Maruti Suzuki adds Hero FinCorp to fuel car sales

India’s leading car manufacturer, Maruti Suzuki (MSIL) has announced a strategic tie-up with the country’s leading NBFC Hero FinCorp. The association with benefit car buyers leveraging the wide-reaching network of both companies.

MSIL operates over 4,000 sales points and 5,000 service centres across the country and is the number one car manufacturer by volumes.

Hero FinCorp has a pan-India presence with 4,000 touch points across 2,000 locations and has been a pioneer in automobile financing.

With this addition, MSIL offers 40 service providers from whom consumers can seek the benefit of taking auto loans.

Speaking on the collaboration,Mr. Partho Banerjee, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India Limited, said “At Maruti Suzuki, we always keep our customers at the centre of all our offerings.

Collaborating with Hero FinCorp builds on our ability to offer innovative, transparent, and attractive financing solutions that address ever-evolving customer needs for car finance.

With this tie-up, MSIL today has over 40 retail finance partners for our customers to choose from, giving them a wide array of finance options to suit their varied needs.”

Mr. Abhimanyu Munjal, MD & CEO, Hero FinCorp, stated, “At Hero FinCorp, we’re on a mission to fuel Bharat’s aspirations. This partnership with Maruti Suzuki takes us a step further towards making car ownership easier, more accessible, and truly hassle-free for every Indian.

As India trades up, our deep reach in Tier 2, Tier 3 cities, and beyond, combined with seamless digital journeys powered by proprietary tech capabilities, ensures that we continue Empowering Every Indian’s Dream of Upward Mobility.”

Editor’s Note

A slowing economy in the bottom of the pyramid has hit the sale of entry level cars and the most affected is Maruti Suzuki who’s flagship models once included the 800 CC Alto and Celerio followed by other hatchbacks.

Ever since the Covid-19 impact, sales of cars sub-INR 6 lakhs have been deeply impacted, indicating a massive drop in purchase of entry level cars, especially due to the vagaries of the economy.

While the compact SUV segment with models such as Maruti Brezza, Hyundai Creta and Mahindra 3XO driving volumes for auto manufacturers, the slowdown in the small car segment has been consistent for the last 3 years.