MG Motor India ties up with 5 private banks for vehicle finance

MG Motor India said on February 6 that it has been bundled with five leading private banks to provide car 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.

MG Motor India said in a statement: "This is in addition to the memorandum of understanding signed by the company with the National Bank of India, India's leading public sector lending agency, earlier this week."

It added that these partnerships will provide MG's customer and dealer partners with financing solutions starting from MG's first product, Hector SUV, Cars in India, in the second quarter of 2019.

Gaurav Gupta, Chief Commercial Officer of MG Motor India, said: "Through these partnerships, MG Auto India will provide fixed-term loans to its customers, while also facilitating inventory financing and providing credit solutions to dealers."

He further stated, "Working with the country's largest financial institution will help our dealer partners and customers get credit."

The automaker said it plans to operate 110 sales and service contact points in India prior to the launch and is working hard to provide financial solutions to meet customer needs.

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