Kotak Mahindra Prime acquires passenger vehicle financing portfolio of Ford Credit

Kotak Mahindra Prime Limited, a subsidiary of Kotak Mahindra Bank, on Wednesday said it has acquired the passenger vehicle financing portfolio of Ford Credit India Private Limited (FCIPL). 

 

FCIPL, the captive financing arm of Ford Motor Company in India, has been operating in the country since 2015.

 

Kotak Prime will now have access to over 16,000 high-quality customers with a total loan outstanding of Rs 425 crore. FCIPL customers will be transitioning to Kotak Prime in a planned manner over the next few months, Kotak Prime said in a statement.

 

Vyomesh Kapasi, Managing Director, Kotak Prime said, "The acquisition of Ford Credit’s loan portfolio further reiterates our continued commitment to grow our vehicle financing business and have a strong presence in this space.”

 

In September 2021, Kotak Mahindra Group had announced acquisition of the vehicle financing portfolio of Volkswagen Finance Private Limited, comprising passenger cars, two-wheelers and commercial vehicles.

 

Kotak Prime started as a car finance company, and started financing two-wheelers in 2018. The company operates in financing in the form of loans for dealers and retail customers. It offers financing for the entire range of passenger cars, multi-utility vehicles, pre-owned cars and two-wheelers.

 

It has a retail distribution network comprising 121 branches in 21 states and union territories in the country.
 

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