A joint venture between HDFC and GE Capital, Countrywide commenced its operations in February 1994 and retains its position as a leading finance company in the country that offers customer-friendly loans. The company finances all varieties of consumer durables for domestic purposes - refrigerators, washing machines, microwaves, air-conditioners, TVs and music systems. The range also includes office automation products like PCs, fax machines, cellular phones and vehicles.Countrywide finance is available not only to individuals but also to corporates, organisations and institutions.
The firms packages are available through more than 1,000 dealerships in 17 cities that include Mumbai, New Delhi, Chennai, Calcutta, Bangalore, Hyderabad, Pune, Kochi, Coimbatore, Ahmedabad and Baroda.
Strategic alliances with leading manufacturers like Godrej-GE, Philips, Carrier, LML, BPL. TVS-Suzuki, LG etc give Countrywide the better edge in being able to offer quality products at competitive prices with flexible financial options.
Great importance is placed on vendor service and relationships - while Countrywide finance means convenience for the customer, to Countrywide vendors, it means more sales and profitability with high reliability. Dedicated programme managers work closely with a particular manufacturer to understand his needs, New financial products are identified and evolved so that the manufacturers sales and market share are enhanced and his products made easily available to the end-user.
Personal (retail) finance through Countrywide is available to customers who:
n are either salaried or self-employed
n are between the ages of 21 and 58 years
n avail of a minimum loan amount of Rs 7,000
Borrowing can be up to 85 per cent of the price of the product, repayable in easy installments and convenient tenures. The company constantly strives to improve the quality of its products and processes. New innovative products are designed to tap fresh market opportunities.Special systems to monitor processes are implemented from time to time. For example, a Score Card for dealers and manufacturers monitors satisfaction levels every quarter.
Dashboards measure service parameters like turn-around time, simplicity of procedures and flexibility of operations.
Formal training is given to members from different functions within the organisation, and various quality projects are initiated within different disciplines from time to time, with a focus on improved products and services to benefit both the employees of the company as well as its customers. The companys growth in all respects - sheer volume, customer base, dealer network and products offered - has been unmatched.
Countrywide offers a wide range of auto finance products and services through Maruti Countrywide and Countrywide Auto Financial Services. Their key objective is to meet the needs of the customer by offering financial products that are flexible and convenient. Countrywide has tied up with leading car manufacturers - Daewoo to finance Cielo, General Motors for Opel Astra, and Mahindra Ford for Escorts - to finance premium cars.
After its tie-ups with General Motors India (GM). Countrywide was the first to launch an insurance free scheme (for the first year) with every Opel Astra.
The company also launched a 100 per cent finance scheme for Opel Astra where the customer was required to pay only the first equated monthly installment (EMI) of rs 28,000 and take possession of the vehicle. This scheme was a success.
Subsequently, the Opel buyers were given an option of `zero per cent interest for a loan of Rs 55,000 for every Opel they bought with finance from Countrywide.
All Countrywide Auto Financial Products are offered through convenient monthly installments and flexible tenures. Moreover, it presence
Advance installment plan
In this plan, the customer can get finance for the total price of the customer durable through easy repayment tenures, with a stipulated number of installments being collected in advance. The flat rate of interest is lower.
Margin-money finance
Against a down-payment of 15 per cent of the value of the product, the customer can borrow up to 85 per cent of the value of the product with easy repayment installments and tenures.
Express Channel
Credit card holders, familiar with credit procedures, are accustomed to a high level of service. Express Channel is Countrywides response to their requirements and provides on-the-spot finance. The process of availing finance is simple.
Easy loans
This scheme with minimal documentation offers loans for self-employed individuals, who often do not have the requisite documents to provide eligibility.
A whole package of loans are available at attractive rates of interest for consumer durables, cars and two-wheelers at competitive prices. Countrywide dovetails its products offer to meet the specific needs of the institution and its employees.
The classic finance option
In this popular scheme, the customer invests 15 per cents of the value of the car as down-payment and may avail of finance up to 85 per cent of the cars value.
The 100 per cent finance option
In this scheme, the customer is not required to pay any down-payment and can actually avail of 100 per cent finance for his car by paying a fixed number of monthly installments at the time of taking the loan.
Earn-while-you-pay option
In this scheme, the customer places a security deposit comprising 25 per cent of the loan amount. He also earns interest on his deposit. After repayment, the deposit is returned.
