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| The opening up of the Indian economy for foreign direct investment by the major automobile companies in the world has resulted into the introduction of various models of cars. In the last few years India has successfully emerged as one of the major markets for automobiles with indications suggesting the country emerging as one of the top car markets in the next couple of years. One of the main reasons behind this unprecedented growth in the Indian cars has been the availability of easy and simple financing
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options. Various financiers in India through effective car financing have also played pivotal role in the substantial growth of three wheeler industry in the country. Auto finance rates are not as high as they can not be paid back. With the loans and financial assistance,many consumers have been able to become the proud owners of cars that once many Indians could only have dreamt of. The nearly 10% annual growth of the auto industry has been possible due to the direct and indirect help from various financiers in India. One can avail of auto finance schemes of popular automobile financiers like ICICI Bank, HDFC Bank, Maruti Citicorp, Sundaram Finance, Tata Finance, FISAF, KMPL, Associates Finance, Citibank. Most of the leading public sector banks even offer loans for cars at reasonably easy terms to be repaid through the Equated Monthly Installment (EMIs).Most of the financiers in India offer car loans for new cars as well as used cars which are not older than 3 years. Used car finance is an effective tool because it helps the people from the low income groups. Car finance rates most of the times are kept as per the viability of their payback.
Collateral security has also to be deposited in some of the cases. Usually, 85% to 90% of the value of the car is provided as a loan. The rate of interest varies some where around 12% (reducing) annually. Realizing the immense potential, some of the car manufacturers have even tied up with car financiers who provide guaranteed auto finance loans to the customers on all models of cars. And this particular reason has facilitated the growth of car sales in India in a big way.
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