Daimler India partners with 18 banks, NBFCs for financing options for customers

Daimler India Commercial Vehicles (DICV) on Tuesday said it has partnered with 18 leading banks and NBFCs to offer customers financing options for its vehicles.

The company said it has signed Memoranda of Understanding (MoUs) with banks and NBFCs (Non-Banking Financial Companies), including ICICI Bank, State Bank of India, Bank of Baroda, Axis Bank, IndusInd Bank, Sundaram Finance, YES Bank and Mahindra & Mahindra Financial Services.

Besides, the company has entered into similar MoUs with Equitas Small Finance Bank, Tata Capital Financial Services, Shriram Transport Finance, SREI Equipment Finance Ltd, PKF Finance, Federal Bank, IDFC First Bank, J&K Bank, AU Small Finance Bank Ltd and Karnataka Bank.

Adequate finance schemes have long been a key challenge for the CV industry and the impact of Covid-19 has made it even more difficult to secure loans. The partnerships will deliver greater financing flexibility and convenience, the company said in a statement.

Commenting on the development, DICV CEO and Managing Director Satyakam Arya said:"As many CV customers are currently facing financing hurdles, MoUs such as these add substantial choice and value."

He further said: "These competitive financing solutions will help our customers to grow their business."

DICV's move to sign MoUs with banks across the country is in line with BharatBenz's customer-centric approach and commitment to providing a hassle-free buying experience. New and existing customers will enjoy seamless support from these banks and NBFCs, the company said.

As part of the MoUs, the banks will evaluate the financial needs of the buyer and develop appropriate financing packages. Daimler's own captive financing brand, Daimler Financial Services India, will also continue to provide finance options to customers, the statement said.