Kia Motors India has announced partnerships with eight leading financial institutions to offer a bouquet of financial services to its stakeholders across the country.
The company signed a Memorandum of Understanding with State Bank of India, Bank of Baroda, Axis Bank, HDFC Bank, ICICI Bank, Yes Bank, Kotak Prime and Mahindra and Mahindra Financial Services Limited.
The Korean automotive company has robust plans for India and it’s partnerships with top Indian financial institutions would be instrumental in ensuring wide reach and deep market penetration in the country.
Kia plans to offer a basket of schemes from multiple financiers to enhance its presence even in tier 2, 3 and 4 markets. These partnerships will enable Kia to offer term loans, inventory funding and other credit solutions to dealer channel and tailor made retail finance to customers at competitive interest rates, and flexible loan tenures.
The auto company expects to focus on digitization of processes to reduce the lead time, paper work and making the whole experience from application to disbursement of loan seamless.
Kookhyun Shim, managing director (MD) and chief executive officer (CEO), Kia Motors India said, “Kia is committed to the Indian market and we have shown this consistently with our endeavours. Our passion is not only to build great cars but also to set new standards in the car ownership experience for our customers. The partnership with India’s leading financial institutions will enable us to offer best-in-class term loans to our customers while also facilitating smooth inventory funding and access to credit solutions for our esteemed dealer partners,”
Being ahead of its schedule, Kia recently announced the commencement of trial production at its manufacturing facility in Anantapur in Andhra Pradesh.
The company is all set to launch the much-awaited mid-SUV–SP2i in the second half of 2019 and aims to be amongst the top 5 automakers in India within three years.
It has plans to launch a new car every six months after the launch of the first product in India.
Kia is planning to expand its portfolio to at least five vehicles by 2021.