Kotak Prime to Acquire Ford Credit’s Car Financing Portfolio
Kotak Mahindra Prime Ltd (Kotak Prime), a subsidiary of Kotak Mahindra Bank, today announced the acquisition of the car finance portfolio of Ford Credit India, the Indian finance arm of Ford Motor Company.
Ford Credit has been operating in India since 2015.
The acquisition gives Kotak Prime access to over 16,000 high quality customers with a total outstanding loan volume of â¹425 million euros. Ford Credit customers are scheduled to switch to Kotak Prime in the next few months.
Vyomesh Kapasi, Managing Director of Kotak Mahindra Prime, said, âThe acquisition of the Ford Credit loan portfolio reaffirms our ongoing commitment to grow our vehicle finance business and have a strong presence in this space. We would like to welcome Ford customers to the Kotak Group and look forward to meeting their future financing needs with Kotak’s broad range of products. “
In September 2021, the Kotak Mahindra Group announced the acquisition of the vehicle finance loan portfolio from Volkswagen Finance Private Limited, consisting of cars, two-wheelers and commercial vehicles.
Kotak Mahindra Prime finances all cars and two-wheelers. It has been India’s leading auto finance company since 1996 and has started two-wheeler financing since 2018. The company is dedicated to financing in the form of loans for dealers and private customers. The company offers financing for the entire range of cars, commercial vehicles, used cars and two-wheelers.
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