Auto India, Car India

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Hey Good news for New Car Buyers! SBI is planning to introduce one fresh new car-loan scheme christened ‘SBI Fzee’ for financing the new cars on 1st July’09.

According to this scheme, SBI will decide interest rates upto 8% for 1st years of car loan refund term.
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India’s 2nd largest car maker, Hyundai Motor India, on Monday posted a 4.11% drop in its domestic sales during May at 23,503 units, from the 24,510 units in the corresponding period last year.
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TVS Motor Company Ltd. has reported five percent growth in its two wheeler sales for May 2009. The company sold 1,18,574 units in May’09, registering 5% rise as compared to 1,12,770 bikes sold in the same month last year.
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Maruti Suzuki, the country’s largest car maker is expecting the new government to go on support to the poorly affected auto industry.
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Tata Motors has raised nearly Rs 2,500 crore from the Nano bookings. This cash should support relieve the Tata’s finance requirements, particularly to deal with the bridge loans for buy of marquee brands JLR (Jaguar & Land Rover).
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India’s largest passenger car manufacturer Maruti Suzuki India Ltd has recorded 15 percent growth in its sales in April’09. The company sold 71,748 cars in April as compared to 62,336 cars during the same month last year.

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Banks which are in deal with the Tata Motors for financing its Nano, are planning to maintain the minimum eligibility criteria, so that the low & middle salaried group remains interested to their loan schemes (for Nano only).
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Luxury car manufacturers in India are offering some exciting allurements to prospective customers to continue their higher sales figures.
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Auto Industry in India has demanded Mr. Manmohan Singh (PM India) to do a process of repossession of vehicles from the loan defaulters simple and clear-cut, to support the retail finance in auto sector.
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With a launch of Nano car just days away, Tata motors has started to make extended overdue payments to their vendors. Tata motors has joined with the SIDBI (Small Indstrl Development Bank of India) to assist them clear up their dues with the component manufacturers.
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