Reserve Bank of India (RBI) on 22 December 2014 licensed Ford Credit India to operate as a non-banking financial company (NBFC). Ford Credit India is a subsidiary of Ford Motor Credit Company.
The company will start automotive financing in India by first quarter of 2015.
Ford Credit provides a range of automotive financial products and services to about 5200 Ford and Lincoln dealers and more than 3.8 million customers around the world.
The company plans to begin dealer wholesale inventory financing in the first quarter of 2015. Consumer retail financing will follow later in the year 2015.
Ford had identified India as a key market in its Asia Pacific strategy. It is on course to invest 2 billion US dollar, nearly half of which is being spent on a new manufacturing facility in Sanand, Gujarat.
The manufacturing facility in Sanand will nearly double the company’s installed production capacity in the country to 6.1 lakh engines and 4.4 lakh vehicles a year.
Mark Constable is the Managing Director (MD) of Ford Credit India.
When: 22 December 2014