59
/ 1
Min Read
Maruti Suzuki India Limited has signed a significant Memorandum of Understanding (MoU) with ESAF Small Finance Bank to offer accessible vehicle financing solutions. This partnership will make it easier for customers to avail financing for new cars, used cars, and commercial vehicles, with a special focus on supporting buyers in Tier-2 and Tier-3 cities.
The agreement was formalized in the presence of senior leaders from both companies. Representing Maruti Suzuki were Partho Banerjee, Senior Executive Officer – Marketing & Sales, and Vishal Sharma, Vice President – Maruti Suzuki Finance & Driving School. From ESAF Bank, the delegation was led by Managing Director & CEO K. Paul Thomas along with other senior officials.
This collaboration aims to leverage Maruti Suzuki's extensive retail network and ESAF Bank's strong presence in rural and underserved regions. The core objective is to make vehicle ownership more accessible by offering flexible financing solutions, particularly for first-time buyers.
ESAF Small Finance Bank operates 787 branches, 693 ATMs, and 1,106 Customer Service Centers across India. Since its inception in 2017, the bank has focused on serving women, micro-entrepreneurs, and rural communities.
Maruti Suzuki continues to lead India’s passenger car segment with over 4,000 sales outlets and more than 5,000 service centers nationwide. The company offers 18 vehicle models across various price segments and has an annual production capacity of 2.35 million units.
This partnership is a strategic step towards increasing vehicle penetration in regions where traditional banking access is limited and vehicle ownership rates are still lower compared to urban areas.
