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CarDekho becomes first auto fintech platform to process 100 cr of monthly used car loans

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CarDekho.com is India’s leading full-stack auto-tech company. It has became the first auto fintech platform to process 100 cr of monthly used car loans. Moreover, the company offers the largest range of loan options by partnering with 10 plus top auto financiers in India and NBFCs,  for used car buys on one platform.

The first digital market place model has been successfully launched and has a unique tech-led approach to drive consumer experience. As per the data, India has one of the largest used car markets in the world, but loan penetration in used cars is very low in India. It is about 15 percent as compared to 70% for new cars.

CarDekho’s used car loan platform has grown a lot in the last 12 months. It has grown 180% in the last 12 months. The closing was done at approx. 07 cr in December 2019 crossing 100cr for the very first time. For now, the growth has been led by only Tier-1 markets. Tier-1 markets are the place where the company has a significant presence. The User Car Loan business of the company is currently present in the top 10 major cities in India and it has started expanding into 20 more locations that will include all the major tier 2/3 cities.

With the help of its Digital used car loan platform, CarDekho.com has strengthen the used car buyer ecosystem. It has helped the customers to discover and buy a trusted used car on easy EMIs

Amit Jain, CEO & Co-founder, CarDekho.com, said that the used car loan business has witnessed a surprising growth of 180% in the year 2019. The most integral part of CarDekho’s used car ecosystem is the loan discovery and processing. And hence the mission of the company is to make used car loans as easy to avail as new car loans in India. He also added that the company is the process of getting NBFC license which will help us to further enhance the consumer experience in used car loans through deeper partnerships with partner financiers.

Namit Jain, Business Head – Auto Loans & Dealer Funding, CarDekho.com, said, “We are indeed very excited to reach this milestone in the highly fragmented market of used car loans. Our strategy to focus on reinventing consumer experience is helping us grow rapidly. We have managed to cut down the process turnaround time for overall used car loans to as low as 48 hours today, which used to be 15 days in the industry. Soon we plan to introduce our new innovation called CarDekho InstaLoan – India’s fastest used car loan. InstaLoan will completely redefine the consumer experience on used car loans by enabling instant loan payments and Car delivery.”

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