Auto portal CarDekho.com, a portal of Girnar Software founded back in 2008, recently announced its partnership with Hero FinCorp to provide financing options to its used car buyers.
Hero FinCorp, an NBFC, will utilise LoanBox, CarDekho's proprietary loan management platform, to provide seamless loan processing experience to potential borrowers on the CarDekho platform and its dealer network, said Girnar Software in a statement.
"Both the companies will work closely to deploy technology and big data to bring innovation and convenience in used car financing experience," it said.
Hero FinCorp will use CarDekho Trustmark report to assess the valuation of used cars to allow faster processing of used car loan applications.
Unlike new cars where 70 percent of cars are bought on loans, finance penetration in used cars is low at 12-15 percent, according to the portal.
"This association will help us achieve our vision of making used car buying as easy as new car buying and help sell used cars on easy EMIs," said Amit Jain, CEO, GirnarSoft.
Abhimanyu Munjal, Joint MD and CEO, Hero FinCorp, said his company sees digital platforms like CarDekho.com playing a key role in the segment.
Edited by G. Davila