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Business EconomyPosted at: May 24 2024 7:23PM


Sixtynine percent car buyers in Hyderabad prefer getting their cars financed: CARS24 Co-Founder

Hyderabad, May 24 (UNI) In Hyderabad, 69 percent of people opt to get their cars financed, reflecting the city's growing aspirations for personal vehicle ownership, said Gajendra Jangid, Co-Founder at CARS24, India’s leading Auto Tech company, here on Friday.
However, nationwide, 63 percent of people opt for financing, Gajendra said in a press conference here.
CARS24’s financial arm CARS24 Financial Services Pvt Ltd (CFSPL), has disbursed loans surpassing Rs 497 crore since inception, demonstrating a strong commitment to the financial empowerment of the city's car buyers, he said.
The company has also recorded an impressive 30 percent year-on-year increase in loan disbursements, reflecting the growing trust and reliance of Hyderabad's residents on CARS24 for their car-related needs, he informed.
This achievement highlights Hyderabad's importance as a key market for CARS24 and its ongoing dedication to fostering economic growth in the region, he said.
CARS24's financing options are designed with the consumer's budget in mind, featuring an average EMI of Rs 11,500 for 63 months, with an average interest rate of 15 percent, he said.
Used car sales are growing very fast in Tier –-II cities, he said that some of the customers are upgrading their vehicles by switching over to SVUs.
Used car sales grew by 15 percent every year and are expected to touch 100 billion US dollars by 2034 against the current market size of 25 billion US dollars, he said in the Telangana region, the growth in this segment was 30 percent against 50 percent overall market growth.
The Highest used car sales in NCR followed by Bengaluru and Hyderabad, he informed.
In Hyderabad, the demand for reliable and practical vehicles is reflected in the popularity of models such as the Hyundai Elite i20, the Hyundai Grand i10, and Maruti Suzuki Baleno. These cars are favoured by residents for their blend of affordability, fuel efficiency, and advanced features.
With versatile repayment options, CARS24 empowers buyers to tailor their financing according to their financial circumstances. Most loans are processed within a couple of hours, simplifying the car-buying process significantly. Nationwide, CARS24 receives around 620 loan applications daily.
Offering flexible repayment options and ensuring most loans are processed within a few hours, CARS24 significantly simplifies the car-buying process, he said.
With a presence in over 180 cities across India, CARS24 is at the forefront of transforming car ownership in India, he said.
Leveraging a Smart AI Pricing Engine, and 140 quality checks, selling and buying pre-owned vehicles is seamless and transparent, he added.
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