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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