Srinagar, Jan 25: In a significant collaboration, Jammu & Kashmir Bank has signed a Memorandum of Understanding (MoU) with Maruti Suzuki India Limited (MSIL) for inventory funding to MSIL’s authorized dealers. This arrangement, under the Supply Chain Finance framework, enables the bank to provide financing to over 4000 Maruti Suzuki sales outlets across the country, catering to their working capital needs.
The MoU signing ceremony, chaired by J&K Bank’s MD & CEO Baldev Prakash and MSIL’s Senior Executive Officer Marketing & Sales Shashank Srivastav, took place at the Zonal Office in Jammu. General Manager Ashutosh Sareen represented the bank, while Head Marketing Finance Rohit Kohli represented MSIL, with the presence of senior officials from both organizations, including Executive Director Sudhir Gupta and General Manager Vishal Sharma from MSIL.
During the event, J&K Bank’s MD & CEO and MSIL’s Senior Executive Officer Marketing jointly launched J&K Bank’s pre-approved personal loans for car finance through the Maruti Suzuki Smart Finance (MSSF) portal. This partnership aims to offer J&K Bank as a financing option to vehicle purchasers through the MSSF portal.
MD & CEO Baldev Prakash expressed delight at the collaboration, emphasizing its significance in providing essential inventory funding support to Maruti Suzuki’s vast dealer network across the country. He highlighted the bank’s commitment to empowering businesses through innovative financial products and ensuring proper utilization of funds.
Shashank Srivastava from MSIL lauded the partnership, stating that it reinforces their commitment to support dealers and offer tailored retail finance products and working capital solutions.
Ashutosh Sareen, General Manager Corporate Banking at J&K Bank, outlined the benefits of the tie-up, including reduced collateral requirements for authorized dealers and streamlined operations through digital processes.
General Manager (Consumer and Commercial Banking) Narjay Gupta highlighted the rollout of the Car Loan Finance facility on the MSSF portal, providing eligible customers with pre-approved offers and ensuring a simplified application process with minimal turnaround time.
The collaboration between J&K Bank and Maruti Suzuki India signifies a step towards digitization and enhancing customer convenience, while also bolstering inventory funding and car finance portfolios across Jammu and Kashmir, Ladakh, and the rest of India.
J&K Bank Partners with Maruti Suzuki India for Inventory Funding to Authorized Dealers, Launches Pre-Approved Car Loan Facility
