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JammuCGCL disburses over 10,000 crores worth new car loans to 94,000 customers...

CGCL disburses over 10,000 crores worth new car loans to 94,000 customers in FY 2024

Date:

Tawi: Capri Global Capital Ltd, a leading non-banking financial company, achieved a remarkable 75% year-on-year (y-o-y) growth in new car loans and disbursed over Rs. 10,000 croreto around 94,000 customers.This represents approximately 2.5% of 's total passenger vehicle market.

Last year Capri Loans focused on expanding its footprint across the length of the country and established presence at 750 locations in 28 states predominantly in the Tier III cities and Tier IV towns. The lender also increased qualified and experienced work force. In addition to operations ramp up, the NBFC also added a number of banking partners and distributors to support the increasing demand.

This has allowed the company to gain market share from urban and semi urban areas where demand for new cars was at a record new high in FY24. Going forward, the Capri Loans aim to continue the growth of the vehicle finance by 25%. In order to do so, the company plans a multi-pronged strategy including strengthening its presence across southern states.

Rajesh Sharma, Managing Director, expanded on this vision and said, “India's new car market is experiencing an unprecedented boom, fuelled by surging demand. Notably, there's a discernible preference for larger vehicles such as SUVs and models, alongside a growing interest in efficient electric variants, particularly in urban areas. The ownership of a car symbolizes independence, status, and personal fulfilment. At Capri Loans, we're dedicated to turn car buyers' dreams into reality by providing accessible financing options. We've already disbursed over Rs.10,000 crores for around 94,000 cars personal cars through our customer-centric approach, repayment plans tailored to individual financial circumstances, and ensuring convenience and ease throughout the process.

Utilizing innovative technology, we're committed to comprehend the diverse market dynamics and deliver customized solutions that cater to each customer's unique needs. Our goal is to build long-term relationships founded on trust and reliability. Equipped with cutting-edge technology, Capri Loans is set to revolutionize the vehicle financing landscape and elevate the customer experience. At Capri Loans, we're not just financing cars; we're empowering dreams and reshaping the future of vehicle financing.”

As per industry reports, passenger vehicle segment is at an all-time high. It clocked an 8.4% growth rate in FY24. Car manufacturers are expanding capacities to meet the demand raising especially from the rural markets. Customers are not only buying new cars, but they are also opting for bigger cars like SUVs and Sports models which saw a sharp increase of 28% last year.

 

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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