Car finance for smallest car

Mon, 21 Jan 2008



Following announcements in the car finance news this month that the new ‘Nano’ will be launched and become the smallest car on the market in India, reports are that banks are considering launching specific car finance loans to capitalise on the phenomenon.

Tata motors will release the Nano, prompting banks such as ICICI to offer customised personal loans for those consumers looking for car loans to purchase a Nano.

The head of group business, vehicle loans, at ICICI, Ravi Narayanan, was reported as saying: "The Rs 1-lakh car has created a new segment of customers, who would typically fall into the middle-class or lower middle-class segment. The loan should, therefore, not only cover the capital cost but also the running cost of the vehicle as it will otherwise be difficult for customers to meet the monthly expenses arising out of the car."

Many customers who were considering purchasing a new motorbike or scooter, or a used car, may now look into purchasing a Nano, some experts speculated.
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