RenewBury announces foray into auto loan segment with RB Wheelz
RB Wheelz will serve as the dedicated brand for RenewBuy's auto loan offerings, the company said in a release here.
The company has upgraded its cutting-edge digital insurance platform- creating an integrated unified ecosystem, where consumers can access both new vehicle financing, balance transfer, top-up loans and insurance solutions seamlessly under one roof.
With mandatory scrapping of diesel cars over 10 years and petrol cars over 15 years, and with growing consumer preferences towards vehicle ownership, the auto loan market is growing at a compound annual growth rate (CAGR) of 15-16 percent.
With RB Wheelz, RenewBuy aims to tap into this growing market by simplifying and streamlining the entire vehicle ownership process, from financing to insurance, offering customers a faster, more efficient, and digitally driven experience.
Disbursed close to INR 100 crores in auto loans in the last quarter of FY 25, the company plans to onboard around 10k consumers and significantly scale up the loan disbursement to INR 1500 crores in FY 26.
The loan offerings are being catered to four-wheelers and fleet vehicles in the first phase.
Speaking on the occasion, Indraneel Chatterjee, Co-Founder, RenewBuy said, 'We are leveraging our tech platform and 1.5 lakh-strong advisor network to bring loan services to consumers in both metros and smaller cities. We are seeing a clear shift in aspirations for vehicle ownership, especially beyond the metros, along with a rising preference for auto loans.
In Tier II and III cities alone, over 75 percent of consumers are opting for vehicle financing; this is a high-potential segment which we want to cater to, by making auto loans more accessible, seamless, and digitally driven.'
Backed by partnerships with 18 leading banks and NBFCs, the platform is enabling RenewBuy's partners and network players to provide competitive loan offers.
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