EON Bank anticipate increase in car loans    
Industry News

By : Cesar Tordesillas, Asian Banking & Finance

EON Bank group expects to disburse US$1.309 bilionl in car loans this year according to CEO Datuk Michael Lor. The bank disbursed US$981.9 million in car loans in 2010.

He said EON Bank was strategically positioned to meet the expected increase in loan applications this year, fuelled by the industry's prediction of a robust car sales.

“Other factors such as better economic growth, tax exemptions for certain car categories, availability of more locally-assembled cars and stronger consumer confidence will also increase loan applications,” he said after a prize presentation to winners of the bank's two-leg “Super Cash” campaign.

Lor said analysts had forecast 4 per cent to 5 per cent increase in total industry volume for the local auto industry, with sales of up to 623,000 new cars and unveiling of as many as 20 new models this year.

“With EON Bank's simple, convenient and value-packed hire-purchase product that guarantees the fastest approval in the country, we believe more customers will turn to us for their auto financing needs,” he said.

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