Ford Credit India gets RBI clearance

Ford Credit has been licensed by the RBI to function as a non-banking financial company in India. The company plans to begin the dealer wholesale inventory financing in the first quarter of the next fiscal and consumer retail financing later in 2015.

Commenting on the development, Mark Constable, Managing Director, Ford Credit India, said, "Ford Credit has 55 years of global experience in automotive financing. Through our full-service financing operation, Ford Credit will leverage its experience and expertise in supporting Ford's growth plans in India.”

As part of its commitment to India, the automaker is investing Rs 200 crore here. About half of this amount is being spent on its new manufacturing facility in Sanand, Gujarat. Once operational, this manufacturing facility will nearly double the company’s production capacity in the country to 6,10,000 engines and 4,40,000 vehicles annually.

Speaking on the future plans of Ford Credit, Nigel Harris, President and Managing Director, Ford India said, “With our vehicle introduction plan over the next 18 to 20 months in India, Ford Credit's support with financing solutions not only will promote sales, but also contribute to satisfaction and loyalty for our brand and dealers.”

Ford Credit is a global financing subsidiary of Ford Motors. This financing arm provides a range of automotive financial products and services to about 5,200 Ford and Lincoln dealers and more than 38 lakh customers around the world.