MG Motor ties up with 5 more banks for dealer and customer finance

Chinese owned British-marquee brand MG (Morris Garages)  Motor which is yet to launch its first product in the Indian market is strengthening its marketing base firmly. The company today announced that as part of its aim to provide a strong customer experience, it has signed MoUs with five leading private banks to offer financing solutions for its customers and dealers.

This partnerships will provide financing solutions to MG’s customers and dealer partners starting with its first launch, the Hector SUV, in Q2 2019. The MoUs were signed with Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra and Yes Bank. This is in addition to the MoU signed with the public sector lender State Bank of India (SBI) by the company earlier this week.

Commenting on the move, Gaurav Gupta, chief commercial officer, MG Motor India said, “Joining hands with the largest financial institutions in the country will facilitate credit to our dealer partners and customers. 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.”

The carmaker is looking to leverage technology to redefine customer experience ahead of its first SUV launch and plans to operate 110 sales and service touch points across India before the launch.