India Used Car Loan Market Is Forecast To Grow At A CAGR Of Over 11% In Value Terms And To Reach Around USD16 Billion By FY2027 | TechSci Research
India used car loan market is forecast to grow at a CAGR of over 11% in value terms and to reach around USD16 billion by FY2027F. Anticipated growth in the market can be attributed to growing disposable income and increasing ownership of used cars. Moreover, factors such as increased price of new cars, government regulations, etc. are driving the India used car loan market. Companies provide used car loans for a wide range of vehicles, including hatchbacks, SUVs, and premium sedans. They are extending loans up to 95% of the used car value, flexible EMI repayment options, quick loan disbursement, flexible tenure, and minimal paperwork, which is driving the used car loan market. The India used car loan market can be segmented based on vehicle type, financier, percentage of amount sanctioned, tenure, region and company. In terms of vehicle type, the India used car loan market can be segmented into Hatchbacks, SUVs, and Sedans. Among which, the hatchback vehicle type has dominated t...