Auto Finance Market

State Bank of Pakistan has imposed several rules regarding import of parts as well as auto loans within the country, slowing down auto financing

Toyota Kirloskar Motor (TKM) on Monday said it has partnered with Karnataka Bank to finance its vehicles across cities and towns in India. The company has signed a memorandum of understanding with Karnataka Bank, following which the bank will be one of the preferred financiers for the entire range of vehicles sold by TKM. The finance options at competitive interest rates will be available to customers, including those covered under priority sector schemes, for purchasing Toyota vehicles for private and commercial use, TKM said in a statement. "To meet the growing demand and improve the sales experience of our customers in both metros as well as smaller markets, we are looking to further expand the reach of Toyota products across the country with a sharp focus on rural markets," TKM Vice President (VP), Strategic Business Unit R Venkatakrishnan said. With this collaboration, he said, "We have focused on designing innovative schemes to suit the customer needs while also providing eas

Tata Motors on Tuesday said it has partnered with Bank of India (BOI) to offer finance options to all its passenger vehicle customers. Under the partnership, BOI will provide loans to Tata Motors' customers at an interest rate starting from as low as 6.85 per cent, the company said in a statement. Moreover, the scheme will offer a maximum of 90 per cent financing on the total cost of the vehicle, which includes insurance and registration, it added. Customers can also opt for EMI starting with Rs 1,502 per lakh on a 7-year repayment period, the company said. "This partnership is in line with our #FinancEasy Festival, wherein we are collaborating with multiple finance partners across India to make ownership of cars accessible, as well as a hassle-free process for the customers and thereby adding to the celebrations of this festive season," Tata Motors Vice President, Sales, Marketing & Customer Care, Passenger Vehicle Business Unit Rajan Amba said. BOI General Manager - Retail ...

The country's largest carmaker, Maruti Suzuki India Ltd on Monday said its online car financing platform Maruti Suzuki Smart Finance, has disbursed a total of over Rs 6,500 crore automobile loans to over 1 lakh customers within nine months of launch. Through the platform, the company introduced a multi financier, end-to-end, online car financing solution, with a real-time loan tracking facility for its customers with features such as credit score-based interest rates, pre-approved, and custom generated loan offers from multiple financiers, online documents sharing with real-time loan status tracking. "Crossing over 1 lakh loan disbursals, amounting to more than Rs 6,500 crore, in such a short period is a significant achievement and heralds a fundamental shift towards a digital-first customer experience," Maruti Suzuki India Ltd (MSIL) Senior Executive Director (Marketing & Sales) Shashank Srivastava said in a statement. Maruti Suzuki Smart Finance is yet another step by Maruti ...

Sees demand rising but no big bang, says multiple issues affecting disbursement growth such as second Covid wave and chip shortage

The country's largest carmaker said this will help it turn the website into a single-window channel for customers through which they can select the car, find dealers and arrange financing

The company, which had last month launched the Ola S1 electric scooter in two variants -- S1 and S1 Pro -- at prices Rs 99,999 and Rs 1,29,999, respectively, said it will start deliveries in October

Honda Cars India Ltd (HCIL) on Monday said it has joined hands with Canara Bank to offer retail finance schemes to customers. The partnership facilitates HCIL customers to avail easy financing options and hassle free car loans from Canara Bank for purchase of models like Amaze, City, Jazz and WR-V, the company said in a statement. Special schemes for the auspicious festivities have also been offered to make this buying season even more attractive and rewarding, it added. The automaker said it has been partnering with multiple banks to offer such schemes across the country with a special focus on semi-urban to rural regions. The partnership with Canara Bank is an extension of our efforts towards enabling easy and convenient financing solutions for our customers. We always endeavour to enhance customer experience right from the point of purchase through years of car ownership. "We are confident that the tie-up with Canara Bank will help us meet the diverse finance requirements of ou

This was due to accelerated provisions against expected credit loss.

The country's largest carmaker Maruti Suzuki India on Friday announced the nationwide roll-out of its digital platform that provides customers end-to-end online car financing solutions. The company, which had launched Maruti Suzuki Smart Finance in limited cities in December 2020, said it is now available across India for customers of both ARENA (mass market car retail chain) and NEXA (premium cars outlet). It has on-boarded 14 financiers, including HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, State Bank of India, IndusInd Bank, Bank of Baroda, Mahindra Finance, and Sundaram Finance. MSI Senior Executive Director (Marketing & Sales) Shashank Srivastava said even before walking into a car dealership, most potential buyers already start their shopping process online -- browsing cars and finance options. Keeping in view the changing customer behaviour, the company had launched Maruti Suzuki Smart Finance, a digital platform that enables customers with an end-to-end online car ...

India's largest car maker is finding traction in the national roll-out of its digital financial services platform

Company does better than rivals in categories like assets under management and loan distribution, say analysts.

Tata Motors plans to offer its commercial vehicle customers an array of financial offerings

Online service 'Smart Finance' to cover 30 cities, Company says this will result in improvement of enquiry to sales conversion

The provisions and contingencies were up by 166 per cent at Rs 1,964 crore in Q2FY21 from Rs 737 crore in Q2FY20

Following the pact, BoB will be one of the preferred financiers for the entire range of vehicles sold by TKM, the bank said in a statement

Under the package, features such as affordable EMIs with long-tenure loans and special offers for frontline warriors will be offered

"The sluggishness of the vehicle market in the country is going to be short-lived. We hope that sales of passenger vehicles will record pace by July-August before the festive season," Tata Motors said

Amid a poor demand pull and a sales push, the percentage of those who have chosen to get the two-wheeler purchase financed has seen a sharp quarter-on-quarter increase in the September quarter

While the rising cost of funds might impact margins, high fuel prices and low freight rates could bring some pressure on vehicle demand