Maruti Finance, the automobile finance arm of Maruti Udyog Ltd, is targeting businesses worth Rs 3,000 crore (Rs 30 billion) this fiscal.
Maruti Finance, which launched its services in Gujarat today, will also begin its operations in Punjab, Haryana, Chandigarh by next week.
It is expected to hit the markets in Delhi and Rajasthan in the next two months. At present the company has presence in 16 states across the country.
"Maruti Finance has done businesses worth Rs 1,100 crore (Rs 11 billion) under a scheme which we launched in Mumbai during first half of last year. This scheme has also been expanded to the southern and eastern India. It has so far disbursed loans to 50,000 customers. After launching the plan in Gujarat and Punjab next week, we are hopeful to do businesses worth Rs 3,000 crore (Rs 30 billion)," said Jagdish Khattar, managing director of MUL.
Last year Maruti Finance had launched a new scheme which allowed a buyer to seek finance from any of the eight banks and financial institutions with which it has tied up.
Also, the facility was offered at Maruti showrooms only. Maruti Finance had tied up with ICICI Bank, HDFC Bank, Kotak Mahindra, Standard Chartered Bank, Sundaram Finance, Maruti Countrywide, Citicorp Maruti and ABN Amro bank for this initiative.
"In addition to providing finance for customers while buying a Maruti car, we also promise a win-win partnership and fresh business opportunities for Maruti dealers. Maruti Finance will also offer convenient finance options even in upcountry areas where there is limited availability of organised finance," said Khattar.
He also said that though the company is targeting Rs 3,000 crore (Rs 30 billion) worth businesses through Maruti Finance, once the concept is launched in the remaining parts of the country, MUL will target to get 100 per cent finance from Maruti Finance only.
"We have eight options for our customers but they can choose any other financier also, not under the umbrella of Maruti Finance. But our efforts will be to get all our potential customers solve their finance problems through our own schemes which will be a good deal for car buyers, MUL and the consortium of banks and financial institutions," said Khattar.
Talking about 'Maruti Insurance', Khattar said that till date the company has sold more than 1,90,000 policies across the country under the scheme and it is targeting to increase the sales of total number of insurance policies by at least 25 per cent during the current year.
"We hope soon Maruti customers will be paying less amount for insurance premiums as we have written to the Insurance Regulatory and Development Authority for detariffing as our cars are subsiding the insurance. Once it is implemented, our customers will be paying less for insurance," he said.
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