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Wednesday, Jan 08, 2003

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Maruti Finance disbursements touch Rs 500 cr

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MARUTI Udyog Ltd today said that car loans disbursed under Maruti Finance have touched Rs 500 crore, in the one year since its launch.

In a press release, the company said that Maruti Finance now covered almost the entire country, barring parts of north India and Gujarat, where it would be rolled out shortly.

Through Maruti Finance, Maruti is offering car finance at most competitive interest rates. It also offers finance of extended warranty and accessories. For this initiative, it has tied up with eight finance companies - Citicorp Maruti, ICICI Bank, Maruti Countrywide, HDFC Bank, Standard Chartered, ABN Amro, Kotak Mahindra and Sundaram Finance.

It said that the number of customers of Maruti Insurance had reached one lakh since the business was launched nationwide in May 2002. Maruti Insurance has achieved about 60 per cent market share for new Maruti vehicles being sold, the release said.

A company spokesman said that through the new business initiatives, Maruti was improving the car purchase and ownership experience of its customers. These businesses were also giving Maruti more opportunities to meet and interact with its customers and understand their needs better. Maruti's new business of sale and purchase of pre-owned cars, under the brand name True Value, has over 4,000 customers who have either sold their vehicles or bought a pre-owned car. Customers buying cars through Maruti True Value are offered a warranty as well as three free services. It is currently offered through 16 exclusive showrooms in about a dozen cities. Maruti's fourth new business initiative, Maruti N2N, which provides lease and fleet management solution to corporates, has corporate clients including Gas Authority of India, Dupont, Reckitt & Benkiser, Sona Steering, Doordarshan, Singer India, National Stock Exchange and Transworld.

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