Mercedes Benz collaborates with SBI for car finance

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Mercedes Benz, the luxury car manufacturer, declared on Tuesday that they had partnered with the State Bank Of India For car financing. SBI and Mercedes Benz are collaborating for the first time. The company said that the customers can buy the car at ‘attractive’ interest rates.

The company said in a press release that through this partnership, Mercedes Benz would get access to unparalleled market penetration of SBI’s HNI customer base. The customers of SBI get exclusive benefits while buying their luxury cars. HNI customers of SBI can book the Mercedes Benz cars through the YONO platform. The company added that the customers can book online and avail themselves of added benefits till December 31st. If eligible, the customers would receive an in-principle sanction of a car loan. All customers booking online through YONO Online Marketplace would get an additional benefit of Rs. 25,000 at the Mercedes Benz dealership. To avail this benefit from the dealership, the customer should produce an online booking confirmation and SBI loan sanction letter. Through this tie-up, customers receive both online and offline benefits.

Martin Schwenk, MD&CEO, Mercedes- Benz India, said that the collaboration with India’s largest lender would give the company an exciting opportunity to expand its customer base and reach out to potential HNI customers in India. The company has created a seamless process for online booking for the customers of SBI. They can avail of additional benefits from both brands. He added that the company had been exploring various avenues for finding potential customers, and this is the first time they are partnering with a bank. Eligible customers of SBI in all 17 circles will have access to online booking. This would help the company to expand its reach and increase market penetration.

C S Setty, SBI Managing Director (Retail & Digital Banking), commented that with attractive interest rates coupled with customized benefits, including the online booking of Mercedes on YONO, the bank expects the HNI customers will have a unique experience of bringing home their dream car. He is optimistic that the customers would make maximum use of this opportunity amid the festive season.

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