MG Motor India on Monday said that it has joined hands with State Bank of India (SBI) to provide wholesale inventory finance to its dealers through the bank’s advanced electronic lending product.
The two partners have signed a memorandum of understanding to avail SBI’s Electronic Dealer Finance Scheme (e-DFS), MG Motor India said in a statement.
The tie-up will provide access to wholesale inventory finance to MG partner dealers through SBI’s technologically-advanced electronic lending product, it added.
The company said it plans to build on its alliance with SBI and partner with “more leading banks to enable robust banking and financing solution to its customers and dealer partners alike”.
This will include inventory funding and access to credit solutions to dealerships and term loans to end customers, it added.