MG Motor India said it has tied up with five leading private banks to offer vehicle loans to its customers and dealers. The company said it has signed agreements with Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Yes Bank. "This is in addition to the MoU signed with India's leading public sector lender State Bank of India by the company earlier this week," MG Motor India said in a statement.
The partnerships will provide financing solutions to MG's customers and dealer partners starting with its first launch, the Hector SUV, in the second quarter of 2019, it added. "Through these partnerships, MG Motor India will offer term loans to its customers while also facilitating inventory funding and access to credit solutions for its dealerships," MG Motor India Chief Commercial Officer Gaurav Gupta said.
He further said, "Joining hands with the largest financial institutions in the country will facilitate credit to our dealer partners and customers." The carmaker said it plans to operate 110 sales and service touch points across India ahead of the launch and is working to provide financial packages to meet requirements of customers.