MG Motor signs MoU with 5 leading Banks

In a move that underlines its commitment towards providing a heightened customer experience, MG (Morris Garages) Motor India has signed MoUs with 5 leading private banks to offer financing solutions for its customers and dealers. The partnerships will provide financing solutions to MG’s customers and dealer partners starting with its first launch, the Hector SUV, in Q2 2019.

The MoUs were signed with Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra and Yes Bank. This is in addition to the MoU signed with India’s leading public sector lender State Bank of India (SBI) by the company earlier this week.

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 Motor India has been constantly leveraging technology to redefine customer experience ahead of the launch of its first SUV Hector. The carmaker, which plans to operate 110 sales and service touch points across India ahead of the launch, is also committed to create tailor-made financial packages to meet the requirements of various customers. MG Motor had announced that their 1st model for India would be an SUV the made for India model the Hector. The MG Hector will rival the likes of the segment leader the Hyundai Creta, soon to be launched Tata Harrier and the Jeep Compass and also the Mahindra XUV 5OO territory. The new MG SUV ‘Hector’ will be manufactured at MG Motor’s brand new facility at Hallol in Gujarat. The name Hector belongs to the legendary British biplane called the Hawker Hector.

Watch this space for more news and information on the MG Hector in the coming weeks.