Tata Motors said that 74 per cent Indian customers buy cars by taking bank loans but for the last 12 to 18 months, getting vehicle bank loans has become difficult.
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The country’s automobile industry will gather pace by July-August this year, a top official at Tata Motors said, attributing the current temporary slowdown to issues like consumers facing problems in securing vehicle loan and the companies shifting to BS-VI emission norms as mandated by the government. “The sluggishness of the vehicle market in the country is going to be short-lived. We hope that sales of passenger vehicles will record pace by July-August before the festive season,” Tata Motors president (passenger vehicles business unit), Mayank Pareek, told reporters after launching the company’s new car Altroz in Madhya Pradesh.
He hoped that the vehicle market would grow due to the continuous expansion of infrastructure in the country and the increasing population of young professionals. Pareek said that about 74 per cent of customers in the country buy cars by taking loans from banks. But for the last 12 to 18 months, customers are facing difficulties in getting vehicle loans from banks.