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Kia Motors India partners with leading financial institutions ahead of its launch

Kia Motors India partners with leading financial institutions ahead of its launch

Snapshot: Kia Motors has signed Memorandum of Understanding with eight leading financial institutions in India that will allow it to offer services such as term loans, inventory funding, etc.

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Kia Motors announced its partnerships with country’s eight leading financial institutions in order to offer financial services to its stakeholders in India. The brand signed a MoU with top public sector as well as private sector banks and NBFCs - State Bank of India, Axis Bank, Bank of Baroda, ICICI Bank, HDFC Bank, Yes Bank, Kotak Prime and also Mahindra and Mahindra Financial Services Limited, making another step to widen its network in the market.

Speaking on this, Mr Kookhyun Shim, MD & CEO, Kia Motors India said, “Kia is committed to the Indian market and we have shown this consistently with our endeavors. Our passion is not only to build great cars but also to set new standards in the car ownership experience for our customers. The partnership with India’s leading financial institutions will enable us to offer best-in-class term loans to our customers while also facilitating smooth inventory funding and access to credit solutions for our esteemed dealer partners.”

Keeping its global commitment of ‘The Power to Surprise’, Kia’s partnerships with top Indian financial institutions and it would be instrumental in ensuring wide reach and deep market spread in India. The company plans to provide experience beyond expectations across the country. It will provide a bucket of schemes from various financiers to enhance its presence in tier 2, 3 and 4 markets. It is aimed to all company stakeholders like even to the dealer partners as well as to the customers and provide them with the best solution and services. Partnerships will help Kia to offer inventory funding, term loans, and other credit solutions to dealer network as well as tailor-made retail finance for the customers at very competitive interest rates along with flexible loan tenures. Kia Motors would further focus on digitization the processes to reduce the lead time, paperwork and making the whole experience from application to disbursement of loan to work with ease.

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Recently, the company announced the commencement of trial production at its manufacturing facility at Anantapur, Andhra Pradesh. Kia is all set to launch its very first compact-SUV – SP2i in the second half of 2019 and will compete with the likes of the Hyundai Creta, Renault Duster, Nissan Kicks and Maruti Suzuki S-Cross. By the 2021, Kia has its planning to launch a total of 5 models and increasing its product portfolio.

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