Cars24, a digital marketplace for buying and selling used vehicles based out of India recently announced that the company has acquired the necessary license to push into the consumer lending market.
With an aim to provide seamless and instant access to credit, the company has also announced the formation of a separate entity, Cars24 Financial Services Pvt. Ltd, under the Cars24 group.
The company will be launching services in Delhi, Mumbai and Bangalore in August 2019 and will scale up to the other cities gradually.
Through this business, Cars24 looks to facilitate vehicle loans to customers as well as finance channel partners to help them expand business. While customers will be eligible for credit based on the car value they are buying, channel partners will be eligible to credit as high as Rs 1 crore, depending upon their requirement.
Vikram Chopra, Co-founder and CEO of Cars24, said,
“We are delighted with this progress and intend to set a benchmark for delightful customer experience on our platform with our new offering. As a brand, we not only promise an ecosystem for buyers and sellers where they can evaluate their vehicles but can also avail loans for a quicker transaction.”
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