{"id":5163,"date":"2023-08-28T14:52:47","date_gmt":"2023-08-28T14:52:47","guid":{"rendered":"\/blog\/?p=5163"},"modified":"2024-12-18T16:14:20","modified_gmt":"2024-12-18T10:44:20","slug":"the-car-loan-industry-in-india-to-grow-in-the-next-three-years","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-vehicle\/the-car-loan-industry-in-india-to-grow-in-the-next-three-years\/","title":{"rendered":"The Car Loan Industry in India to Grow in the Next Three Years"},"content":{"rendered":"\n

Cars have become\na popular choice for the middle class and the rich alike. More people are\nbuying cars for personal and business use today. The popularity of cars has expanded\nthe domestic auto market in India. Asia is now home to the second-largest\ndomestic auto market in the world, says a report. In fact, estimates suggest that by 2020, 50% of the population\nis expected to own a vehicle. <\/p>\n\n\n\n

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

Here are some of\nthe factors affecting the growth in the car loan industry:<\/p>\n\n\n\n

Preferences and Tastes are Changing <\/strong><\/p>\n\n\n\n

Gone are the days when a car lasted a decade or more. Given modern\nlifestyles, people keep changing their preferences; by replacing old cars with\nnewer models for an enhanced driving experience. This has led to an increase in\ncar sales, especially in the metros. This increase has resulted in more borrowers\nseeking car loans. As a result, there has been growth in the loan industry as\nwell.<\/p>\n\n\n\n

Lenders have Slashed their Car Loan Interest Rates<\/strong><\/p>\n\n\n\n

Post demonetisation, banks have seen an increase in their deposits. This\nhas allowed lenders to cut their marginal cost of funds-based lending rate (MCLR).\nCar loans with a floating rate of interest depend on the lender\u2019s MCLR. With a\nreduction in MCLR, car loans issued at floating interest rates have seen a rate\ncut. In fact, car loan interest rates are at an all-time low of 9.2% since\n2011. These reductions could remain for some time. The rate cut makes a car\nloan more attractive to borrowers. They can afford a car on loan following such\nreductions. This can increase car sales. <\/p>\n\n\n\n

Even Used Cars are in High Demand<\/strong><\/p>\n\n\n\n

If buying a new car is unaffordable, people can always try getting a used\none. Used cars are becoming popular, and that has resulted in the used-car\nmarket growing at the rate of 15%, as per a study conducted by\nIndianBlueBook.com. This amounted to a sale of 33 lakh units in 2016\u201317. The\ngrowth may place the Indian car market within the top-five cars markets in the\nworld.<\/p>\n\n\n\n

Now, online websites sell not just used cars, but loans as well can be availed\neasily. This and lower interest rates have favoured the growth of this\nindustry. In fact, lenders such as Tata Capital offer loans of up to 90% of the\ncar\u2019s value. So, the used-car industry is also boosting the car loan industry\nin India.<\/p>\n\n\n\n

Getting a loan has\nbecome easy through the online medium<\/strong><\/p>\n\n\n\n

Earlier, availing a car loan involved lengthy protocols. Today, the online loan marketplace has changed. Lenders are using online media to sell their loans. They offer this on their website or through the websites of online loan aggregators. <\/a>You can search for a pre owned car loan<\/a>, check your eligibility, and calculate the expected EMIs. You can apply for the loan and even avail funds online. This has brought about growth in the car loan industry. <\/p>\n\n\n\n

If you too wish to buy a car sometime in the coming years, this is good news. With the car loan industry set to grow, you can get a car loan at affordable rates.<\/p>\n\n\n\n

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

Cars have become a popular choice for the middle class and the rich alike. More people are buying cars for personal and business use today.<\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":5171,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[27],"tags":[],"class_list":["post-5163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-vehicle"],"yoast_head":"\nThe Car Loan Industry in India to Grow in the Next Three Years - TATA Capital Blog<\/title>\n<meta name=\"description\" content=\"Find how the car loan industry in India is expected to grow over the next three years, driven by lower interest rates, changing preferences & increasing demand for new and used cars.\" \/>\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=\"The Car Loan Industry in India to Grow in the Next Three Years - TATA Capital Blog\" \/>\n<meta property=\"og:description\" content=\"Find how the car loan industry in India is expected to grow over the next three years, driven by lower interest rates, changing preferences & increasing demand for new and used cars.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tatacapital.com\/blog\/loan-for-vehicle\/the-car-loan-industry-in-india-to-grow-in-the-next-three-years\/\" \/>\n<meta property=\"og:site_name\" content=\"TATA Capital Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-28T14:52:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-18T10:44:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2020\/01\/car-loan-industry-in-India-to-grow-in-the-next-3-years.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"348\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tata Capital\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tata Capital\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-vehicle\/the-car-loan-industry-in-india-to-grow-in-the-next-three-years\/\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-vehicle\/the-car-loan-industry-in-india-to-grow-in-the-next-three-years\/\",\"name\":\"The Car Loan Industry in India to Grow in the Next Three Years - 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