Business

CARS24 forays into loan-against-car segment

CARS24, an auto-tech company, has forayed into loan-against-car segment whereby car owners can avail loan against their cars.

While traditionally people get financing option while buying a new or pre-owned car, CARS24’s loan product will allow them to get a loan on their pre-owned car.

Vandita Kaul, vice-president, CARS24 said, “We have witnessed a lot of cases where people have showed interest in selling their cars to fulfil their financial needs. Knowing that owning a car is becoming a necessity these days, we came up with an initiative so that our customers can secure funds and retain their assets at the same time.”

“The response, so far, has been overwhelming and we intend to extend our services across metros in next six months. Till now, we have disbursed loans worth ₹35 lakh to our customers within this vertical and hope to strengthen this portfolio exponentially from here.”

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Printable version | Oct 20, 2020 8:22:17 AM | https://www.thehindu.com/business/cars24-forays-into-loan-against-car-segment/article32153972.ece

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