Thu, Apr 27, 2017 | updated 08:45 AM IST

CarDekho.com launches digital loan platform for used car dealers

Updated: Aug 24, 2016 16:29 IST      
CarDekho.com launches digital loan platform for used car dealers

New Delhi, Aug 24 (ANI): India's leading auto portal CarDekho.com has launched Digital Loan Platform for Used Car Dealers to provide hassle-free loan experience to their customers. A potential car buyer can simply ask their dealer for loan offers on any pre-inspected car and with a few click partner dealers can check their eligibility on the spot with multiple banking partners.

They can also start the loan application process in seconds by uploading their KYC and basic documents on the platform.

Every year more than three million used cars are sold in India. However, finance penetration on these transactions remains low due to limited process innovation in this space. Lenders need to assess quality of the underlying car, along with the creditworthiness of a buyer and manage the title transfer process.

This makes the entire used car loan process cumbersome for both customers and dealers. Naturally, dealers often end up discouraging loans to their customers to encourage faster inventory turnover on their used car stock.

CarDekho.com has partnered with leading banks, including HDFC Bank, Axis, Tata Capital, Mahindra Finance etc, to promote penetration through digital innovation. The company has developed deep tech integrations with these banks to generate instant and customized EMI quotes and enable instant applications.

Through its proprietary tech systems the company plans to cut down loan processing time to 72 hours as compared to average 10-15 days currently. Its CarDekho.com Trustmark certification report ensures assessment of car quality, and thus avoiding post processing delays.

"It is a hassle for a used car buyer to apply for a loan due to the lack of clarity on loan amount, higher rates of interest and delays in processing time. Right now, 70 percent of new car buyers opt for a loan while only under 15 percent of used car buyers end up financing their car. With our new solution, we plan to change this drastically," said CEO-Used Cars CarDekho.com, Rajat Sahni.

According to a customer survey, more than a third of respondents ended up buying a car in a higher segment than the one they began their search after having clarity on loan amount.

"That's why it is important to find loan offers and show EMI tags. We aim to revolutionize the service levels in used car finance and make it as easy as new car finance," added Rajat.

"We are delighted to partner with CarDekho.com to offer the whole gamut of our product offerings. As a market leader in this category along with our wide distribution network in the urban, semi-urban and rural areas, our association with cardekho.com will help customer discover HDFC Bank's latest offers on used car finance and am sure we will be able to fulfill their demand," said Business Manager Auto Loans HDFC Bank, Nitish Nagori.

CarDekho.com has already facilitated annualized loan GMV of USD 20+ million since the launch of the pilot in Delhi NCR. CarDekho.com will extend this service to multiple dealer partners across the country in the coming months.

CarDekho.com currently runs one of India's largest used car classifieds platform helping customers discover a used car of their choice and enabling sellers to reach out to more buyers. It also launched CarDekho Trustmark certification and warranty to ensure buyers can purchase car with complete peace of mind and has inspected over two lakh plus vehicles till now. The launch of digital used car loan platform is another step to create a more robust used car ecosystem in the India. (ANI)

New Delhi [India], Apr 26 (ANI): Emaar India, the iconic brand and leading global property developer, has received the Occupancy Certificate for its LEED-certified Integrated IT Park Complex Digital Greens, located in Sector 61, Gurgaon.

Full Story >>

Yahoo India homepage gets brand new look

Updated: Apr 26, 2017 15:59 IST     

New Delhi [India], Apr 26 (ANI-BusinessWireIndia): We're excited to announce the new Yahoo Homepage, along with updates to Yahoo Finance, Yahoo Cricket and Yahoo Lifestylefor users in India.

Full Story >>

New Delhi [India], Apr 26 (ANI): Expanding its horizons, Capillary Technologies announces the initiation of its first technology team overseas, with Tony Wang as its newly appointed Director of Technology.

Full Story >>

New Delhi [India], Apr 26 (ANI-BusinessWireIndia): CSS Corp, a leading IT Services and Technology Support company, today announced the opening of its new global delivery centre in International Tech Park (ITPB), Bangalore to house the company's expanding Infrastructure Management and Tech Support Business.

Full Story >>

New Delhi [India], Apr 26 (ANI): Tutoring is a highly remunerative vocation in India but not many private and home tutors are aware of the best ways of cashing in on their potential in this highly competitive digital ecosystem.

Full Story >>

New Delhi [India], Apr 26 (ANI): India's leading Bitcoin and Blockchain company Unocoin on Wednesday announced taking a step closer towards a frictionless experience in buying Bitcoin for Indians.

Full Story >>

No plans to impose tax on agriculture income: Jaitley

Updated: Apr 26, 2017 13:52 IST     

New Delhi [India], Apr 26 (ANI): Union Finance Minister Arun Jaitley on Wednesday asserted that that the Centre has no plans to impose any tax on agriculture income, while acknowledging that as per the Constitutional Allocation of Powers, the central government has no jurisdiction to impose tax on agricultural income.

Full Story >>

New Delhi [India], Apr 26 (ANI-NewsVoir): UCWeb, part of Alibaba Mobile Business Group, has outlined detailed guidelines for writers and content creators to join the 'Super 1000' Program launched in March 2017.

Full Story >>

New Delhi [India], Apr 26 (ANI): The Reserve Bank of India (RBI) on Wednesday imposed monetary penalty on the Hongkong and Shanghai Banking Corporation Ltd. and the Kotak Mahindra Bank for violation of instructions on reporting requirements of FEMA 1999.

Full Story >>

New Delhi [India], Apr 26 (ANI-NewsVoir): Delhi has another reason to rejoice as this year, the prestigious Dada Saheb Falke Excellence Award has been bestowed for best Video album of the year to Rajeev Kapur and Sweety Kapur starrer Sath Mere - Love Never ends.

Full Story >>

New Delhi [India], Apr 26 (ANI-NewsVoir): Melsh Tours India, recently conducted two back to back 10 Day cricket tours to India that saw active participation from South African young teams, Cape Invitational XI from Namibia on one tour and CK All Stars XI from South Africa on another.

Full Story >>

New Delhi [India], Apr 26 (ANI): The market on Wednesday witnessed a surge in the Indian rupee in its initial gains and breached the 64 mark against the US dollar.

Full Story >>

New Delhi [India], Apr 26 (ANI): Online recruitment marketplace AasaanJobs has announced phenomenal business growth of over 40 percent in its overall business via its mobile application, which helps thousands of candidates across India to find the right job based on their skills and requirements.

Full Story >>

New Delhi [India], Apr 26 (ANI): Siemens Healthineers has announced successful installation of India's first fully automated Aptio Automation track with multidiscipline modalities at the Aspira Pathlab and Diagnostic Limited, Mumbai.

Full Story >>

New Delhi [India], Apr 26 (ANI-NewsVoir): Shardul Amarchand Mangaldas has great pleasure in announcing the joining of Amit Khansaheb together with a team of 5 other Partners, who were until recently with the firm of BMR Legal.

Full Story >>

New Delhi [India], Apr 25 (ANI): Self-regulatory organization and industry association of the microfinance industry in India Microfinance Institutions Network (MFIN) on Tuesday launched the financial literacy mobile app for microfinance clients.

Full Story >>

e-SOT, e-PRAN cards launched for Atal Pension Yojana users

Updated: Apr 25, 2017 18:16 IST     

New Delhi [India], Apr 25 (ANI): To benefit and digitally empower over 45 lacs Atal Pension Yojana (APY) subscribers, the facility of online viewing of the statement of transaction (e-SOT) and e-PRAN cards were launched on Tuesday.

Full Story >>

New Delhi [India], Apr 25 (ANI-NewsVoir): CFA Society India, one of the 147 CFA Institute member societies, jointly hosted its annual Putting Investors First event 'Rethinking Financial Services for Millennials' in association with the Institute of Chartered Accountants of India (ICAI) and National Securities Depository Limited (NSDL).

Full Story >>

New Delhi [India], Apr 25 (ANI-NewsVoir): India's largest financial marketplace for loans and credit cards Paisabazaar.com on Tuesday announced a first of its kind strategic partnership with YES BANK, India's fifth largest private sector bank.

Full Story >>

New Delhi [India], Apr 25 (ANI-NewsVoir): Delhi NCR residents can look forward to more bespoke travel experiences with Wanderers' Footprints Travel Boutique opening its first office in the Indirapuram area.

Full Story >>