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MG Motor and SBI (State Bank Of India) has announced their new partnership. SBI will provide the wholesale inventory finance to MG Motor India's upcoming dealerships through the bank's advanced electronic lending product. The SIAM-owned car company will launch their first product in India, the MG Hector, by the second quarter of 2019.
MG Motor India and SBI have signed an MoU (Memorandum of Understanding). Under this, the automotive brand can avail the bank's Electronic Dealer Finance Scheme (e-DFS).
Speaking about the partnership, Chief Commercial Officer of MG Motor India, Gaurav Gupta shared, "Joining hands with SBI, the country's largest public sector bank, gives seamless access to credit to our network of chosen dealer partners".
"The association will facilitate curated banking and financing solutions for wholesale inventory finance, enabling the company to deliver on its brand promise of driving growth for dealers as part of long-term commitment to the market," he further added.
MG Motor has a lot planned for the Indian market and is working on various products and business strategies — check out the plans of MG Motor India.
The MG Hector is already on sale in various global markets, but in slightly different specifications. The five-seater SUV is sold as the Wuling Almaz in Indonesia and Baojun 530 in China. Unlike these examples, the India-spec model is engineered to be a strong performer in our country's driving conditions.
MG Motor India has already released a teaser video of the Hector — watch it now.
Features such as a large touchscreen infotainment system, panoramic sunroof, powered seats, leather upholstery, 360-degree parking camera, etc., will be part of the package. The overall dimensions of the Hector are slightly higher than that of the Jeep Compass; one of its main rivals.
The MG Hector is expected to have two engine choices: 1.5-litre turbo-petrol and 2.0-litre diesel. As per some sources, the petrol engine makes 160bhp and 200Nm of torque while the diesel unit makes 170bhp and 340Nm.
Thoughts On MG Motor India's Debut
MG Motor India plans to set up over a hundred sales and service centres across India ahead of the launch of the new Hector SUV. To ensure a smooth introduction, the company will be partnering with "more leading banks to enable robust banking and financing solution to its customers and dealer partners alike".