Dublin, June 28, 2021 (GLOBE NEWSWIRE) — The “Indian Used Car Loan Market, By Vehicle Type (Sedans, SUVs & Hatchbacks), By Financier (Banks, NBFCs (Non-Banking Financial Companies) & OEMs), By Percentage Of Amount Sanctioned, By Mandate, By Region , Competitor Forecasts and Opportunities, FY2027F” report has been added to from ResearchAndMarkets.com offer.
India’s used car loan market is expected to grow at a CAGR of over 11% in value and reach approximately USD 16 billion by FY2027F.
The anticipated market growth can be attributed to growing disposable income and increasing number of used car owners. Additionally, factors such as rising new car prices, government regulations, etc. are boosting India’s used car loan market. Companies offer used car loans for a wide range of vehicles, including hatchbacks, SUVs, and premium sedans. They extend loans up to 95% of used car value, flexible EMI repayment options, fast loan disbursement, flexible tenure and minimal paperwork, driving the car loan market second hand.
The Indian used car loan market can be segmented on the basis of vehicle type, financier, sanctioned amount percentage, tenure, region and company. In terms of vehicle type, India’s used car loan market can be segmented into sedans, SUVs and hatchbacks.
Among which, the hatchback vehicle type has dominated the Indian used car loan 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 terms of financial, 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 fiscal 2021, followed by NBFCs. Banks are developing various credit arrangements to attract more buyers and borrowers, and they offer loans for buying used cars in the country according to individual needs.
Due to large customer base, better customer service and competitive rates, public and private sector banks are the main dominants over NBFC and OEMs. However, the presence of NBFCs in non-metropolitan and rural areas has helped to increase the market share of NBFCs in recent years.
The increase in the disposable income of individuals 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 servicing a car in India. As a result, used car buyers can get a well-maintained, relatively new car with benefits like same-day delivery, car financing for up to 8 years, and a 100% paperless and digital full loan. and RC Transfer support.
As a result, the current generation’s preference for used car loans is increasing day by day. Car ownership has dropped significantly over the years, from 5-6 years for mainstream cars to less than 3 years for high-end cars, compared to 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 technology.
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
- Base year: FY2021
- Estimated year: FY2022E
- Forecast period: FY2023F-FY2027F
Key target audience:
- Financiers and end users
- Market research and consulting firms
- Government bodies such as regulators and policy makers.
- Organizations, forums and alliances related to used car lending.
The study is helpful in providing answers to several critical questions that are important for industry stakeholders such as financiers, end users, etc., besides enabling them to form investment strategies and to capitalize on market opportunities.
In this report, the Indian used car loan market has been segmented into the following categories, in addition to industry trends which have also been detailed below:
- Used car loan market in India, by vehicle type:
- Used car loan market in India, by financier:
- Non-Banking Financial Corporations (NBFCs)
Indian used car loan market, as a percentage of sanctioned amount:
- Up to 25%
- Above 75%
India used car loan market, by duration:
- Under 3 years old
- 3-5 years
- More than 5 years
Used car loan market in India, by region:
- 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/lff9qy