GE Money India
has stopped financing consumer durables. However, they will continue to service
existing customers.
Short loan tenures, unfeasible recovery in case of default,
low resale value of consumer durables are some of the reasons behind this move,
as reported by the Business Standard. Also, with an increasing competitive
market, manufacturers themselves are going for promotional schemes with
financial institutions. Moreover, large retailers are running their own
financial schemes through their own subsidies.
The company will concentrate on their current portfolio of
mortgages, personal loans, and credit cards to push towards the top five in the
financial services sector in India.
It will focus on large retail outlets for future growth and consolidation.
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