HYERABAD, MAY 24, 2024: In a significant achievement for the vibrant city of Hyderabad, CARS24, India’s leading AutoTech Company, has celebrated a major milestone through its financial division, CARS24 Financial Services Pvt Ltd (CFSPL). Since its launch in the city, CFSPL has disbursed loans surpassing Rs 497 crore, demonstrating a strong commitment to the financial empowerment of the city’s car buyers.
The company has also recorded an impressive 30% year-on-year increase in loan disbursements, reflecting the growing trust and reliance of Hyderabad’s residents on CARS24 for their car related needs. This achievement highlights Hyderabad’s importance as a key market for CARS24 and its ongoing dedication to fostering economic growth in the region.
Hyderabad’s Evolving Transportation Preferences
The perception of car ownership in Hyderabad has evolved from a luxury to a necessity, driven by the city’s rapid urbanisation, increased disposable incomes, and the demand for safer, more convenient transportation options. A notable trend is the growing preference for car financing among youth and millennials. The average age of individuals opting for car financing is 30-34 years, reflecting a significant shift towards personal vehicle ownership among young professionals and families. This demographic is increasingly seeking independence and efficiency in their daily commutes, viewing cars as essential tools for modern urban living. This demographic, characterised by vibrant and ambitious young consumers, is reshaping the car market. They are tech-savvy, value-driven, and prioritise convenience and efficiency in their daily lives. These individuals seek independence and flexibility, viewing car ownership as essential for their fast-paced urban lifestyle. Their preference for innovative financing options underscores their forward-thinking mindset and desire for smart, practical solutions to enhance their mobility. This shift not only highlights the changing dynamics of car ownership but also the aspirations of a young, dynamic generation striving for greater autonomy and improved quality of life in Hyderabad.
Popular Cars Financed in Hyderabad
In Hyderabad, the demand for reliable and practical vehicles is reflected in the popularity of models such as the Hyundai Elite i20, Hyundai Grand i10, and Maruti Suzuki Baleno. These cars are favoured by residents for their blend of affordability, fuel efficiency, and advanced features. The Hyundai Elite i20 stands out for its sleek design and robust performance, making it a top choice for young professionals. These models collectively highlight the preferences of Hyderabad’s young car buyers, who seek vehicles that offer both practicality, great features and are value for money.
Gajendra Jangid, Co Founder at CARS24, remarked, “The strong preference for car financing in Hyderabad underscores a broader trend towards flexible and accessible car ownership. This shift reflects an evolving consumer behaviour that prioritises convenience and affordability in acquiring personal vehicles. Our focus is on enabling a seamless, reliable, and cost-effective car ownership journey for all customers, supporting this transformation in the automotive landscape.”
69% car buyers in Hyderabad preferred getting their cars financed
CARS24’s financing options are designed with the consumer’s budget in mind, featuring an average EMI of INR 11,500 for 63 months, with an average interest rate of 15%.
In Hyderabad, 69% of people opt to get their cars financed, reflecting the city’s growing aspirations for personal vehicle ownership. Nationwide, 63% of people opt for financing. With versatile repayment options, CARS24 empowers buyers to tailor their financing according to their financial circumstances. Most loans are processed within a couple of hours, simplifying the car-buying process significantly. Nationwide, CARS24 receives around 620 loan applications daily.
By offering flexible repayment options and ensuring most loans are processed within a few hours, CARS24 significantly simplifies the car-buying process. With a presence in over 180 cities across India, CARS24 is at the forefront of transforming car ownership in India. This commitment to innovation and customer-centric solutions underscores CARS24’s pivotal role in shaping the future of personal mobility in India.
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