BYD India partners with Bajaj Finance to offer finance solutions for its vehicles
• Bajaj Finance to provide vehicle finance solutions to BYD customers and dealers across India
• Partnership to enable a faster, convenient, and seamless financing experience for customers
Chennai : BYD India, a subsidiary of the world’s leading New Energy Vehicle manufacturer BYD, announced today the signing of a Memorandum of Understanding (MOU) with Bajaj Finance Limited (BFL), the lending arm of Bajaj Finserv Ltd., one of India’s leading and diversified financial services groups.
The strategic partnership aims to provide comprehensive vehicle financing solutions to BYD dealers and customers across India, fostering the widespread adoption of Electric Vehicles (EVs) in the country. With BYD’s innovative range of EV products, this collaboration is poised to create a significant impact in the Indian EV market.
The MoU was signed between Sanjay Gopalakrishnan, Sr. Vice President – Electric Passenger Vehicle Business – BYD India and Sidhaant Dadwal, President SME and Auto, Bajaj Finance in the presence of other BYD India and Bajaj Finance officials.
Sanjay Gopalakrishnan, Sr Vice President – Electric Passenger Vehicle Business – BYD India, said, “Our partnership with Bajaj Finance marks another significant step for BYD India, building upon our recent collaborations with prominent banks in the country. Our aim in partnering with Bajaj Finance is to offer our esteemed customers and dealers access to a diverse range of financing solutions. We understand the vital role they play in our business, and this new alliance allows us to provide unwavering support to our customer base as well as embarking on a promising journey towards a greener future in the Indian EV market.”
Sidhaant Dadwal, President SME and Auto, Bajaj Finance, added, “Electric vehicles have seen a surge in popularity in recent yearsand BYD has been a major player in this space. Auto Financing market has begun to shift with customersexpecting hassle-free access to credit. Our frictionless processes combined with our affordability solutions (Flexi loans) will enhance the buying experience for customers. Together with BYD India, we look forward to having a fruitful relationship.”
Bajaj Finance is a technology-driven NBFC, offering a comprehensive suite of financial solutions and is focused on enhancing customer experience digitally. Through this collaboration, Bajaj Finance’s pioneering financing solutions and extensive customer base across diverse regions will significantly enhance BYD’s presence in the Indian EV market. Moreover, this partnership will enable Bajaj Finance to diversify and strengthen its portfolio within the Indian EV financing market segment.BYD remains committed to harnessing technological advancements to enhance the quality of life, promote sustainable development, and drive forward its ‘Cool the Earth by 1°C’ initiative. With the support of Bajaj Finance, BYD is well-positioned to accelerate the adoption of EVs and contribute to a greener future for India and beyond.
About BYD India:
BYD India was established in March 2007 in Chennai, India, with an office in New Delhi. The Indian subsidiary has two factories, covering more than 140,000 sqm, with a cumulative investment of over $200 million. The business covers electric passenger cars electric buses, electric trucks, electric forklifts, electronics and movable components. BYD India provides customers with product solutions and related after-sales services.
BYD India passenger vehicles currently has two successful products in its portfolio — the BYD ATTO 3 and the All-new e6, both have been very well received by Indian consumers. BYD India passenger vehicles division has a wide dealership network which is spread across 21 cities with 24 showrooms for its line of passenger vehicles. More information about the company can be found at www.bydautoindia.com.
About Bajaj Finance Limited:
Bajaj Finance Ltd. (‘BFL’, ‘Bajaj Finance’, or ‘the Company’), a subsidiary of Bajaj Finserv Ltd., is a deposit taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit Company (NBFC-ICC). BFL is engaged in the business of lending and acceptance of deposits. It has a diversified lending portfolio across retail, SMEs, and commercial customers with significant presence in both urban and rural India. It accepts public and corporate deposits and offers a variety of financial services products to its customers. BFL, a thirty-five-year-old enterprise, has now become a leading player in the NBFC sector in India and on a consolidated basis, it has a franchise of 69.14 million customers. BFL has the highest domestic credit rating of AAA/Stable for long-term borrowing, A1+ for short-term borrowing, and CRISIL AAA/Stable & [ICRA]AAA(Stable) for its FD program. It has a long-term issuer credit rating of BB+/Positive and a short-term rating of B by S&P Global ratings.
