Ford Credit India gets operating licence from RBI

The Reserve Bank of India has granted Ford Credit India a licence to operate as a non-banking financial company. The company will begin dealer wholesale inventory financing in the first quarter of 2015. Consumer retail financing will follow later in the year.

Ford Credit India Private Limited is a subsidiary of Ford Motor Credit Company, Ford Motor Company’s global financing subsidiary. It plans to support Ford's growth plans over the next 18 to 20 months in India by providing financing solutions.

In India, Ford is investing $ 2 billion, nearly half of which is being spent on a new manufacturing facility in Sanand, Gujarat. The new plant will nearly double the company’s installed production capacity in the country to 610,000 engines and 440,000 vehicles a year. Ford plans to serve both the domestic and export markets through its enhanced capacity. The company also is expanding its sales and service network in India. Ford has 304 sales and service outlets in 164 cities and continues to grow.

Ford Credit has been in the automotive financing business since 1959 (a period of 55 years). It provides a range of automotive financial products and services to about 5,200 Ford and Lincoln dealers and more than 3.8 million customers around the world.