Business Daily from THE HINDU group of publications
Friday, Oct 27, 2006
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Business Daily from THE HINDU group of publications Friday, Oct 27, 2006 ePaper |
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Private Banks Money & Banking - Consumer Finance
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GROWING RETAIL PORTFOLIO: (From right) Mr Sunjay J Kapur , Vice-Chairman & MD, Sixt India; Ms. Regina Sixt, President, Sixt Worldwide; and Mr Sachin Khandelwal, Head -Vehicle Finance , ICICI Finance, at a press conference in the Capital on Thursday. - Kamal Narang
New Delhi , Oct. 26 ICICI Bank on Thursday said that it expected over 40 per cent growth in its vehicle finance business at Rs 50,000 crore by March 2007. "Our vehicle financing business is growing by over 40 per cent year-on-year basis, and we expect it to continue the growth trend," ICICI Bank, Head, Vehicle Finance, Mr Sachin Khandelwal, said. The private sector lender, which has over 40 per cent market share in auto financing, expects the total book value of vehicle finance to increase to Rs 50,000 crore by March 2007 from Rs 34,000 crore as of March this year. The book value of the auto loan portfolio was at Rs 42,000 crore as of September 2006. The vehicle loan disbursement was Rs 20,000 crore in 2005-06, while the incremental loan disbursement is expected to be Rs 29,000 crore this fiscal, said ICICI Bank, Head, Car Loan, Mr M. R. Narayanan. Meanwhile, ICICI Bank on Thursday tied up with Sixt India, a car leasing and renting service provider, for car leasing business in India.Under the arrangement, the bank will finance 100 per cent value of cars bought by Sixt and Sixt in turn will lease the cars out to corporates for a certain period at a price of 60-80 per cent of the cost. Sixt India plans to have a fleet of 3,000 cars by 2007 and 35,000 cars in five years, Mr Khandelwal said. "This residual valued (RV) based financing has immense potential as multinationals and large Indian corporates prefer to lease cars than buy them."
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