Automaker General Motors has entered into an agreement with public sector lender State Bank of India to finance its range of vehicles.

A company release said that Ankush Arora, Vice President, Sales, Marketing and After Sales, general motors exchanged documents with P Nandakumaran and B S Bhasin,chief general managers SBI.

According to the memorandum, State bank would provide retail and wholesale financing to customers for purchase of GM India vehicles across 12,150 branches.

General Motors India is a subsidiary of General Motors Company USA. It has two state-of-the-art manufacturing facilities in India, one at Halol in Gujarat and the other at Talegaon in Maharashtra.

Currently, GM manufactures Chevrolet Cruze, Chevrolet Optra Magnum, Chevrolet Aveo, Chevrolet SRV, Chevrolet Aveo U-VA, Chevrolet Spark, Chevrolet Tavera and Chevrolet Captiva for the Indian market.

SBI recently got IRDA's consent for general insurance. SBI has collaborated with Australia-based Insurance Australia Group (IAG) to form SBI general insurance.