New Delhi: South Korean Carmaker, Kia Motors on Tuesday announced partnerships with eight financial institutions to offer a bouquet of financial services to its stakeholders across the country.
The company signed a Memorandum of Understanding with top public sector banks, private sector banks and NBFCs namely State Bank of India, Bank of Baroda, Axis Bank, HDFC Bank, ICICI Bank, Yes Bank, Kotak Prime and Mahindra and Mahindra Financial Services Limited , which will further widen its reach in the market.
The carmaker has robust plans for India and Kia’s partnerships with top Indian financial institutions would be instrumental in ensuring wide reach and deep market penetration in the country.
Kia Motors India will offer a basket of lucrative schemes from multiple financiers to enhance its presence even in tier 2, 3 and 4 markets. These partnerships are aimed at offering all Kia stakeholders, including dealer partners and customers, the best possible financial services and solutions in their respective geographies.
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.
Further to this, Kia Motors along with these partners would focus on digitization of processes to reduce the lead time, paper work and making the whole experience from application to disbursement of loan seamless.
“Kia is committed to the Indian market and we have shown this consistently with our endeavors. 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.” said Kookhyun Shim, MD & CEO, Kia Motors India.
Being ahead of its schedule, Kia Motors India recently announced the commencement of trial production at its state-of-the-art 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 with an aim to be amongst the top 5 automakers in India within three years. With a target of launching 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 5 vehicles by 2021.
Ahead of the launch of its first car in India, Kia is working aggressively towards establishing a strong sales and service network in India and the partnership with financial institutions will enable the company to offer a holistic Kia experience to its universe of its stakeholders.