India. Leading non-banking financial firm Credit Wise Capital has planned to launch an AI-backed and WhatsApp integrated chatbot, “Twin2”. The plan is to provide loan offerings to its customers within just two minutes for two-wheelers. The chatbot also enables customers to enquire about the loan options, understand terms and conditions, receive a sanction loan letter, or find the nearest partner dealership based on their location. QR codes of the Twin2 renditions have been allocated in over 500 dealerships across the country to enable customers to quickly access and connect with the bot. The loan service comes with easy EMI options and flexible repayment tenure of 24-36 months.

Launched across India, the Twin2 bot has already managed to receive 5000 logins in just its first week of installations. Twin2 bot is a step towards a unified interface that remains the same for all customers. Thus, it enhances transparency and execution of speed. The digital platform reduces the average time spent by the customers at dealerships from one hour to just two minutes as they can easily gather all the relevant information from the app itself. In the future, Twin2 aims to be the leading digital lending partner for all OEMs, including electric two-wheeler manufacturers.

Embedded on multiple financial technology platforms, Credit Wise Capital successfully manages to get about 2,000 leads for two-wheeler financing per day. Integration is helping FinTech partners cut costs, reduce the time usually consumed by application programming interfaces, and drive revenue.

Speaking about the development, the founder at Credit Wise Capital said, “The winner in the two-wheeler finance industry will be the one that is able to control the customer acquisition costs. If one can control that, they can scale pan India exponentially in a branchless model and that is what we aim to do at Credit Wise Capital”.

On the launch of Twin2, TechSci Research Director, Mr. Karan Chechi commented, “Twin2 is creating a new era for dealers and financial institutions, offering a platform that enables a seamless client experience. More such innovations in payment technology will play a pivotal role in driving this evolution and fostering technology adoption in the country. Besides, the entry of new FinTech players will help boost healthy competition in the banking segment and enhance flexibility.”

According to TechSci Research report on “India Two Wheeler Loan Market By Type (New Two Wheeler & Used Two Wheeler), By Source (Bank and Non Banking Financial Company (NBFC)), By Percentage of Amount Sanctioned (Up to 25%; 26-50%; 51-75%; & Above 75%), By Type of City (Tier 1; Tier 2; Tier 3; and Tier 4), By Tenure (Less than 3 year and 3-5 Year), Competition, Forecast & Opportunities, 2025”, the two wheeler loan market is anticipated to grow at a formidable rate. The growth can be attributed to the growing disposable income and increasing ownership of two wheelers. Besides, new product launches and subsidies offered by the government on purchase of electric vehicles are boosting the growth of two-wheeler loan market in India.

According to another TechSci Research report on “India Car Loan Market By Type (New Car & Used Car), By Car Type (SUV; Hatchback; & Sedan), By Source (OEM; Bank; & Non-Banking Financial Company (NBFC)), By Percentage of Amount Sanctioned (Upto 25%; 25-50%; 51-75%; Above 75%), By Type of City (Tier 1; Tier 2; Tier 3; & Tier 4), By Tenure (Less than 3 Year; 3-5 Year; Greater than 5 Year), Competition, Forecast & Opportunities, FY2026”, India car loan market is set to grow at a significant rate. The growth can be attributed to the growing disposable income, increasing ownership of vehicles and growing subsidies offered on the purchase of electric vehicles.