The New Era of Indian Car Industry

In 1991, the central government of India opened the closed gates of Indian car market for the foreign companies which led many foreign players enter by way of Joint ventures, collaborations or wholly owned subsidiary. The move changed the face of car industry forever. At present Tata Motors, Ashok Leyland, Honda Siel Cars India, Maruti Udyog, Toyota Kirloskar Motor, Eicher, Hindustan Motors and Ford India are among the leading auto-makers in India which roll out a number of vehicles to cater to the unique needs of the customers. Reva is another famous name which sells electric cars in India for several years, and is planning to expand its presence in the European market in 2010.

The stiff competition amongst the car-makers led to the development and launch of new cars to cater to the unique needs of each segment. And then, the banks are there to provide car loans to help the prospective buyers in buying the desired car model. With strong advertisements and tempting designs and features, the companies make every effort to persuade the customers to buy new cars, instead of opting for a used one.

Not just Indian auto makers, but the global auto makers are also making a beeline to enter the Indian auto market to reap the benefits of growing demand for vehicles. Jaguar Land Rover (JLR), recently bought by Tata Motors, is a UK luxury car-maker and has rolled out three models in the Indian market which are Range Rover, Range Rover Sport and Discovery 3. The models are priced between Rs.63 lakh and Rs.85 lakh and has helped the Indian auto major in boosting its sales amid recession. Freelander 2 is the latest offering of JLR in India.

Buying a car has become much easier now with the car loans and as far as repayment of loan is considered, it can be repaid through easy monthly installments. The banks have come out with special auto loans this festive season with attractive interest rates and additional benefits to encourage the customers to opt for the car loans. ICICI Bank, HSBC Bank, Allahabad Bank and State Bank of India are among the major providers of car loans to help people buy new cars in India.

This is the age of Internet and there are plenty of web-sites which help the prospective buyers in choosing the best cars in India and also provide related details. Besides this, banks also provide loans for the used cars without much documentation and time consuming paperworks. And since the festive season is round the corner, many car-makers are introducing new cars in the Indian market with attractive offers and discounts.