India Used Car Loan Market, Competition Forecast and Opportunity, FY2027

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DUBLIN, 25 June 2021– (BUSINESS WIRING) – “Indian used car loan market, by vehicle type (hatchbacks, SUVs and sedans), by financiers (banks, NBFCs (non-bank finance companies) and OEMs), by percentage of authorized amount, by tenure, by region, competition projections and Opportunities, Fiscal Year 2027 “ report added to ResearchAndMarkets.com’s sentence.

The Indian used car loan market is projected to grow at an average annual rate of over 11% in value terms and will reach approximately US $ 16 billion by FY2027.

The expected market growth can be attributed to higher disposable income and an increase in the number of used car owners. Moreover, factors such as rising prices for new cars, government regulations, etc. are stimulating the used car loan market in India. The companies provide used car loans for a wide range of vehicles including hatchbacks, SUVs and premium sedans. They provide loans of up to 95% of the value of used cars, flexible EMI repayment options, fast loan repayments, flexible ownership and minimal paperwork that drives the used car loan market.

The Indian used car loan market can be segmented according to vehicle type, funding source, percentage of sanctions, length of ownership, region and company. In terms of vehicle type, the used car loan market in India can be divided into hatchbacks, SUVs and sedans.

Among them, the hatchback dominates the Indian used car loan market and will continue to dominate the market in the forecast period. This is due to its advantages such as ride comfort, safety and lower noise and vibration levels compared to other peers in the same segment.

From the point of view of financiers, the used car loan market in India is subdivided into banks, NBFC and (OEM). Among these, banks accounted for most of the market share in FY2021, followed by NBFCs. Banks are developing various lending provisions to attract more buyers and borrowers, and offer loans for the purchase of used cars in the country tailored to individual needs.

With a large client base, better customer service and competitive pricing, public and private sector banks are the main dominant companies over NBFC and OEMs. However, NBFC’s presence in non-urban and rural areas has contributed to an increase in NBFC’s market share in recent years.

The growing disposable income of people 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 car maintenance in India. As a result, used car buyers can get a well-maintained and relatively new vehicle with benefits such as same day delivery, financing for vehicles up to 8 years old, and 100 percent paperless and digital loan and RC Transfer support.

As a result, the current generation prefers to take used cars every day. In recent years, the number of car owners has dropped significantly: from 5-6 years for mass-market cars to less than 3 years for premium cars from 5-6 years ago. This has improved the quality of the cars available in the used car segment as these cars are well maintained and equipped with advanced technology.

Some of the leading players in the used car loan market in India are HDFC Bank Ltd., State Bank of India, ICICI Bank Ltd., Shriram Transport Finance Co. Ltd., Mahindra & Mahindra Financial Services Limited and others.

Years covered for this report:

Key target audience:

  • Financiers and end users

  • Marketing and consulting firms

  • Government bodies such as regulators and politicians.

  • Organizations, forums and unions related to used car lending.

The study is useful for providing answers to several critical questions that are important to industry stakeholders such as financiers, end users, etc., in addition to enabling them to formulate investment strategies and seize market opportunities.

Scope of the report:

In this report, the used car loan market in India has been divided into the following categories in addition to industry trends, which are also detailed below:

  • Used car loan market in India, by car type:

  • Hatchback

  • SUVs

  • Sedans

  • Indian used car loan market, financier:

  • banks

  • Non-bank financial companies (NBFC)

  • OEM

Used car loan market in India, as a percentage of the amount of sanctions:

  • Up to 25%

  • 25-50%

  • 51-75%

  • More than 75%

Used Car Loan Market in India, by Ownership:

  • Less than 3 years

  • 3-5 years

  • More than 5 years

Used car loan market in India, by region:

Competitive environment

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

  • HDFC Bank Limited

  • State 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

See the original version at businesswire.com: https://www.businesswire.com/news/home/20210625005330/en/

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