Automobile Segment registered 22% growth in Feb 2009

Passenger car sales in India increased by more then 22% in month of February 2009. The biggest contributor in this increase in India's largest car manufacturer Maruti Suzuki whose car sales increased by 19% in this February Compare to same period of last year, company sold70,625 units in this February. The largest exporter of automobiles in India Hyundai India also registered a growth of 45.3% this month and company sold 21,215 units compare to 14,600 units last year in India.

According to market analysts the cut down in the vehicle loan rate by many PSU banks is also a major reason behind the increase in sales of auto sector in India. In India car loan rates is a major factor in the growth of automobile sector because around 70% of vehicles which are purchased through vehicle loans by customers.