BackTata Capital, Carwale.com launch online car loan store
The online store will provide consumers an end-to-end car buying experience
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Mumbai: Tata Capital, the financial services arm of Tata Group, has joined hands with Carwale.com to launch a portal cars.tatacapital.com which will enable customers to search for the right car at an appropriate loan.
“This is a first-of-its-kind initiative taken by any firm where customers can not only search for right used or new cars but will also know the exact loan required for buying it on the basis of the EMI and other criteria," Tata Capital Chief Operating Officer-retail business and housing finance Govind Sankaranarayanan told reporters in Mumbai on Thursday.
The online store will provide consumers an end-to-end car buying experience from accessing reviews and ratings, comparing different models and customising their loan with multiple flexi EMI loan options available for repayment, he explained.
“It will also allow the user to search all new and used car options available within their preferred EMI range, a first and unique feature in the industry," he said. Out of the total retail portfolio of Tata Capital, the auto segment contributes nearly one-sixth or around ₹ 3,000 crore.
“Over the last one year, we have seen a significant spurt in the used car market as more and more youth are aspiring to buy such vehicles instead of going in for new cars. It has grown almost five times and its contribution in our portfolio is around ₹ 700 crore. We will continue to focus on the used market, but through this new launch, we will also be able to significantly tap the new car market," Sankaranarayanan added.
Tata Capital Managing Director and CEO Praveen Kadle said, “we recognise that the digital space is the future for doing business and the launch of the online car loan store is one of our first steps in this direction. This platform will help provide a unique, dual benefit to our customers of not only having a wide range of cars to choose from, but also have access to flexible finance options at the click of a button."
The car loan portal offers customised loans with flexi EMI options like step-up, step-down, bullet and balloon payments for the entire range of cars, SUV, MUVs, cross-over vehicles and premium cars, including over 20,000 used cars.
Carwale Co-Founder and CEO Mohit Dubey said, “we have always strived to create products that deliver superior value to the consumer. The Tata Capital online car store, which integrates flexible finance with online car buying, across both new and used cars, is a perfect fit with our philosophy."
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