CARS24 through its financial arm, CARS24 Financial Services Pvt Ltd (CFSPL) has disbursed loans totaling over INR 85 crores in Ahmedabad to car buyers in the region. CFSPL in a media interaction here today informed that it has recorded 80% year-on-year growth in loan disbursements.
‘Nationwide, during the AMJ quarter (Q2), 48.5% of car buyers were salaried professionals, indicating a significant trend towards car financing. However, in Ahmedabad, 52% of those opting for loans are salaried employees, with the average age of individuals seeking car financing being 35 years. This reflects an increasing inclination towards personal vehicle ownership among young working professionals, Gajendra Jangid, Co-Founder at Cars24 informed.
He said – “In Ahmedabad the demand for the popularity of models such as MARUTI SUZUKI-BALENO, HYUNDAI-GRAND I10, HYUNDAI-I10 and RENAULT KWID is observed. Maruti’s hatchback models like the Swift, Baleno, and Alto are popular.
‘Although hatchbacks remain the top choice for the majority of consumers, commanding 60% of the market, there’s a noticeable shift towards SUVs. Presently, while sedans hold 21% of the market share, SUVs are not far behind at 19%, indicating a growing appetite for more robust and spacious vehicles.’
‘68% of car buyers prefer getting their cars financed. In Ahmedabad, the average EMI is INR 11,000 over 62 months, with an interest rate of 15%. This trend is also notable among women, who now account for 20% of car loan recipients nationwide. Women are securing 10% higher loan amounts than men, reflecting their growing economic empowerment and confidence in financial management.Women are also getting their loans approved faster and consistently paying their EMIs on time.’