MG Motor will launch their first vehicle in Indian market later this year. Last month they officially announced the name of their first product as Hector. The Hector will be a mid-size SUV which will compete with other SUVs like Jeep Compass, Tata Harrier in the market. MG Motor India has now tied up with five leading private banks to offer vehicle loans to its customers and dealers.
MG India has signed agreements with Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Yes Bank. This is in addition to the memorandum of understanding signed with India’s leading public sector lender, State Bank of India. The partnership is aimed at providing financing solutions to MG’s customers and dealer partners starting with the launch of its first product, Hector SUV. It will be launched in the second quarter of 2019.
MG Motor India Chief Commercial Officer Gaurav Gupta said,
Through these partnerships, MG Motor India will offer term loans to its customers while also facilitating inventory funding and access to credit solutions for its dealerships.
He also added that joining hands with country’s largest financial institutions will facilitate credit to their dealer partners and customers. MG has plans to set up 110 sales and service touch points across India ahead of launch. The upcoming SUV is yet to be unveiled by the brand officially. Earlier an official video was released by MG which showed a heavily camouflaged version of the upcoming SUV which was being tested in cold weather and icy conditions.
MG has been working to locally manufacture the upcoming car and target to achieve at least 75 percent localisation before the launch. Spy pictures and videos leaked earlier show that Hector will get full LED headlamps and tail lights. It will also get sweeping indicators similar to the one seen on Audi’s vehicles.
On the inside Hector will get a long list of features including a 360 degree parking camera, flat bottom steering, dual-tone dashboard and a flat rear floor for maximum space. Under the hood MG Hector will get a 2.0 liter Multijet diesel engine from Fiat. It is expected to generate about 170 Bhp of power. It is the same engine that is seen on Jeep Compass and Tata Harrier. It will also get a 1.5L petrol engine and a 6-Speed DCT gearbox.