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India’s largest marketplace for pre-owned automobiles, partners with HDB Financial Services, a sister-firm of HDFC Bank, to facilitate dedicated loans for pre owned two-wheelers. This tie-up comes as an extension to CredR’s move of launching easy finance solutions for used two-wheelers in the previous quarter, which is a never-before-seen facility especially for the unorganized, used two-wheeler market.
Some of the benefits that the loan facility brings to a purchase at CredR include online loan application, end-to-end loan disbursal and easy and quick loan approval. Applicants can now avail a great quality used two-wheeler with a host of benefits such as comprehensive insurance, warranty and roadside assistance by paying up in easy installments.
Talking about this facility, CredR Co-founder Nikhil Jain said, “In its endeavour, to organize this space, CredR has launched India’s first easy loan facility for pre-owned two-wheeler purchase. Through this tie-up we wish to help every household in owning the luxury of a private mode of transportation. By facilitating easy loans on low interest rates, we want more and more people to fulfill their two-wheeler needs and simplify their transportation woes. CredR has launched this feature across all its 8 locations and in just over three months has facilitated over 175 loan requirements through various aggregators.”
The loan facility will be available at CredR in three easy steps:
- Reserve a bike and opt for the loan feature
- Share the relevant details with the financial institution and check your eligibility
- Fulfill the necessary documentation formalities and seek loan disbursal
With exclusive facilities and unmatched benefits offered on pre-owned bikes, CredR aims at making the buying experience akin to making a firsthand purchase.
Elucidating about this initiative, CredR Head of New Initiatives Asif Ali Khan said, “With increased incomes and changing consumer lifestyles, people are looking forward to owning two-wheelers for convenience. Customers are looking for smart and easy options to own two-wheelers. With this offering, our idea is to cater to young audiences who have prolonged their buying decision due to financial constraints. With this loan facility, we are connecting customers to lending partners for a smoother buying experience.”
Currently in the Indian market, no Financial Institutions/ NBFCs cater to the pre-owned automobile segment. Customers, in a usual scenario, end up resorting to transactions that are facilitated by private financiers which come with very high interest rates. For the first time, consumers will be able to avail loans on pre-owned automobiles through CredR’s loan facility.
CredR was co-founded in 2015 by Nikhil Jain, Nittin Mittal and Sumit Chhazed, Graduates from IIT Bombay. CredR is an online marketplace for buying and selling of pre-owned two-wheelers with easy clicks. It has been launched with a vision of providing the ‘Ultimate User Experience’. It connects buyers and sellers to ensure genuine, transparent and convenient transactions. CredR's offerings are designed keeping in mind the existing needs as well as the growing needs of the customers. The innovative strategy providing by the company as a service is rapid, convenient and importantly reliable. CredR is currently operational in Mumbai, Pune, Delhi, Hyderabad and Bangalore; and will soon expand its operations to more cities by end of 2016.
CredR recently received a funding of $15Million in Series A from Fidelity’s Proprietary Investment Arm. The funding is directed towards accelerating growth and to expand company’s geographic and product presence. The trio has also been featured in the prestigious Forbes 30 Millennials under 30 Asia.