Yes Bank signs MoU with MG Motor India

Chennai, Feb 6: Yes Bank, India’s fourth largest private sector Bank, signed a memorandum of understanding (MoU) with MG Motor India, a British automotive company headquartered in Birmingham in the UK, to enter into a strategic financing partnership.
MG Motor is set to enter Indian market by the mid of 2019 with SUV Hector. The benefits of this partnership will be extended to the entire auto value chain – auto dealers as well as customers, covering multiple car models offered by MG Motor India.
Through the partnership, YES BANK will be able to provide end to end financial solutions to MG Motor India. The bank will offer financing and banking solutions to both the MG Motor dealers as well as the end consumers. It will work towards evaluating the finance needs of customers and develop appropriate financing packages, including product structuring, down payment, tenure of loan and effective rate of interest, as per the loan policies and schemes in force from time to time.
Speaking about the partnership, Rajan Pental, group president and head, Branch and Retail Banking, YES BANK, said, “We are proud to partner with MG Motor India and offer their dealers and customers suitable financing packages, further aiding MG Motor India’s market penetration. Powered by YES BANK’s ethos of Knowledge and Technology banking, we remain committed to providing best-in-class services to our clients and helping them achieve their objectives. We wish MG Motors great success with their range of India-centric offerings.”