BYD India has signed a Memorandum of Understanding (MoU) with Kotak Mahindra Prime to offer financing solutions to its dealers and customers.
As a part of the agreement, Kotak Prime has been on-boarded as one of the financiers for BYD India’s electric vehicles across the country, wherein it will offer vehicle financing loans basis the financial needs of the buyers.
Additionally, the partnership will further strengthen the vehicle maker’s financing network all over the country as Kotak Prime has a wide network and vast experience in financing the entire range of passenger cars, multi-utility vehicles, pre-owned cars and two-wheelers, a press release the EV maker noted.
Sanjay Gopalakrishnan, Sr Vice President - Electric Passenger Vehicle Business - BYD India, noted that the MoU is another step to get the BYD-made EVs closer to the customers with tailor-made customer-friendly offerings.
“This enhances our reach in providing competitive financing solutions to prospective customers,” he added.
Shahrukh Todiwala, Whole-time Director & President, Kotak Mahindra Prime, said, “The tie-up is part of our continuous commitment to growing our vehicle financing business with a clear focus on EV space and contributing to the Government’s vision of a cleaner environment and a greener India.”
Kotak Prime is primarily in car and two-wheeler finance, with a retail distribution network comprising 129 branches in 21 States and Union Territories in the country. The company also offers inventory funding and term loans to car and two-wheeler dealers.