Kia Motors partners with 6 banks
Hyderabad: Kia Motors India on Thursday announced partnership with eight financial institutions. The South Korean automaker has signed a Memorandum of Understanding with leading public sector banks, private sector banks and NBFCs. Under this, Kia Motors will offer its stake holders with financial service options.
The automobile manufacturer said it has entered in a partnership with State Bank of India, Bank of Baroda, Axis Bank, HDFC Bank, ICICI Bank, Yes Bank, Kotak Prime and Mahindra and Mahindra Financial Services Ltd, to widen its reach in the market.Kookhyun Shim, CEO, Kia Motors India, said: “The partnership with India’s leading financial institutions will enable us to offer term loans to our customers while also facilitating smooth inventory funding and access to credit solutions for our esteemed dealer partners.”
Further, he said, the stakeholders, including dealer partners and customers, will get term loans, inventory funding and other credit solutions to dealer channel and tailormade retail finance to customers at competitive interest rates and flexible loan tenures. With these lucrative schemes from multiple financiers, Kia Motors India aims to enhance its presence in the Tier 2, 3 and 4 markets, adding the CEO said, “along with these partners, we would focus on digitisation of processes to reduce the lead time, paper work and making the whole experience from application to disbursement of loan seamless.”
Recently, Kia Motors India announced the commencement of trial production at its manufacturing facility in Anantapur, in Andhra Pradesh. The company is all set to launch its mid-SUV – SP2i in the second half of 2019, with an aim to be amongst the top five automakers in India within next three years.
Moreover, with a target to launch a new car every six months after its first launch, Kia is planning to expand its portfolio to five vehicles by 2021. Also, the company informed of working aggressively towards establishing a strong sales and service network in India, ahead of their launch.