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Car manufacturers to come up with special financing schemes

Car manufacturers are coming up with attractive marketing strategies

Apnaloan.com Research Bureau

14 Mar 2008

Car manufacturers are coming up with specific segment finance schemes to pep up marketing.

For instance, while car market leader Maruti Suzuki India Ltd (MSIL) and General Motors India are eyeing the rural and semi-urban areas through special financing schemes, Hyundai Motor India Ltd (HMIL) has set its eyes on the fast growing working women segment.

General Motors have tied up with Reliance, Tata Capital, ICICI and GMAC for special financing schemes wherein about 90% of the total amount will be financed to people in rural and semi-urban areas.

Even MSIL has tied up with Chennai-based Shriram City Union Finance Ltd to offer easy finance in the southern states and subsequently across the country.

Hyundai, on the other hand, is coming up with special schemes for working women. The company had recently shifted its focus on this fast growing segment by announcing 50 per cent waiver on loan processing fee. They are also offering loans to women at 0.75 per cent lower rate of interest than the market rate, which is around 13.5 per cent- 14 per cent. This was started as an initiative to mark Women's Day which the company now plans to extend till March 31.