INDIA: Maruti moves into finance, insurance, used cars, pay off
Maruti Udyog, the maker of Suzuki-designed cars and India's market leader, on Tuesday said that car loans disbursed under Maruti Finance have reached 5 billion rupees.
Launched on January 7 in Mumbai last year, Maruti Finance has since been extended in phases and now covers almost the entire country, exceptparts of North India and Gujarat where it will be rolled out soon.
Maruti Udyog also said that the number of customers of Maruti Insurance had reached 100,000 since the business was launched nationwide in May 2002. Maruti Insurance has achieved about 60% market share for new Maruti vehicles being sold.
A company spokesman said: "Through the new business initiatives, Maruti is improving the car purchase and ownership experience of its customers. These businesses are also giving Maruti more opportunities to meet and interact with its customers and understand their needs better".
Maruti's new business of sale and purchase of used cars, under the brand name True Value, has over 4,000 customers who have either sold their vehicle or bought a used car. Customers buying cars through Maruti True Value are offered a warranty as well as three free services. It is currently offered through 16 exclusive showrooms in about a dozen cities.
Maruti fourth new business initiative, Maruti N2N, which provides company lease and fleet management has already secured an impressive list of corporate clients that includes Gas Authority of India, Dupont, Reckitt & Benkiser, Sona Steering, Doordarshan, Singer India, National Stock Exchange and Transworld.
Through Maruti Finance, Maruti is offering car finance at competitive interest rates, with the transparency and convenience of getting the entire package in a 'one stop shop'. It also offers finance of extended warranty and accessories.
Maruti Finance is also making car finance available in country locations and enhancing the affordability of cars at these locations.
For the Maruti Finance initiative, Maruti has tied up with eight renowned finance companies These are: Citicorp Maruti, ICICI Bank, Maruti Countrywide, HDFC Bank, Standard Chartered, ABN Amro, Kotak Mahindra and Sundaram Finance.