India Two Wheeler Loan Market To Be Dominated by New Two Wheeler Loan During the Forecast Period
Rising
sales of two wheelers along with the easy availability of financing options and
rising digitalization in two wheeler loan are the leading factors expected to drive
the two wheeler loan market during the forecast period.
According to TechSci Research
report, “India Two Wheeler Loan Market–By Region,
Competition, Forecast and Opportunities,
2019-2029F.”, The India two wheeler loan market size
is expected to grow at a fast rate during the forecast period. As two-wheeler
loan is a hassle-free way of financing a two wheeler of choice with the
increasing disposable income of the population, which has led to a surge in the
demand for personal vehicles. Two-wheelers are often the first choice for many
people due to their affordability and convenience, and this has led to an
increase in demand for two-wheeler loans. Moreover, banks and other financial
institutions are offering attractive financing options for two-wheelers, making
it easier for people to purchase their desired vehicle. This has also increased
the demand for two-wheeler loans.
In addition, the
government has initiated several schemes and policies to encourage the use of
two-wheelers. For example, the Pradhan Mantri Mudra Yojana offers loans to
small entrepreneurs who want to purchase two-wheelers for business purposes.
These initiatives have boosted the demand for two-wheeler loans. Urbanization is increasing rapidly and with the
growth of cities, the need for personal transportation is also increasing.
Two-wheelers are a convenient mode of transportation in cities, where traffic
congestion is often an issue. This has led to a surge in demand for two-wheeler
loans. The availability of easy financing options and the affordable nature of
two-wheelers have made it possible for people to own their vehicles and improve
their mobility such as the availability of online loan applications and the
ease of buying two-wheelers online has made it convenient for people to
purchase their vehicles and apply for loans without visiting banks and
dealerships physically.
The Indian government
has implemented several policies aimed at promoting the use of two-wheelers,
such as offering subsidies on electric two-wheelers. This is expected to drive
demand for two-wheelers and two-wheeler loans. Moreover, many lenders have tied
up with two-wheeler manufacturers to offer loans at lower interest rates or
other incentives. This has made it easier for customers to buy their preferred
two-wheeler model and avail of attractive loan offers such as Kinetic Green
Energy, a manufacturer of electric vehicles, has partnered with Cholamandalam
Investment and Finance Company to provide financing options to its EV
customers. Both companies have signed an initial agreement to provide finance
to customers looking for electric vehicles. According to the EV startup, by
providing appealing financing options and catering to newer markets with
Chola's pan-India expansion, the alliance anticipates making electric vehicles
more affordable for consumers who are price conscious. Moreover, the
partnership will enable dealers to give EV buyers quick and affordable
financing options.
Moreover, due to net
banking, it is now possible to apply for a loan online with less documentation,
which eliminates the inconvenience of waiting for an approval and promotes the
market development. Moreover, factors driving the expansion of the Indian
two-wheeler loan industry include the presence of major automakers, flexibility
in terms of tenure and payment method, and adjustable interest rates based on
CIBIL score. The latest trends, including digitalization and new business
models, have also made it easier for financial institutions to reach consumers
in rural and semi-urban areas across India and fulfill consumers growing
demand.
Browse over XX market data Figures spread through XX pages
and an in-depth TOC on "India Two Wheeler Loan Market.”
The India Two Wheeler
Loan market is segmented on the basis of type, provider type, percentage of
amount sanctioned, tenure and region.
On the basis of type, the
market is divided into new
two wheeler & used two wheeler. The new two wheeler loan is dominating owing
to the high price of new two wheelers in comparison to used two wheeler loan.
On the basis of provider
type, the market is segmented into banks, NBFCs (non-banking financial
companies), OEM (original equipment manufacturer), and others (fintech
companies), among which NBFCs have dominated the India two wheeler loan market because
of flexible formalities and the availability of larger loans.
Key market players in the India two wheeler loan market include:
·
HDFC Bank Ltd.
·
ICICI Bank Limited
·
Kotak Mahindra Bank Limited
·
Axis Bank Limited
·
Bajaj Finance Limited
·
Tata Capital Limited
·
Hero FinCorp
·
Muthoot Capital Services
Limited
·
Mahindra & Mahindra
Financial Services Limited
·
IDFC FIRST Bank Ltd
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“Throughout the
projected period, the demand for two-wheelers loan is expected to increase due
to the increasing demand for two-wheelers, availability of financing options,
and government initiatives are the major driving factors of the two-wheeler
vehicle loan market. Moreover, availability of online loan applications has
made it convenient for people to purchase their vehicles and apply for loans
without visiting banks and dealerships physically. Overall, the availability of
easy financing options and the affordable nature of two-wheelers have made it
possible for people to own their vehicles and improve their mobility,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“India Two Wheeler Loan Market, By Type (New Two
Wheeler & Used Two Wheeler), By Provider Type (Banks, NBFCs (Non-Banking
Financial Companies), OEM (Original Equipment Manufacturer), Others (Fintech
Companies)), By Percentage of Amount Sanctioned (Less than 50%, More than 50%),
By Tenure (Less than 3 Years, 3 & More than 3 Years), By Region,
Competition, Forecast & Opportunities, 2019-2029F”, has evaluated the future
growth potential of two wheeler loan in the global market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the market of India two wheeler loan.
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