Durables funding no more at GE MoneyGE Money halts durables funding
Apnaloan.com Research Bureau
20 Nov 2007
GE Money India has stopped financing consumer durables. However, they will continue to service existing customers.
Short loan tenures, unfeasible recovery in case of default, low resale value of consumer durables are some of the reasons behind this move, as reported by the Business Standard. Also, with an increasing competitive market, manufacturers themselves are going for promotional schemes with financial institutions. Moreover, large retailers are running their own financial schemes through their own subsidies.
The company will concentrate on their current portfolio of mortgages, personal loans, and credit cards to push towards the top five in the financial services sector in India. It will focus on large retail outlets for future growth and consolidation.