Ferrari launched cars in India starting at Rs 2.2 crore onwards

Italian luxury sports car maker Ferrari on Thursday officially entered the Indian market with popular models such as the California, 458 Italia, 599GTB Fiorano and the latest FF at prices starting from Rs 2.2 crore onward.

"Till yesterday, Ferrari was present in 57 countries. Now we are in the 58th country, which is India. We should have been in India much before and we expect to be able to sell more than 100 cars in the next 2-3 years," Ferrari SpA Chief Executive Officer Amedeo Felisa told reporters here.

The company has appointed the Shreyans Group as its official importer in India. Bookings for the cars start today with the opening of the first dealership in the national capital. The second showroom is scheduled to open in Mumbai in the second half of 2011.

The Ferrari range which will be sold in India includes the Ferrari California priced at Rs 2.2 crore, 458 Italia at Rs 2.56 crore and 599GTB Fiorano tagged at Rs 3.37 crore. All prices are ex-showroom Delhi.

Ferrari's latest model the FF, which was unveiled at the Geneva Motor Show earlier this year, will also be available. It carries a price tag of Rs 3.41 crore.

The Shreyans Group is involved with luxury retail in India, including interests in products such as yachts, super bikes, fashion articles and jewellery, besides cars.

Hike on car and bike loan interest rate

If you’re planning to buy a car or a motorcycle through an auto loan, chances are that you’ll have to pay a higher interest rate even as the Reserve Bank of India, in a bid to contain rising inflation has raised the repo rate by half a percent or 50 basis points.Due to this, the Indian banking sector finds itself in a position of having to raise interest rates for auto loans by a quarter to half a percent. The decision regarding the interest rate hike is expected to arrive in the next few days.

Meanwhile, here’s a statement from IDBI Bank’s Executive Director R K Bansal,"I think banks do not have any other option but to increase rates. It could be 25 basis points or 50 basis points, depending on individual banks". With that your plans of buying a car or a motorcycle will mean that you need to set aside a larger amount each month for your EMI. Also, higher rates could slow down car and motorcycle sales, which have already shown signs of a slowdown in April, 2011.