Chevy Scores Lending Partner in India
Hope you like curry, courtesy of The Economic Times of India:
IDBI Bank and Chevrolet Sales India Pvt Ltd, GM’s Chevy arm in India, have entered into an agreement for providing auto finance to prospective customers of the latter. As per the scheme, CSIPL and its dealer network will collaborate with IDBI Bank for the purpose of “retail/wholesale activation” in order to facilitate vehicle business, a release said here today.
The memorandum of understanding will facilitate prospective Chevy customers with vehicle finance of up to seven years with maximum funding on “on road price” and faster processing, the release said. The tie-up will benefit both — IDBI Bank in further strengthening its position in the retail loan space and Chevy in leveraging the retail financing strength and reach of the bank, according to the release.
The memorandum of understanding will facilitate prospective Chevy customers with vehicle finance of up to seven years with maximum funding on “on road price” and faster processing, the release said. The tie-up will benefit both — IDBI Bank in further strengthening its position in the retail loan space and Chevy in leveraging the retail financing strength and reach of the bank, according to the release.
IDBI Bank had launched its auto loans in July this year.
IDBI has about $36 billion of assets. Terms of the deal were not disclosed.
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