Private lender, IndusInd Bank has entered into a strategic alliance with Maruti Suzuki India Limited to avail auto loans on Maruti vehicles on an all India basis.

As per the agreed terms, IndusInd Bank is declared the preferred financier for Maruti Suzuki vehicles. The bank will offer loan facility to eligible customers for purchasing the company vehicles.

Commenting on the move, S V Parthasarathy, Executive Vice-President, IndusInd Bank, said, "This strategic alliance is a part of our expansion strategy in the consumer finance segment. We have wide distribution network covering urban, semi-urban & rural areas. We can leverage on our network base of two million customers for mutual benefit. We see excellent synergy in this relationship for both the organisations."

The loans facility will be availed to prospective buyers through the bank's branch network on countrywide basis. The carmaker can also leverage the facility via 484 distribution outlets of the bank.

The Chief General Manager of Maruti Suzuki India Limited, Sri R.S.Kalsi, said, "We feel that car finance needs personalised focus and attention. We are confident that with partners like IndusInd Bank, we will win customer confidence and achieve the objective of greater penetration. We are happy that IndusInd Bank is partnering with Maruti Suzuki to offer transparent, hassle-free finance options to our customers."

One of the new-generation private-sector banks in India, IndusInd Bank Ltd has a branch network of 180, across 28 states and union territories. The bank also operates through 484 distribution outlets and has representative office each in Dubai and London. The current benchmark prime lending rate of the bank is 16.75 percent. The bank had recently revealed its plans to focus on vehicle financing.

The bank has also received licence from RBI to open 30 branches.

Maruti Suzuki India Limited, is the leading passenger cars and multi purpose vehicle maker in India. A subsidiary of Suzuki Motor of Japan, the company has a country wide network of 681 sales outlets and over 2767 workshops.