by Suman Gupta
Gurugram, September 18, 2024 – OLX, India’s leading online classifieds platform, is excited to announce the launch of a first of its kind, tailored end-to-end, used-vehicle financing solution for its customers, This new offering with IDFC FIRST Bank, a premier financial institution being the first and exclusive partner on-board. This partnership promises to change the way consumers buy used cars and bikes in India.
This partnership aims to provide OLX customers access to “quick and easy vehicle-financing solutions” directly on the OLX platform. By offering these value-added services, buyers can avail easy financing solutions while buying pre-owned cars and bikes, avoiding the hassle of visiting multiple websites and apps.
As part of this collaboration, IDFC FIRST Bank will offer personalized finance options across Pre-Owned Car and Pre-Owned Two Wheelers on OLX platform across the country, enabling its customers with all necessary means in facilitating quick turn-around from discovery to ownership.
Commenting on this partnership, Mr Amit Kumar, MD & CEO of OLX India, stated, “We are excited to join forces with IDFC First Bank to transform the vehicle buying experience on our platform. The Indian pre-owned car financing market is projected to experience phenomenal growth, with a Compound Annual Growth Rate (CAGR) of 25%, translating to a market size of Rs. 1600 billion by FY 28 from the current Rs. 485 billion. This significant growth is attributed to a rise in finance penetration and increasing vehicle prices. This collaboration aligns with our commitment to providing comprehensive solutions that empower our users and make their transactions seamless.”
Sharing his thoughts on the alliance, Mr. Rishi Kant Misra, Business Head – Vehicle Loans, Consumer Durable Loans and Education Loans, IDFC First Bank said, “At IDFC FIRST Bank, we are committed to making financial solutions accessible and convenient for our customers. The partnership with OLX aligns well with this vision and our scorecard-based digitized loan onboarding journey for pre-owned cars and bikes will offer a seamless experience to the customers.”
