MG Motor India launches e-Pay portal for fast car loan approval

MG Motor India has launched MG e-Pay, an end-to-end online automobile finance platform with rapid loan approvals. The site was created with the goal of providing transparent and convenient online car purchasing options.

MG has partnered with ICICI Bank, HDFC Bank, Kotak Mahindra Prime & Axis Bank to offer customized and instant financing options under MG e-Pay. The car manufacturing company expects to provide easy services with eXpert and e-Pay.

The software eXpert helps customers to get a holistic digital experience, e-Pay adds to it by adding flexibility in online financing solutions, helping customers from discovery to delivery customisable and customer-centric.

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MG e-Pay will simplify the customer purchase journey in 5 clicks and 7 simple steps. Customers now have a choice to book MG cars online or at their nearest MG Dealerships, customising their cars with accessories, merchandise, protect plans, etc.

Further, customers have access to pre-approved loan offers from multiple financiers and can customise the loan tenure, amount, and interest rate. Customers can avail these financial services online without stepping out of their homes. They can also track loan approval status and sanction letters in real-time and receive their new cars at their doorsteps.

The customer first needs to select the car and dealership for his choice, fill out the booking form and pay the booking amount. Once he receives pre-approved loan offers from his bank, he can proceed ahead to apply for a loan by filling out the loan application.

After receiving loan approval on the website and paying the down payment, the bank will disburse the loan in a stipulated period, and the customer will receive his vehicle at his doorstep.

MG ePay’s new car loan facility is live with four banks (ICICI Bank, HDFC Bank, Kotak Mahindra Prime & Axis Bank), and the brand is working with other banks and NBFCs to expand its portfolio, offering greater choice to prospective buyers.

Speaking on the launch of MG ePay, Gaurav Gupta, Chief Commercial Officer – MG Motor India, said, “At MG, we are constantly innovating our digital platforms to stay connected with our customers and ensure the best-in-class experience. 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”.

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