Latest Car News in India

Wednesday, November 23, 2011

By Pranjal Gera

Nissan Motors team-up with State Bank of India for distinctive finance options

To get in touch with its potential car buyers in India with effortless and simple financial choices, Nissan Motors and State Bank of India (SBI) have announced a strategic tie-up.

As per the agreement the nation’s largest public sector bank, SBI will make available simple finance options with an interest rate up to 100 points lesser against the existing market rates. The sole intention in coming together of these two major corporations, in their own segments, is to get more and more car buyers to Nissan brands.

State Bank of India; which comprises a self network of 14,000 branches across India, will present vehicle loans at the floating interest rate of 11.25 percent along with 11.75 percent as fixed interest rates to Nissan car buyers. These rates offered by the bank are 75 to 100 basis points lesser, when compared to other private or public sector banks.

The bank was proud to be allied with one of the largest automakers in Japan, Nissan that is famous for enthusiasm and advancement towards its vehicles and unique finance schemes created for Nissan consumers will definitely help the company in growing its sales figures as said by Mr. RN Mehra, Chief General Manager for Personal Banking at State Bank of India. He further added that SBI looks ahead to work in tandem with the company in years to come.

Mr. Sunil Rekhi, the Chief Finance Officer (CFO) for Nissan in India said that the company has vowed to make its products available not only to the bigger cities in India, but also to the Tier II and Tier III cities; which possess a huge potential in the car segment. Heading towards the same direction the company intends to increase its dealership network in the nation to 70 outlets from its current 44 outlets by the end of existing financial year, Mr. Rekhi added.

Mr. Manas Nag, Head of Small and Medium Enterprises at SBI said that the bank has created a one of its kind web platform for the Nissan vendors to provide immediate online transfer of funds with assistance of Corporate Enterprise Resource Planning system.

Nissan Motors offers sedan Sunny, hatchback Micra and SUV X-Trail under its lineup in India.

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