Daimler ties up with 18 banks, NBFCs to provide finance for BharatBenz

As part of the MoUs, 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.

By:December 16, 2020 8:40 AM

 

Daimler India Commercial Vehicles (DICV), the manufacturer of the BharatBenz brand, has formalised memoranda of understanding (MoUs) with 18 leading banks and NBFCs to deliver greater financing flexibility. Satyakam Arya, CEO & MD of DICV, said: “As many CV customers are currently facing financing hurdles, MoUs such as these add substantial choice and value. On behalf of DICV, I would like to thank all these financial institutions for their assistance in providing viable finance options to our BharatBenz customers. These competitive financing solutions will help our customers grow their business.”

Customers will be able to get support from ICICI Bank, State Bank of India, Bank of Baroda, Axis Bank, IndusInd Bank, Sundaram Finance, YES Bank, Mahindra & Mahindra Financial Services, Equitas Small Finance Bank, Tata Capital Financial Services, Shriram Transport Finance, SREI Equipment Finance, PKF Finance, Federal Bank, IDFC First Bank, J&K Bank, AU Small Finance Bank and Karnataka Bank.

Ravi Narayanan, head, secured assets, ICICI Bank, said, “We are delighted to join hands with Daimler India Commercial Vehicles as a preferred financier. In order to give more impetus to the commercial vehicle sector, ICICI Bank brings forth customised, technology-led, speedy credit and other financial solutions to the customers. With this partnership, we will offer the whole gamut of our banking products and services to the customers of Daimler vehicles.”

As part of the MoUs, 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. Sumit Bali, Axis Bank president & head, retail lending & payments, said, “Axis Bank is proud to be part of DICV’s journey towards offering best in class services to its customers. We will use our large distribution network of 4,500-plus branches to reach out to customers and leverage this partnership to provide financial solutions catering to their respective requirements.”

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