RenewBuy forays into auto loan space
The company has officially launched RB Wheelz, a dedicated brand for its auto loan offerings. In the first phase, the company is offering loans to four-wheelers and fleet vehicles. RenewBuy has disbursed nearly Rs 100 crore in auto loans in the last quarter of FY25.
Speaking on the occasion, Indraneel Chatterjee, Co-Founder, RenewBuy, said: 'After having served consumers in the insurance space for nearly a decade, we are now expanding our footprint in the financial services ecosystem.
We are seeing a clear shift in aspirations for vehicle ownership, especially beyond the metros, along with a rising preference for auto loans. In tier-II and III cities alone, over 75 per cent of consumers are opting for vehicle financing. This is a high-potential segment which we want to cater to.'
Chatterjee further informed that with mandatory scrapping of diesel cars that are more than 10 years old and petrol cars over 15 years, there is a growing consumer preference towards vehicle ownership. Hence, the auto loan market is growing at a compound annual growth rate (CAGR) of 15-16 per cent, he added.
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