CARS24 Broadens Services With LOANS24, Focusing On Vehicle Financing

Autotech platform CARS24 has taken a significant step in expanding its financial services by launching LOANS24, under its financial arm CARS24 Financial Services Private Limited (CFSPL). This new offering aims to provide instant, flexible, and transparent credit options to a wide range of consumers, including car buyers, car owners, and individuals seeking financing solutions.

LOANS24: A One-Stop Financing Solution

LOANS24 is designed to simplify the often complex and time-consuming loan process, making it easier for consumers to secure financing for a new car or used car, refinancing one, loans against cars, or taking a top up loan. With LOANS24, the company aims to eliminate the hassle of traditional lending, offering quick, and fully digital loan approvals.

Ruchit Agarwal, co-founder and CFO of CARS24, said, "Getting a car should feel exciting, not exhausting. But for too long, car loans have been a slow, complicated process, designed to test patience. If personal loans can be instant, why should car loans still feel like a maze of paperwork and waiting? That's what we're fixing with LOANS24."
He continued, "No hoops to jump through, no hidden surprises, just a loan that works for you, not against you. Because whether you already own a car or dream of one, access to credit should never be the thing that holds you back."

Key Loan Offerings From LOANS24

1. Used Car Loan

• Lowest interest rates starting at 10.99 per cent per annum
• Flexible repayment tenure up to 72 months
• Zero down payment options available
• Instant loan offers in minutes

Eligibility:

• Age: 18 to 63 years (max. 65 years at loan completion)
• Minimum income: Rs 15,000 per month (applicable for salaried, self-employed, and pensioners)
• Credit score: 650 and above

2. Credit Cards

• Exclusive offers and discounts on partner platforms like Swiggy, Ola, Myntra, and more
• Credit limits up to Rs 10 lakh
• Lifetime free credit card options
• 100 per cent digital process
• Complimentary lounge access at domestic and international airports
• Reward points on UPI transactions, bill payments, and recharges
• Top travel and entertainment credit card options available

Eligibility:

• Age: 18 to 60 years
• Regular income required
• Minimum credit score: 700 and above

3. Personal Loan

• Instant disbursal in five minutes
• Loan amounts up to Rs 10 lakh
• 100 per cent paperless transactions
• Interest rates starting at just 1 per cent per month

Eligibility:

• Age: 18 to 65 years at loan completion
• Minimum household income - Rs 3 lakh per year
• Indian citizenship required

4. Loan Against Car

• Interest rates starting at 11.49 per cent per annum
• Loan tenure up to 72 months
• Quick loan approval

Eligibility:

• Age: 18 to 63 years (max. 65 years at loan completion)
• Minimum income: Rs 15,000 per month (for salaried, self-employed, and pensioners)
• Credit score: 650 and above

5. Top-Up Loan

• Interest rates starting at 11.49 per cent per annum
• Flexible repayment tenure of up to 72 months
• Instant loan offers within minutes
• Seamless balance transfer from any bank for added convenience

Eligibility:

• Age: 18 to 63 years (max. 65 years at loan completion)
• Minimum income: Rs 15,000 per month (for salaried, self-employed, and pensioners)
• Credit score: 650 and above
• Existing auto loan should be at least 12 months old with all EMIs paid on time

6. Inventory Finance

• Low-interest rates starting at 14 per cent per annum
• Flexible credit limits tailored to business needs
• Fully digital application process for quick approvals
• Minimal paperwork and no hidden fees

Eligibility:

• Age: 22 to 62 years
• Credit score: 700 or above
• Indian citizenship required
• Minimum 12 months of business operations
• An average banking credit of Rs 2,50,000 in the last six months