{"id":4879,"date":"2023-08-28T14:22:01","date_gmt":"2023-08-28T14:22:01","guid":{"rendered":"\/blog\/?p=4879"},"modified":"2024-04-05T19:57:03","modified_gmt":"2024-04-05T14:27:03","slug":"have-women-become-more-open-to-car-loans","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-vehicle\/have-women-become-more-open-to-car-loans\/","title":{"rendered":"Have Women Become More Open to Car Loans?"},"content":{"rendered":"\n

Growing up, Vikram saw his father make all the major buying\ndecisions for their family. Be it their home, car or an appliance, his father\nwould take a call. So, when Vikram was making decisions in his family, he thought\nhis wife, Aarthi, would not pitch in either. But, Aarthi was particular about the\nthings they bought for the family. So, when they were discussing buying a car, she\nsuggested that they buy two. After all, they were both earning an income. Gender\nroles are changing today, and women are becoming more open to car loans. Why is\nthis?<\/p>\n\n\n\n

Know More About Used Car Loan<\/a><\/div>\n\n\n\n

Here are five reasons why that is so.<\/p>\n\n\n\n

1. Access to education:<\/strong><\/p>\n\n\n\n

With changing times, women are taking large strides in\nthe education sector. They have more access to better education, which has made\nmore of them open to making financial decisions that men handled earlier. It is\ntrue that only 4% Indian women have access to higher education even now, but that number is rising.\nAt least 45% of undergraduate students in India now are women. A better\nunderstanding of the markets and how they work, have made women more open to\nconsidering car loans to fund their vehicles.<\/p>\n\n\n\n

2. Increasing career opportunities:<\/strong><\/p>\n\n\n\n

More women have started to join the workforce now, and\nare empowered to make career decisions. Gone are the days when you could\ndismiss a woman\u2019s decision in the workplace or at home. They are equally\nqualified and are central to key decisions in the family. Access to better career\nopportunities has given women more buying power. The ability to earn higher\nincomes and spend more, has also led them to be more involved in making key\nbuying decisions. <\/p>\n\n\n\n

3. More women drivers:<\/strong><\/p>\n\n\n\n

There has been a marked increase in the number of\nwomen drivers in India. A Nielsen study says that the percentage of cars\nregistered by women in Patna doubled between 2008 and 2011. That was Patna\nalone. Now imagine the rise in the whole country. It is no wonder then, that\nthey have become more open to auto loans as well. <\/p>\n\n\n\n

4. Low interest rates on car loans:<\/strong><\/p>\n\n\n\n

Lenders have noticed the increase in the number of\nwomen interested in car loans today, and many financial institutions offer them\nlow interest rates. The offering is quite attractive, and encourages women to consider\nbuying cars with the help of car loans. The rise in online loan services has\nalso spread awareness about such schemes. Many banks and NBFCs also offering women-special\nloans, leading more women to be open to these schemes.<\/p>\n\n\n\n

5. Easier access:<\/strong><\/p>\n\n\n\n

Car manufacturers are designing cars with features\nthat appeal greatly to women buyers, such as automatic transmission, rear-parking\ncameras, and navigation options. They are also marketing cars to women, now\nthat they have buying power. Industry executives say that the percentage of woman\nbuyers nearly doubled to 10\u201312% from about 6% between 2012 and 2016. To cash in\non this, lenders are making loans easily accessible for women. Institutions are\neven willing to lend money to homemakers. So, with increased financial\nindependence, there is an increase in the number of woman car owners. <\/p>\n\n\n\n

In a nutshell<\/strong> <\/p>\n\n\n\n

There has been an increase in the number of women taking car loans in the last five years. The share has risen to 76% from 69%, and industry insiders say that women now comprise 10\u201312% sales in the 26-lakh passenger-vehicle market in India. So, have women become more open to car loans? Going by the statistics, the answer is \u2018yes\u2019. <\/p>\n\n\n\n

Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

rowing up, Vikram saw his father make all the major buying decisions for their family.<\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":4887,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[27],"tags":[],"class_list":["post-4879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-vehicle"],"yoast_head":"\nHave Women Become More Open to Car Loans? - TATA Capital Blog<\/title>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Have Women Become More Open to Car Loans? - TATA Capital Blog\" \/>\n<meta property=\"og:description\" content=\"rowing up, Vikram saw his father make all the major buying decisions for their family. 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