Nissan ties up with SBI for car financing schemes

In a latest industry development, Nissan has joined hands with the State Bank of India (SBI) to offer its customers easy vehicle finance schemes. SBI, which is one of the biggest retail financing networks in India will enable Nissan to reach out to prospective car buyers through its 15,000 plus branches spread across the length and breadth of the country.

As per the agreement, the tie-up will help Nissan customers to avail vehicle loans at competitive rate of interests from SBI banks. Since SBI has the widest possible customer touch-points in the country, the partnership is certainly going to benefit Nissan in terms of expanding its sales in rural and tier-III cities.

Commenting on the development, Arun Malhotra, Managing Director, Nissan Motor India said, “Nissan has made a strong commitment in India with an objective to make our products more accessible to Indian customers. Our partnership with SBI, which has the widest retail financing reach in India, will strongly support us in this commitment. Our customers will benefit from the growing portfolio of product from Nissan and Datsun brands and now can avail flexible finance options to suit all budgets.

Nissan has one of the fastest expanding dealer networks today and our partnership with SBI will further enhance our accessibility.”

Speaking on the occasion, SBI’s Anuradha Rao said, “We are delighted to partner with Nissan in India. As per our agreement, Nissan customers will have access to our most attractive car loan schemes to purchase Nissan vehicles and this is available across our 15,000 plus branches across India. The core value of our partnership is about making innovative products accessible to customers to the farthest corner of the country at affordable and easy terms. SBI will offer longest repayment tenure of 7 years to Nissan vehicles. The loans will be offered as Term Loan or as Overdraft. Currently, the loan is available with interest rate as low as 10.40% p.a for women and 10.45% p.a for men with a full waiver of processing charges.”

As per last month’s sales data, Nissan currently has 1.27 per cent of market share in the Indian car market. The Japanese automaker is looking forward to expand its Indian operations now and hopes to move further up the sales chart. As of now, Nissan in India has four models in their line-up, namely, Micra, Sunny, Evalia, and Terrano.