MG Motor India has signed an MoU with the State Bank of India (SBI) – the country’s largest public sector lender – for the bank’s Electronic Dealer Finance Scheme (e-DFS). This tie-up will provide MG's partner dealers access to wholesale inventory finance via SBI’s electronic lending product. The strategic move by NG goes a long way towards driving growth for the car manufacturer's partner dealer ecosystem.
MG Motor India says SBI's electronic Dealer Finance Scheme (e-DFS) is a proven and tested product, which has already facilitated access to quick and low-cost credit for inventory finance to thousands of dealers across the country through its hassle-free, digitally-driven platform.
The MoU between MG and SBI was signed at the SBI headquarters in Mumbai. Gaurav Gupta, chief commercial officer, MG Motor India and Rakesh Sidana, national sales head, MG Motor India represented the carmaker, while Haridas K V, deputy MD, retail banking, SBI; Mihir Narayan Prasad Mishra, general manager – SME, SBI and Devinder Gupta, DGM - SCFU, SBI represented the bank at the official signing ceremony.
“Joining hands with State Bank of India, the country’s largest public sector bank, gives seamless access to credit to our network of chosen dealer partners,” said Gaurav Gupta, chief commercial officer, MG Motor India, at the occasion. “The association will facilitate curated banking and financing solutions for wholesale inventory finance, enabling us to deliver on our brand promise of driving growth for our dealers as part of our long-term commitment to the market.”
MG Motor India has been constantly leveraging technology to redefine the brand's customer experience ahead of the launch of the Hector, its first SUV, by Q2 2019. The carmaker plans to operate 100 sales and service touch points across India ahead of the launch. It plans to build on its recent alliance with SBI and partner with more leading banks to enable a robust banking and financing solution to its customers and dealer partners alike. This will include providing dealerships with inventory funding and access to credit solutions; and term loans to end-customers. MG Motor India has also said that it will create tailor-made finance packages to meet the requirements of the brand's various customers.
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