Manufacturers Tie Ups & Offers on Car Loans


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Honda Siel Cars India (HSCI) announced on Thursday the launch of Honda Assure, an insurance tie-up with various general insurance companies.

Under the initiative, Honda customers will get the benefit of a more transparent, hassle-free and quick turnaround time on their insurance claims.

Other benefits include cashless insurance, clear demarcation of plastic and metal parts for greater transparency, instant policy issuance and an improved turnaround time. SMC Brokerage has been appointed as the exclusive broker.

The insurance partners are National General Insurance, Bajaj Allianz, Royal Sundaram, Iffco Tokio and Universal Sompo.

This programme is in line with our commitment to the customers towards enhancing ownership experience of their Honda cars, said Mr M. Takedagawa, President, HSCI.
 
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This is great initiative by Honda. They know how to provide service to their high-end customers. FIAT should learn a bit from them.
 
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GM India inks with SBI for Vehicle Financing

General Motors India and State bank of India have signed a Memorandum of Understanding (MoU) to provide auto financing to all General Motors India vehicles both at wholesale and retail levels. The agreement was signed between Mr. Ankush Arora, Vice President, Sales, Marketing & After Sales, General Motors India and Mr. P. Nandakumaran and Mr. B. S. Bhasin, Chief General Managers for retail and whole- sale financing respectively for State Bank of India.

Speaking on the occasion, Mr. Ankush Arora said “We are extremely pleased to partner with State Bank of India being the largest public sector bank in the country. Its extensive reach across India will help our customers to avail of loan facilities to buy our most sought after products. Low interest rates in addition to low processing charges are some of the many benefits which our customers can enjoy while availing of loan facilities of from State Bank of India for financing of our vehicles, he added. As per the MoU, State Bank of India will now provide retail and wholesale financing to customers for purchase of GM India vehicles across the country. GM India in collaboration with State Bank of India will promote schemes to offer easy finance options to their customers by leveraging the pan India presence of State Bank of India. With a network of over 12150 branches across the country, State Bank of India is the largest in India and has been growing rapidly since its inception. Recently, it has been ranked as one of the top ranking banks of international repute.

After the successful launch of retail financing scheme for vehicles, SBI is now focusing on Wholesale financing of vehicles in the form of Dealer Financing through its newly launched Electronic Dealer Financing Scheme (e-DFS), which runs on a fully web based portal and ensures automated payments and settlements.

Maruti Suzuki ties up with IDBI Bank for car loan financing

motoroids_idbi_marutisuzuki1.jpg
IDBI Banl Ltd (IDBI) and Maruti Suzuki India Limited (MSIL) today entered into a Memorandum of Understanding (MoU) for providing Auto Finanace to propective customers of MSIL. The MoU was signed by Shri C.S. Jain, Head- Personal Banking Group, IDBI Bank Ltd and Shri R.S. Kalsi, Chief General Manager of MSIL.

As per the scheme modalities, MSIL and its Dealer network will collaborate with IDBI Bank Ltd for the purpose of “Retail/ Wholesale Activation” in order to facilitate vehicle business. The MOU will facilitate prospective customers of MSIL with vehicle finance at attractive terms. The loan facility for MSIL prospective customer is extended up to 7 years with maximum funding on 'on road price' and faster processing. The Bank would extend financing facilities to eligible customers for MSIL cars and multi-utility vehicles. The tie-up will benefit both, IDBI Bank in further strengthening its position in retail loan space and MSIL in leveraging the retail financing strength and reach of the Bank.
IDBI Bank launched Auto Loans in July 2009. The Auto Loan product is very competitive and the Bank is taking various initiatives to be a leading player in the segment. The product offers finance for new vehicles at maximum funding at attractive rate of interest.

Passenger car-maker, Honda Siel Cars, today said it has tied-up with Axis Bank to offer finance to dealers and customers for its vehicles at competitive rates.

Honda Siel

"Honda Siel and Axis Bank will pool their resources together to make accessible organised finance at competitive rates to our dealers and customers across the country for the purchase of Honda cars," Honda Siel Cars, Director (India), Marketing, T Natsume, said in a press release.

Under the agreement, Axis Bank has approved a line of credit for financing the dealers of Honda Siel for inventory funding and retail financing of auto loans, the release said.

Huyndai Motors

Hyundai Motor India Ltd (HMIL), the second largest car manufacturer and the largest passenger car exporter entered into Memorandum of Understanding (MOU) with Indian Bank, one of the oldest banks in India.



Commenting on the financing tie-up, Mr Arvind Saxena, Director- Marketing & Sales, HMIL said, “We warmly welcome Indian Bank to the Hyundai family. With this tie-up we can now give our customer more options when it comes to car loans. Indian Bank is trusted by millions of people and we believe in what people trust the most. The year 2009 has been challenging for the auto industry, but at HMIL we have always welcomed the challenges in a positive manner. We are happy to start the year 2010 with such a great partnership.”

Hyundai Motor India today said it has tied up with public sector lender UCO Bank for providing retail financing facilities to its customers.

"We are pleased to announce this partnership with UCO Bank as our customers will greatly benefit with competitive rates and convenient locations that UCO Bank provides its customers," Hyundai Motor India Ltd (HMIL) Director (Marketing and Sales) Arvind Saxena said.

"This tie-up will give us a platform from where different products of our bank can be marketed to the prospective buyers of Hyundai Motor India products throughout the country. Thus, the bank's retail portfolio as well as customer base can be increased," UCO Bank Chairman and Managing Director S K Goel said.

Source - Hyundai India and Economic Times
 

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Re: Manufactures Offers on Auto Loan

Tata Motors has collaborated with J&K Bank to finance passenger vehicle customers. J&K Bank will now be the preferred retail financiers of Tata Passenger Car Business.
The tie-up with Tata Motors will open new vistas for both, the company and the bank. We want to enhance the car loan finance segment and extend the car finance at competitive rates with speedy disposal. We have been among top performers in passenger car financing and we will extend every possible support to Tata Motors' customers.
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Hindustan Motors has signed a deal with Union Bank of India to offer convenient financing facilities to its customers.
HM’s MD, Mr. Uttam Bose, said, “The retail financing tie-up with United Bank of India is yet another evidence of HM’s customer-centric approach to business. This association will help us reach out to a wider customer base with speedier, smoother and competitive finance options provided by UBI. Belonging to the elite group of oldest business institutions headquartered in Kolkata, HM and UBI, in a way, share a common lineage. We strongly feel that the deal will be mutually beneficial and help us scale new heights by leveraging each other’s strengths.”
Hindustan-Motors-Union-Bank-of-India-Agreement.jpg

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Hindustan Motors has now signed up a deal with IndusBank to provide financing facilities to its customers:

The tie-up shall facilitate prompt financing facility to potential customers in rural and semi-urban areas for buying cost-effective HM vehicles at competitive interest rates. According to the agreement, the bank will work in close coordination with the HM dealers for providing car loans for both commercial and passenger vehicles. The facility will be available through IndusInd Bank’s country-wide network of 254 branches spread across 180 geographical locations in 28 states and 6 union territories.

The memorandum of understanding was signed by HM’s Uttarpara unit Financial Controller & Head IT, Mr. Dibyendu Chatterjee, and Mr. T.A Rajagopallan, Senior VP-Consumer Finance of IndusInd Bank, here on March 25.

Commenting on the development, Mr. Uttam Bose, MD & CEO, Hindustan Motors Ltd., said, “Customer-centricity is HM’s credo. Our objective is to make purchase of HM vehicles easy and pocket-friendly for customers. Our concern for customers extends beyond manufacturing of quality products. We make sure that the buyer gets hassle-free financial support followed by smooth after-sales service no matter where he is based out of. IndusInd Bank’s strong network will, therefore, help us serve our customers better.”
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Toyota Kirloskar has signed up an MoU with Mahindra & Mahindra Financial Services.
Commenting on this occasion, Mr. Rajnish Agarwal – Vice President Operations, Mahindra & Mahindra Financial Services said, “Our wide network of 640+ offices and customer presence in more than 1,50,000 villages across India, gives us an edge in reaching out to the deepest parts of the country. We have a customer centric approach and have developed loan products suitable for all profiles of customers. This ability also will create strong synergies.”

Also speaking on the occasion, Mr. N. Raja, Senior Vice President, Sales & Marketing, Toyota Kirloskar Motor said, “We are pleased to announce this partnership with Mahindra & Mahindra Financial Services as our customers will greatly benefit with the competitive rates and convenient locations that Mahindra & Mahindra Financial Services is present in. Even though the overall auto market seems to be challenging at the moment, we have seen a surge for automobile loans in semi urban and rural areas and we hope this new association of ours will help us reach out to more prospective customers. This is the right time for us to step up our efforts to reach out to more customers with better and easier finance options.”
(L-R) - Mr. N. Raja, Senior Vice President, Sales & Marketing, Toyota Kirloskar Motor & Mr. Rajn.jpg

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Escorts Limited has signed a preferred financial agreement with L&T Finance to provide loans to tractor customers across India.
This partnership will be beneficial to tractor customers across India where LTF has a network by making finance easily accessible. Some salient benefits of the L&T Finance tractor loan product include key features like attractive interest rates, high loan to value of tractors, customized repayment options linked to the farmer’s income cycles, simple documentation process, personalized services and pan India network. Additionally, the offering includes a choice of instant insurance coverage and cashless claims facility.

“On this occasion, Mr. G. C. Rangan, COO, L&T Finance said “Through this partnership with Escorts, we make tractor loans even more accessible to the farming community. It is our continuous endeavour to make availability of financial solutions more convenient and customer friendly and with this partnership; we believe that we will definitely be able to aide people in buying their choice of tractor.

Further talking on the partnership, Mr. Sameer Tandon, CSMO, Escorts Limited said “At Escorts, We realize value of an easy and competitive financing solution for the Indian farmers. This partnership is a step in the right direction to ease the financing process for our customers. L&T finance offers innovative products and services at affordable rates, with highly competitive schemes for Tractors, we are sure that dealers and customers both will get equally benefited through this tie-up ".
Escorts Ltd. signs an agreement with L&T Finance Ltd..JPG
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Honda Two Wheelers has signed a MoU with Punjab National Bank. Following are the quick highlights:

> Extended repayment tenure: Up to 5 years

> Zero processing & no documentation charges

> Loan amount: Up to 90% of two wheeler value

> Customer saving up to Rs.10,000 on average 2W loan

> Interest rate @ 12.25% with daily reducing interest

Full details on our blog: Honda Two Wheelers Signs MoU with Punjab National Bank - The Automotive India

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