• Banking / Finance

BYD India partners with Bajaj Finance to offer finance solutions for its vehicles

• Prashant Kapadia
• June 28, 2023

by Prashant Kapadia/NHN

• 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, 28 June 2023 – 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 years and BYD has been a major player in this space. Auto Financing market has begun to shift with customers expecting 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.