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India inks with SBI for Vehicle Financing General Motors India and State bank of India have signed a Memorandum of Understanding (MoU) to provide auto financing to all General Motors India vehicles both at wholesale and retail levels. The agreement was signed between Mr. Ankush Arora, Vice President, Sales, Marketing & After Sales, General Motors India and Mr. P. Nandakumaran and Mr. B. S. Bhasin, Chief General Managers for retail and whole- sale financing respectively for State Bank of India.
Speaking on the occasion, Mr.
Ankush Arora said “We are extremely pleased to partner with State Bank of India being the largest public sector bank in the country. Its extensive reach across India will help our customers to avail of loan facilities to buy our most sought after products. Low interest rates in addition to low processing charges are some of the many benefits which our customers can enjoy while availing of loan facilities of from State Bank of India for financing of our vehicles, he added.
As per the MoU, State Bank of India will now provide retail and wholesale financing to customers for purchase of GM India vehicles across the country. GM India in collaboration with State Bank of India will promote schemes to offer easy finance options to their customers by leveraging the pan India presence of State Bank of India. With a network of over 12150 branches across the country, State Bank of India is the largest in India and has been growing rapidly since its inception. Recently, it has been ranked as one of the top ranking banks of international repute.
After the successful launch of retail financing scheme for vehicles, SBI is now focusing on Wholesale financing of vehicles in the form of Dealer Financing through its newly launched Electronic Dealer Financing Scheme (e-DFS), which runs on a fully web based portal and ensures automated payments and settlements. Maruti Suzuki ties up with IDBI Bank for car loan financingIDBI Banl Ltd (IDBI) and Maruti Suzuki India Limited (MSIL) today entered into a Memorandum of Understanding (MoU) for providing Auto Finanace to propective customers of MSIL.
The MoU was signed by Shri C. S. Jain, Head- Personal Banking Group, IDBI Bank Ltd and Shri R. S. Kalsi, Chief General Manager of MSIL. As per the scheme modalities, MSIL and its Dealer network will collaborate with IDBI Bank Ltd for the purpose of “Retail/ Wholesale Activation” in order to facilitate vehicle business. The MOU will facilitate prospective customers of MSIL with vehicle finance at attractive terms. The loan facility for MSIL prospective customer is xtended up to 7 years with maximum funding on ‘on road price’ and faster processing. The Bank would extend financing facilities to eligible customers for MSIL cars and multi-utility vehicles. The tie-up will benefit both, IDBI Bank in further strengthening its position in retail loan space and MSIL in leveraging the retail financing strength and reach of the Bank. IDBI Bank launched Auto Loans in July 2009. The Auto Loan product is very competitive and the Bank is taking various initiatives to be a leading player in the segment.
The product offers finance for new vehicles at maximum funding at attractive rate of interest. Passenger car-maker, Honda Siel Cars, today said it has tied-up with Axis Bank to offer finance to dealers and customers for its vehicles at competitive rates. Honda Siel”Honda Siel and Axis Bank will pool their resources together to make accessible organised finance at competitive rates to our dealers and customers across the country for the purchase of Honda cars,” Honda Siel Cars, Director (India), Marketing, T Natsume, said in a press release.
Under the agreement, Axis Bank has approved a line of credit for financing the dealers of Honda Siel for inventory funding and retail financing of auto loans, the release said. Huyndai MotorsHyundai Motor India Ltd (HMIL), the second largest car manufacturer and the largest passenger car exporter entered into Memorandum of Understanding (MOU) with Indian Bank, one of the oldest banks in India. Commenting on the financing tie-up, Mr Arvind Saxena, Director- Marketing & Sales, HMIL said, “We warmly welcome Indian Bank to the Hyundai family.
With this tie-up we can now give our customer more options when it comes to car loans. Indian Bank is trusted by millions of people and we believe in what people trust the most. The year 2009 has been challenging for the auto industry, but at HMIL we have always welcomed the challenges in a positive manner. We are happy to start the year 2010 with such a great partnership. ”Hyundai Motor India today said it has tied up with public sector lender UCO Bank for providing retail financing facilities to its customers. We are pleased to announce this partnership with UCO Bank as our customers will greatly benefit with competitive rates and convenient locations that UCO Bank provides its customers,” Hyundai Motor India Ltd (HMIL) Director (Marketing and Sales) Arvind Saxena said. “This tie-up will give us a platform from where different products of our bank can be marketed to the prospective buyers of Hyundai Motor India products throughout the country. Thus, the bank’s retail portfolio as well as customer base can be increased,” UCO Bank Chairman and Managing Director S K Goel said.
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