The Reserve Bank of India on Monday granted licence to Ford Credit India to start its operations as a non-banking financial company (NBFC), the company said in a statement.
The company said it plans to begin dealer wholesale inventory financing in the first quarter of the next fiscal and consumer retail financing later in 2015.
Mark Constable, the managing director of Ford Credit India, said, “We are pleased to be launching Ford Credit India early in 2015. Through the full-service financing operation, Ford Credit will leverage its experience and expertise in supporting Ford’s growth plans in India.”
Ford plans to serve both the domestic and export markets through its enhanced capacity. The company is expanding sales and service networks in India. Ford has 304 sales and service outlets in 164 cities, said the statement.
“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”, said Nigel Harris, the president and managing director of Ford India.
Ford Credit India is a subsidiary of Ford Motor Credit Company, a global financing subsidiary of Ford Motor Company. Ford Credit provides a range of automotive financial products and services to about 5,200 Ford and Lincoln dealers and more than 3.8 million customers around the world, the statement noted.