India Used Car Loan Market to grow at a Steady Rate through 2027
Increasing ownership of
vehicles and rapid urbanization is expected to drive demand for India used car
loan market in forecast period.
According to TechSci Research report, “India
Used Car Loan Market By Vehicle Type (Hatchback, Sedans, SUVs) By Financier
(OEM, Banks, NBFCs) By Percentage of Amount Sanctioned (Up to 25%, 25-50%,
51-75%, Above 75%) By Tenure (Less than 3 years, 3-5 years) By Company and By
Geography, Forecast & Opportunities, FY2027”, India
used car loan market is expected to witness brisk CAGR during the next five
years owing to revision of GST value from 28% to 12-18% for used cars which is
expected to boost the used car loans market immensely for the upcoming years.
Automobile manufacturers are offering financial aids in addition with tie-up
with banks and other prominent financial institutions to provide plethora of
choices to buyers to easily avail loans for purchasing used cars. Also,
availability of easy procedures for loans from NBFC’s is expected to drive the
used car loan market in India. Nil or minimal restrictions to apply for used
car loans is impacting the market in a positive way. Full financial assistance
provided by some banks and NBFC’s is favoring the rise of the used car loans
market. Loan facility can be applied online and is simpler to process thereby
anybody can easily complete the loan application process. Presence of large
population size in the country and preference for maintaining high living
standards is stirring the used car loans market. Also, high youth population is
considered a major driver for high demand of loans to purchase used cars in
India. Presence of organized channels have led to make buyers and financiers
more relaxed thereby favoring the used cars loans demand. Offering of flexible
digital and physical process by banks to streamline the whole process of
availing loan and purchase used cars is rising the market demand. Facilities to
enrich consumer experience and ensure satisfaction of buyers by financial
institutions is aiding to the used car loans market in India. Buyers are
purchasing used cars online to increase convenience and explore a wide range of
choices for purchasing used cars. Organized channel is providing safety,
transparency and minimal risk while buying used cars through them. High
penetration of internet in non-metro areas is increasing awareness among buyers
for best options available with lucrative discounts and offers. Increase in the
number of used car retails across the India and involvement of major automobile
manufacturers to increase the demand for used cars is fostering the loans
market in region. Buyer preference shift for sharing the automobile while
travelling is influenced the sales of used cars in India thereby fueling the
market growth. The price difference between manual and automatic used cars is
not big as compared to difference the same cars as their new versions is
creating lucrative opportunities for the used car loans market growth.
However, risk associated with used cars quality
collateral and credit history of buyers may create hindrance to the used car
loans market growth.
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India
used car loan market can be segregated based on vehicle type, financier,
percentage of amount sanctioned, tenure, region, and company. Based on financier,
used car loans market is further categorised into OEM, banks and NBFCs. Banks
are anticipated to hold major market share in the upcoming next five years
owing to large customer base and better customer service. Original equipment
manufacturers are offering credit provisions and loans according to buyers need
to attract more buyers, thereby expected to witness growth in the predicted
period.
Industrial
Credit and Investment Corporation of India Bank Limited, State Bank of India,
Tata Capital Limited, Housing Development Finance Corporation Bank, Punjab
National Bank, Axis Bank Limited, Kotak Mahindra Prime Ltd, Mahindra &
Mahindra Financial Services Limited, Shriram Transport Finance Co. Ltd., Toyota
Financial Services India Ltd. are the leading players operating in India used
car loan market. Manufacturers are increasingly focusing on research and
development process to fuel higher growth in the market. To meet evolving
customer demand with respect to better efficiency and durability, several electric
charging vehicle infrastructure manufacturers are coming up with their
technologically advanced offerings.
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“Roll-out
of BS VI norms from April 2020 and government set of rules and regulations to
ensure safety standards in automobiles is expected to rise the cost of
purchasing new cars which ultimately is anticipated to foster the used car
loans market in India. Also, few automobile companies are not manufacturing diesel-based
cars which is a preferred model for many buyers thereby sales of used diesel
cars are expected to grow which is influencing the used car loans market till FY2027”
said Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“India Used Car Loan
Market By Vehicle Type (Hatchback, Sedans, SUVs) By Financier (OEM, Banks,
NBFCs) By Percentage of Amount Sanctioned (Up to 25%, 25-50%, 51-75%, Above
75%) By Tenure (Less than 3 years, 3-5 years) By Company and By Geography,
Forecast & Opportunities, FY2027” has
evaluated the future growth potential of India used car loan market and provided
statistics & information on market size, shares, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in the of India used car loan market.
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