Companies

Truck maker Daimler India inks pacts with banks, NBFCs to offer finance schemes for buyers

Our Bureau Chennai | Updated on December 16, 2020

German truck and bus maker Daimler India Commercial Vehicles (DICV) said it has ensured adequate financing availability for purchase of its BharatBenz brand of trucks.

As the commercial vehicle market shows signs of recovery with a positive growth in November truck sales, DICV is gearing up to meet the upcoming demand.

The company has formalised agreements with 18 leading banks/NBFCs to deliver greater financing flexibility and convenience as adequate finance schemes have long been a key challenge for the CV industry and the impact of Covid-19 has made it even more difficult to secure loans.

“As many CV customers are currently facing financing hurdles, MoUs such as these add substantial choice and value. These competitive financing solutions will help our customers to grow their business,” Satyakam Arya, CEO & Managing Director DICV said in a statement.

New and existing customers will get lending support from leading banks including ICICI Bank, State Bank of India, Bank of Baroda, Axis Bank, IndusInd Bank, Sundaram Finance, YES Bank, Mahindra & Mahindra Financial Services, Equitas Small Finance Bank, Tata Capital Financial Services, Shriram Transport Finance, SREI Equipment Finance, PKF Finance, Federal Bank, IDFC First Bank, J&K Bank, AU Small Finance Bank Limited and Karnataka Bank.

Ravi Narayanan, Head - Secured Assets, ICICI Bank, said the bank would offer the whole gamut of banking products and services to the customers of DICV.

Axis Bank’s President & Head – Retail Lending & Payments, Sumit Bali, said the bank would use its large distribution network of 4500+ branches to offer financial solutions to DICV customers.

As part of the MoUs, the banks will evaluate the financial needs of the buyers and develop appropriate financing packages. Daimler’s own captive financing brand, Daimler Financial Services India, will also continue to provide finance options to customers.

Published on December 16, 2020

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