Financial Daily from THE HINDU group of publications
Thursday, Jul 17, 2003
Financial Daily from THE HINDU group of publications Thursday, Jul 17, 2003 |
|
|
|
|
|
Money & Banking
-
Consumer Finance SBM, Maruti in pact for car loans Our Bureau,
Mr Jagdish Khattar, Managing Director of Maruti Udyog Ltd (left), and Mr M. Sitarama Murthy, MD, State Bank of Mysore, at the SBM-Maruti Finance tie-up meet in Bangalore on Wednesday. — G.R.N. Somashekar
Bangalore , July 16 INDIA'S largest carmaker Maruti Udyog and State Bank of Mysore on Wednesday announced a tie-up to offer car loans, which will also help the former to tap the rural and semi-urban markets. The Maruti Udyog Managing Director, Mr Jagdish Khattar, told a news conference that even though the company has tie ups with private car finance companies, similar deals with public sector banks with larger network will help Maruti to penetrate into rural and semi-urban markets. He said currently car financing is confined to around 60 cities. Maruti already has a tie-up with State Bank of India. It plans to tie-up with all the associate banks of SBI soon. But Mr Khattar ruled out tie-ups with other public sector banks. The State Bank of Mysore Managing Director, Mr M Sitarama Murty, said the two partners will utilise each other's customer base to cross-sell Maruti vehicles and the bank's car loans. He said the bank will charge a simple interest rate of 10.25 per cent, which works out to Rs 1,712 per month per lakh for a seven-year period. The bank will even finance second-hand cars, which will carry the same interest rate.
Article E-Mail :: Comment :: Syndication
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2003, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|