MG Motor Partners SBI As A Finance Solutions Provider

  • Feb 06, 2019

Just ahead of Hector SUV launch, MG Motor has signed a MoU (Memorandum of Understanding) with State Bank of India to provide financial solutions to its customers and dealers. The company plans to have around 100 touchpoints before the official launch of the SUV.

The MG Hector is scheduled for a showcase in April this year, with launch and bookings to open around the same time. This is the first SUV offering by MG Motor in India, hence it is working to build and strengthen its sales and service network across the country. SBI, being the largest PSU bank will be able to provide tech-driven and advanced lending support to the automaker.

MG Motor plans to join hands with more banks going forward allowing its customers to select from a pool of finance partners. Also, there will be customized finance packages for customers to be at ease. Additionally, the company has also partnered with a self-drive car sharing platform called Myles, which will allow customers to subscribe to the new Hector SUV.

While the SBI alliance will help MG Motor to provide term loans to its customers, its dealership network will be benefitted from credit solutions and inventory funding from the country’s largest public sector banking organization.

The chief commercial officer of MG Motor, Gaurav Gupta said, “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. 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.”

Upon launch, the new Hector will challenge the likes of Jeep Compass, Tata Harrier and Hyundai Tucson. We are expecting it to retail around the price of Rs 15 lakh (Ex-showroom). The MG Motor Hector will make its India debut sometime between April and June this year. Stay tuned with us for its launch updates and more related stories from the automotive world.


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