MG Motor India introduces digital car finance platform MG ePay

Automaker MG Motor India on Thursday introduced its one-stop digital car finance platform, MG ePay.

The MG ePay will provide an end-to-end online auto finance journey with almost instant approvals while offering seamless, customised, and instant financing solutions from a consortium of leading banks, the company said in a statement.

MG Motor India has tied up with ICICI Bank, HDFC Bank, Kotak Mahindra Prime and Axis Bank to offer customized and instant financing options under MG ePay, it added.

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Commenting on the introduction of MG ePay, MG Motor India Chief Commercial Officer Gaurav Gupta said, "After effectively catering to over a million customers through the MG online buying platform, we intend to take a step further and simplify customer journey to avail suitable financing options for buying cars online."

When asked when the platform would go live, he said, "We are ready from a deployment perspective and this facility will be available across India."

MG Motor India said it will offer customised financing solutions online. Post booking the car online, MG ePay allows customers to verify details, get pre-approved loan offers, select finance, and pay the margin money. Customers can also avail of finance from anywhere without stepping out of their home or workplace.

The company's authorised dealers will also facilitate the purchase of insurance from the insurance company.

Customers will also have access to pre-approved loan offers from multiple financiers and can customise the loan tenure, amount, and rate of interest. They can also track loan approval status and sanction letters in real-time and receive their new car at their doorstep, the company added.