MG Motor India Collaborates with 5 Banks to Provide Financing Solutions

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Added in: MG Motor

Seems like MG Motor is leaving no stone unturned in a bid to provide a heightened and very unique experience to its Indian customers. The company, recently announced its strategic alliance with 5 leading private banks in India to provide financial solutions, way ahead of their first launch in the second quarter of 2019. The company has signed a memorandum of understanding with Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra and Yes Bank. The banks would not only help customers finance their new vehicle but will also help dealer partners of the brand to fund their inventory and have a credit line with them.

MG Motor India signs MoUs

Just a week ago, MG Motor had signed a similar MoU with SBI, India’s leading public sector lender. Speaking on the occasion, 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.”

MG Snow Testing teaser

The company plans to provide as many as 110 points of sales and service ahead of their launch in the Indian market. After the launch of the Hector, the company has plans to introduce a new model every year, even including an all-electric SUV. We had more insight into the plans of this motoring icon at their plant in China, which you can read about here.

MG Hector India

Also Read: MG Motor Announce Strategic Tie-Up with Myles, to Offer New Cars on Subscription

Coming to their first launch for our market, the Hector SUV will be competing with the likes of the Tata Harrier, Jeep Compass and the upcoming SP2i from Kia. Named after Prince Hector of Troy, the Hector would be offered with both petrol and diesel engines. The Hector appears to be a very spacious SUV and we expect it to offer class-leading cabin and boot space. Inside the cabin, expect the Hector to be loaded with loads of equipment, including a panoramic sunroof, a 360-degree camera, LED lighting all around and quite some more. More updates on the Hector and MG brand coming soon, stay tuned.