Three Wheelers Financiers
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 car, two wheeler, three wheeler and other forms of vehicles. In the last few years India has successfully emerged as one of the major markets for automobiles. The country leads in terms of three wheeler manufacturing in the world. Some of the pioneering three wheeler companies like Bajaj Auto, Mahindra & Mahindra and Piaggio Vehicles have made a detailed foray into the growing Indian automobile market.
The availability of loans on easy terms from the three wheeler financiers have ensured that there is no dearth of financing optionsand consequently the sale of three wheelers continue to move northwards. Bajaj Auto the market leader in three wheeler industry is expecting to get severe competition from various other companies like, Mahindra & Mahindra, Piaggio and TVS Motor. The financiers in India have also played pivotal role in the substantial growth of three wheeler industry in the country. With the loans and financial assistance, many consumers have been able to become the proud owners of three wheelers.
Most of the three wheeler financiers in India offer you three wheeler loans for new vehicles or used vehicles which are not older than 3 years. In some of the cases, you may have to deposit margin money. Collateral security has also to be deposited in some of the cases. For a single three wheeler most of the financiers provide auto loan up to an amount of INR 100,000. The rate of interest varies some where around 12% (reducing) annually. The huge potential market of the three wheeler industry in India is attracting various automobile companies to start manufacturing three wheelers, who were previously more interested in doing business in the sectors of car, two wheelers, and consumer vehicles. Not only is this, the increasing sale of three wheelers also inducing numerous financial institutions to offer product like three wheeler loans. Moreover, companies like Bajaj Auto have a Bajaj Finance scheme that enables the consumers to have easy access to loans and financing for buying a three wheeler.
The 18% annual growth of the three wheeler industry has been possible due to the direct and indirect help from the 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, Times Bank, Saraswat Cooperative etc. Most of the leading public sector undertaking banks even offer you loan for three wheelers. You can avail three wheeler loans from the banks like State Bank of India, Corporation Bank and from many more financial institutions.