State Bank of India in overdrive in the car loan market

Another sign that the Indian auto market is in good shape. The sales are growing by the day and the financing companies are going all out to get consumers take loan from them to get themselves a new car. Moreover, the rise in disposable income in the Indian middle class means, that the Indian car finance market has shown an impressive 25% growth in the last year itself.

This has made the India’s largest network of banks State Bank of India to take notice. They are now planning to reignite the flame and take on the foreign and private competitors head-on. They just conducted a survey of the market and are quite impressed by the possibilities that lie in front of them.

The market is worth around Rs 125 billion and the bank controls just 6-7% of total market share. They have a huge network around the country, which gives them immense potential to take charge of the market and get maximum benefits. The market is expected to grow to an impressive Rs 305 billion by next year.

They are planning to hire more DSAs (direct selling agents); a concept fully utilized by their competitors in the market and get more customers. In the end, it is a win win situation for the customer who gets the best deal with the competition intensifying in the market.