Nissan forges strategic tie-up with India’s largest retail bank, State Bank of India

Nissan Motor India Pvt. Limited today announced its strategic tie-up with the country’s leading public sector bank State of Bank of India (SBI) to reach out to prospective customers across the regions with easy finance options. Under the agreement, State of Bank of India will currently offer Nissan consumers easy financing options with an interest rate up to 100 basis points lower than the current market rate.

The tie-up, a partnership between one of the world’s largest automobile companies, and the largest Indian public sector bank is with the objective of bringing more automobile customers to Nissan brands. One of the largest retail financing networks with about 14000 branches, SBI will offer Auto loans to Nissan customers at a rate of 11.25% (floating) and 11.75% (fixed), which are 75 to 100 basis points lower than the market offering of other banks. Chief Finance Officer of Nissan Motor India Pvt Ltd, Mr Sunil Reikhi said, “Nissan has made a firm commitment to make its products accessible to more and more people across India. We are doing this by providing an ever expanding and innovative choice of vehicles across a variety of model segments, by having one of the fastest growing dealer networks in the country and now by offering flexible finance options to suit all budgets. Today’s announcement with SBI represents yet another important step in removing all barriers in owning and enjoying our products.” Chief General Manager–Personal Banking of SBI, Mr R N Mehra said, “We are proud to be associated with Nissan which is known for innovation and excitement.

We are sure the innovative finance options worked out by SBI will bring a lot of cheer and excitement to Nissan customers and would translate into more vehicle delivery at the market place. We are looking forward to working with Nissan in the years to come.” Chief General Manager- SME of SBI, Mr Manas Kumar Nag said, “Through this partnership, SBI offers Nissan dealers a web based platform, which is capable of being fully integrated with the Corporate Enterprise Resource Planning (ERP) system and provide real-time online transfer of funds.” In addition to the retail financing, the bank has also offered dealer funding which will also cover real time invoice presentation and payment through a secured Electronic Platform certified by VeriSign. It also offers integration of dealer networks with SBI’s transaction network on real-time basis. The retail agreement was signed by Mr Rekhi and Mehra, while the dealer funding agreement was signed by Mr Rekhi and Mr K Venkatachalapathi, Deputy General Manager–Small and Medium Enterprises of SBI. Mr H Subramaniam, Deputy General Manager – Operations PBBU was also present.