Car manufacturers are literally shifting gears when it comes to marketing. From the mass-targeted campaigns and offers till now, leading manufacturers are now coming up with segment specific schemes. For instance, while car market leader Maruti Suzuki India Ltd (MSIL) and General Motor India are eyeing the largely untapped rural and semi-urban areas through special financing schemes, Hyundai Motor India Ltd (HMIL) has set its eyes on the fast growing working women segment.
“Financing is a big problem in rural areas which are growing markets and have lot of potential. Hence, we have tied up with Reliance, Tata Capital, ICICI and GMAC for special financing schemes wherein about 90% of the total amount will be financed to people in rural and semi-urban areas,” said Ankush Arora, vice-president, General Motors.
Even MSIL has tied up with Chennai-based Shriram City Union Finance Ltd to offer easy finance in the southern states and subsequently across the country. According to a Mumbai-based analyst, the move is an immediate reaction to the waiver of farm loans announced by the finance minister in Budget 2008-09, as this is likely to enhance the purchasing power of people in semi-urban and rural areas.
Hyundai, on the other hand, is mulling to come up with special schemes for working women. The company had recently shifted its focus on this fast growing segment by announcing 50% waiver on loan processing fee. They are also offering loans to women at 0.75% lower rate of interest than the market rate, which is hovering around 13.5% to 14.0%. While, this was started as an initiative to mark Women?s Day, the company now plans to extend the scheme till March 31.
“Indian females are evolving at a phenomenal rate. From just being housewives till some years ago, she’s now also focusing on career and going out to work. This has not just made her financially independent but also has empowered her with a decent disposable income which she uses to her discretion,” said an industry expert.
“Moreover, by the sheer fact that they handle both homes as well as their jobs, there has been a growing desire to be mobile in order to save time and cost. This has led to a shift in focus towards women and companies have started looking at the segment very seriously,” he adds.
