in the customer’s car-buying journey. It is not just a means to acquire a vehicle but an enabler of aspirations. Both Maruti Suzuki and Saraswat Bank are committed to delivering exceptional customer experiences and creating delight, he underlined.
Established over a century ago, Saraswat Bank is India’s largest urban cooperative bank, with over 300 branches and a total business of Rs 82,000 crore as of March 2024. The bank operates across six states, offering tailored banking services powered by a blend of technology and tradition.
Maruti Suzuki, India’s leading passenger car manufacturer, offers a portfolio of 18 models and operates an extensive network of over 4,000 sales outlets and 5,000 service outlets. The company boasts advanced R&D facilities and an annual production capacity of 23.5 lakh units.
