Maruti Suzuki and Bank of Baroda (BoB) have signed a Memorandum of Understanding (MoU) for car finance.
According to the signed memorandum, Maruti car dealers across the country will advice prospective car buyers to take a car loan from the bank. They will also explain the car-loan advantage of the bank and help the buyers apply for the same.
According to an industry resource, the bank will disburse the loan within 48 hours after the loan application made by the buyer. At present BoB is offering a competitive interest rate of 11.25%.
The partnership between the bank and Maruti covers about 600 Maruti dealers across the country and over 2,800 BoB branches.