GM India inks MoU with State Bank of India for Vehicle Financing

Mumbai, December 17 2009: 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. While Mr. Ankush Arora, Vice President, Sales, Marketing & After Sales signed the agreements on behalf of General Motors India, Mr. P. Nandakumaran and Mr. B. S Bhasin, Chief General Managers signed the agreements for retail and whole-sale financing respectively for State Bank of India. Among those present at the occasion included officials of both General Motors India and State Bank of India.

Speaking at 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.

It may be recalled that GM India had already signed agreements previously with several banks for financing of its vehicles. The financing arrangements with the public sector banks are helping the company in providing auto loans in over 200 cities, where its customers and dealers are located. Gearing up for a major drive to further consolidate its position in the automobile market, General Motors India is now appointing more dealers and authorized service outlets in urban, semi-urban and other cities to widen its network and reach out to its valued customers across the country.

General Motors India is a wholly-owned subsidiary of General Motors Company and has two state-of-the-art manufacturing facilities at Halol in Gujarat and Talegaon in Maharashtra. General Motors India manufactures the Chevrolet Cruze, Chevrolet Optra Magnum, Chevrolet Aveo, Chevrolet SRV, Chevrolet Aveo U-VA, Chevrolet Spark, Chevrolet Tavera and Chevrolet Captiva for the Indian market.

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