DUBLIN–(BUSINESS WIRE)–The “India Used Car Loan Market, By Vehicle Type (Hatchback, SUVs & Sedans), By Financier (Banks, NBFCs (Non-Banking Financial Companies) & OEM), By Percentage of Amount Sanctioned, By Tenure, By Region, Competition Forecast & Opportunities, FY2027F” report has been added to ResearchAndMarkets.com’s offering.
The Indian Used Car Loan Market is forecast to grow at a CAGR of over 11% in value terms and to reach around USD16 billion by FY2027F.
Anticipated growth in the market can be attributed to growing disposable income and increasing ownership of used cars. Moreover, factors such as increased price of new cars, government regulations, etc. are driving the Indian Used Car Loan Market. Companies provide used car loans for a wide range of vehicles, including hatchbacks, SUVs, and premium sedans. They are extending loans up to 95% of the used car value, flexible EMI repayment options, quick loan disbursement, flexible tenure, and minimal paperwork, which is driving the used car loan market.
The Indian Used Car Loan Market can be segmented based on vehicle type, financier, percentage of amount sanctioned, tenure, region and company. In terms of vehicle type, the Indian Used Car Loan Market can be segmented into Hatchbacks, SUVs, and Sedans.
Among which, the hatchback vehicle type has dominated the Indian Used Car Loan Market and will continue to dominate the market in the forecasted period as well. This is due to its advantages like riding comfort, safety, and lower noise, vibration in comparison to other counterparts in the same segment.
In term of financier, the Indian Used Car Loan Market is categorized into Banks, NBFCs & (OEMs). Among these, banks accounted for the majority of the market share in FY2021 followed by NBFCs. Banks are developing various credit provisions in order to attract more buyers and borrowers, and they are offering loans for the purchase of used cars in the country based on individual needs.
Due to a large customer base, better customer service, and competitive rates, public and private sector banks are the major dominators when compared to NBFC and OEMs. However, the presence of NBFCs in non-metro and rural areas has aided in increasing NBFC market share in recent years.
Individuals’ increasing disposable income has allowed them to switch from one car to another in a relatively short period of time. This has resulted in a significant reduction in the average time spent on keeping a car in India. As a result, used car buyers can get a well-maintained and relatively newer car with benefits such as same-day delivery, funding for up to 8 years old cars, and 100 percent paperless & digital complete loan and RC Transfer support.
As a result, the current generation’s preference for used car loans is growing day by day. Car ownership has decreased significantly over the years, from 5-6 years for mass-market cars to less than 3 years for premium cars, from 5-6 years a few years ago. This has improved the quality of available cars in the used car segment because these vehicles are well maintained and equipped with cutting-edge technology.
Some of the leading players in the Indian Used Car Loan Market are HDFC Bank Ltd., State Bank of India, ICICI Bank Ltd., Shriram Transport Finance Co. Ltd., Mahindra & Mahindra Financial Services Limited and others.
Years considered for this report:
Key Target Audience:
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as financiers, end-users, etc., besides allowing them in strategizing investments and capitalizing on the market opportunities.
Report Scope:
In this report, the Indian Used Car Loan Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
India Used Car Loan Market, By Percentage of Amount Sanctioned:
India Used Car Loan Market, By Tenure:
India Used Car Loan Market, By Region:
Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/ju2vur
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