MG Motor India and Yes Bank Limited have signed a deal to forge a strategic financing association. With the launch of the MG Hector SUV by mid-2019, the automotive firm based in the U.K. will foray into India. This strategic tie-up will leverage considerable benefits to customers and dealers of MG Motor car models in India.
MG Motor India will receive end to end financial solutions from Yes Bank through this venture and shall get special digital banking services developed by Yes Bank, which will help customers and dealers of MG Motor in banking and finance solutions.
Commenting on the association, Rajan Pental, Group President and Head of Branch and Retail Banking, Yes Bank said, “We are proud to partner with MG Motor India and offer their dealers and customers suitable financing packages, further aiding MG Motor India’s market penetration. Powered by Yes Bank’s ethos of Knowledge and Technology banking, we remain committed to providing best-in-class services to our clients and helping them achieve their objectives. We wish MG Motors great success with their range of India-centric offerings.”
Gaurav Gupta, Chief Commercial Officer (CCO) of MG Motor India said, “Joining hands with Yes Bank gives immense credibility to our network of chosen dealer partners and customers. The association will facilitate curated banking and financing solutions for both customers and dealer partners of MG Motor India, enabling us to deliver on our brand promise of offering a heightened customer experience. Through this partnership, MG Motor India will offer inventory funding and access to credit solutions to dealerships, and term loans to end-customers. We also aim to create tailor-made finance packages to meet the requirements of various consumer demographics, starting with our first India-centric offering, the Hector.”
Mr. Gupta added, “Seamless access to financing, whether for retail customers or vehicle dealerships, remains one of the biggest challenges to the growth of the Indian automotive sector. Our partnership with YES BANK is aimed at addressing this exact pain point.”