BYD India Private Limited, a subsidiary of the world’s leading New Energy Vehicle manufacturer BYD, today signed an MOU with Kotak Mahindra Prime Limited (Kotak Prime), a subsidiary of Kotak Mahindra Bank Limited, to offer financing solutions to its dealers and customers. With this agreement, Kotak Prime has been on-boarded as one of the financiers for BYD India’s electric vehicles across the country.
Under this partnership, Kotak Prime will offer vehicle financing loans basis the financial needs of BYD India’s buyers. The partnership with Kotak Prime will further strengthen BYD India’s financing network all over the country as Kotak Prime has a wide network and vast experience in financing the entire range of passenger cars, multi-utility vehicles, pre-owned cars, and two-wheelers.
Kotak Prime is primarily in the business of car and two-wheeler finance with a retail distribution network comprising 129 branches in 21 states and union territories in the country, as on 30 September 2022. The company also offers inventory funding and term loans to car and two-wheeler dealers.
Mr. Shahrukh Todiwala, Whole-time Director & President, of Kotak Mahindra Prime said, “We are happy to be partnering with an EV brand like BYD to finance their dealers and customers. The tie-up is part of our continuous commitment to growing our vehicle financing business with a clear focus on EV space and contributing to the government’s vision of a cleaner environment and a greener India.”
Mr. Sanjay Gopalakrishnan, Senior Vice President of the Electric Passenger Vehicle Business, BYD India, said,” With Kotak Prime as one of the partners for our dealers and customers’ financing needs, we are happy to extend our support to our customers who are looking for vehicle financing and be part of driving sustainability in the country. This MOU is yet another step to get our vehicles closer to our customers with tailor-made customer-friendly offerings. This enhances our reach in providing competitive financing solutions to prospective customers.”