Private sector lender Yes Bank said on Friday it had inked a pact with Kia Motors for finance and banking solutions.
According to the memorandum of understanding (MoU) inked between both companies, Yes Bank will offer financing and banking solutions to Kia car dealers with products such as term loans, cash credit and inventory funding.
It will also offer loans to the end-consumers of the auto-maker, which is set to enter the Indian market by the second-half of 2019 with an SUV. Through the partnership, the bank will be able to provide end-to-end financial solutions to Kia Motors India. Besides, Yes Bank will also work towards developing exclusive digital banking solutions for Kia Motors in India. The bank has been working with various auto players to provide innovative finance solutions, thereby further strengthening our position in the competitive value-driven car segment and also contributing to the growth of the segment in the country, Yes Bank senior group president and head (Retail and Business Banking) Pralay Mondal said in a statement.
Kia Motors India MD and CEO Kookhyun Shim said the partnership with Yes Bank would definitely set the benchmark of premium and hassle-free Kia experience.
This partnership will empower our stakeholders and customers with financial products specifically tailored for them to facilitate their smooth entry into the world of Kia, he added.
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