India Used Car Loan Market, Competition Forecast and Opportunity, FY2027F – ResearchAndMarkets.com

DUBLIN – (COMMERCIAL THREAD)–The “Indian used car loan market, by vehicle type (hatchback, SUV and sedans), by financier (banks, NBFC (non-bank finance companies) and OEM), by percentage of amount sanctioned, by seniority, by region , Competition Forecast and Opportunities, FY2027F “ the report was added to ResearchAndMarkets.com offer.

India’s used car loan market is expected to grow at a CAGR of over 11% in value and reach around $ 16 billion by fiscal year 2027F.

The expected growth of the market can be attributed to the increase in disposable income and the increase in used car ownership. In addition, factors such as the increase in the price of new cars, government regulations, etc. stimulate the Indian used car loan market. The companies offer used car loans for a wide range of vehicles, including hatchbacks, SUVs, and high-end sedans. They provide loans up to 95% of the value of the used car, flexible EMI repayment options, quick loan disbursement, flexible tenure period and minimal paperwork, which drives the car market. used car loans.

The Indian used car loan market can be segmented on the basis of 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 sedans, SUVs and sedans.

Among which, hatchback type has dominated the Indian used car lending market and will also continue to dominate the market during the forecast period. This is due to its advantages such as driving comfort, safety and reduced noise and vibration compared to other counterparts in the same segment.

In financial terms, the Indian used car loan market is categorized into banks, NBFC and (OEM). Of these, banks accounted for the majority of the market share in FY2021, followed by NBFCs. Banks are developing various credit arrangements in order to attract more buyers and borrowers, and they offer loans for the purchase of used cars in the country according to individual needs.

Due to a large customer base, better customer service, and competitive pricing, public and private sector banks are the primary dominators over NBFC and OEMs. However, the presence of NBFC in non-metropolitan and rural areas has helped to increase the market share of NBFCs in recent years.

The increase in disposable income of individuals has enabled 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 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, financing for cars up to 8 years old, a 100% paperless full loan, and digital and RC transfer assistance.

As a result, the preference of the present generation for used car loans is increasing day by day. Car ownership has declined dramatically over the years, from 5-6 years for mainstream cars to less than 3 years for premium cars, down from 5-6 years a few years ago. This has improved the quality of cars available in the used car segment, as these vehicles are well maintained and equipped with advanced technologies.

Some of the major 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:

  • Historical years: FY2017-FY2020

  • Reference year: fiscal year 2021

  • Estimated year: FY2022E

    Forecast period: FY2023F-FY2027F

Key target audience:

  • Financiers and end users

  • Market studies and consulting firms

  • Government agencies such as regulators and policy makers.

  • Used car loan organizations, forums and alliances.

The study is useful in providing answers to several critical questions that are important to industry players such as financiers, end users, etc., in addition to enabling them to develop investment strategies and capitalize on market opportunities.

Scope of the report:

In this report, the India Used Car Loan Market has been segmented into following categories in addition to industry trends which have also been detailed below:

  • Used Car Loan Market in India, By Vehicle Type:

  • Tailgate

  • SUV

  • Sedans

  • Indian Used Car Loan Market, By Financier:

  • Banks

  • Non-bank financial corporations (NBFC)

  • OEM

Indian Used Car Loan Market, By Percentage Of Amount Sanctioned:

  • Up to 25%

  • 25-50%

  • 51-75%

  • Above 75%

Indian used car loan market, by seniority:

  • Less than 3 years

  • 3-5 years

  • Over 5 years

Used Car Loan Market in India, By Region:

Competitive landscape

  • Company Profiles: Detailed analysis of the major companies present in the Indian used car loan market.

  • HDFC Bank Limited

  • National Bank of India

  • ICICI Bank Limited

  • Shriram Transport Finance Co. Ltd.

  • Mahindra & Mahindra Financial Services Limited

  • Axis Bank Limited

  • Tata Capital Limited

  • National Bank of Punjab

  • Kotak Mahindra Prime Ltd.

  • Toyota Financial Services India Ltd.

  • Magma Fincorp Limited

For more information on this report, visit https://www.researchandmarkets.com/r/ju2vur

Priscilla C. Carnegie