BMW India, ICICI Bank sign pact for retail finance

NEW DELHI: Luxury carmaker BMW India and ICICI Bank on Friday signed an agreement for offering financing solutions.

BMW customers will now be able to avail a range of tailor-made financing solutions from BMW Financial Services (the financial arm of BMW) offered and provided by ICICI Bank at competitive interest rates, the company said in a joint
statement.

BMW India and ICICI Bank will offer innovative and premium quality of service through BMW dealership network and ICICI Bank Direct Sales Agencys (DSA'S) across India, it said.

"We believe, this association will strengthen our commitment to provide world-class experience to our customers by offering unique financing solutions through the bank," said BMW India President Peter Kronschnabl.

BMW Financial Services is currently active in more than 50 countries worldwide offering innovative financing solutions for BMW customers. In 20 countries, services are offered through leading local banking and insurance partners.

The company is anticipating sales to cross the 1,000 unit mark in 2007. The company would provide a 100 per cent car loan to its customers and would also provide a similar loan to its dealers for procuring cars.