Online platform to buy and sell pre-owned vehicles CARS24 on Tuesday said it has launched a scheme offering customers loan against their existing car to aid owners who are facing liquidity crunch but do not wish to sell their vehicles.
Citing an in-house research, CARS24 said the number of customers selling cars due to liquidity crunch has doubled as compared to pre-corona times.
It will now give loans to those customers who do not wish to sell their cars otherwise, the company said in a statement.
"This will help customers to retain the ownership of the asset and at the same time get funds against it for their personal needs," CARS24 said.
Currently, this service is available in Delhi-NCR, but it can be availed by the customers in Bangalore and Hyderabad by next month - August.
The company has aggressive plans to launch this offer in other metros by the end of the ongoing fiscal, it said.
CARS24 Vice President Vandita Kaul said: "We have witnessed a lot of cases where people have showed interest in selling their cars to fulfil their financial needs. Knowing that owning a car is a becoming a necessity these days, we came up with an initiative so that our customers can secure funds and retain their assets at the same time." She further said, the response, so far, has been overwhelming and the company intends to extend our services across metros in next six months.
"Till now, we have disbursed loans worth Rs 35 lakh to our customers within this vertical and hope to strengthen this portfolio exponentially from here," he said.
CARS24 said, as a standard procedure, the financial and loan value of cars will be estimated after undergoing an inspection process.