The collaboration aims to provide OLX customers with accessible vehicle financing directly on the platform. Buyers can now easily secure financing for pre-owned cars and bikes, streamlining the entire transaction process.
Easy access to pre-owned cars and two-wheelers
IDFC FIRST Bank will offer personalised finance options for pre-owned cars and two-wheelers nationwide across the OLX platform. This partnership is expected to facilitate a swift transition from vehicle discovery to ownership.
OLX and IDFC FIRST Bank are working together to transform the way used vehicles are bought and financed in India. This collaboration is part of OLX's broader strategy to enhance the user experience by integrating comprehensive solutions directly into its platform.
Amit Kumar, MD & CEO of OLX India, expressed excitement about the partnership, stating, "We are excited to join forces with IDFC FIRST Bank to transform the vehicle buying experience on our platform. The Indian pre-owned car financing market is projected to experience phenomenal growth, with a Compound Annual Growth Rate (CAGR) of 25%, expanding to a market size of INR 1,600 billion by FY28 from the current INR 485 billion. This significant growth is attributed to rising finance penetration and increasing vehicle prices. This collaboration aligns with our commitment to providing comprehensive solutions that empower our users and make their transactions seamless."
Rishi Kant Misra, Business Head - Vehicle Loans, Consumer Durable Loans, and Education Loans at IDFC FIRST Bank, highlighted the bank’s mission, saying, "At IDFC FIRST Bank, we are committed to making financial solutions accessible and convenient for our customers. The partnership with OLX aligns with this vision, and our scorecard-based digitised loan onboarding journey for pre-owned cars and bikes will offer customers a seamless experience."
Pre-owned vehicle market
The partnership comes at a time when the pre-owned vehicle market in India is poised for significant growth, driven by higher finance penetration and rising vehicle prices. By offering personalised and convenient financing options, OLX and IDFC FIRST Bank aim to capture a significant share of this expanding market.
Users can expect a streamlined process from initial search to final ownership, with various financing needs supported seamlessly through the OLX platform.
This initiative underscores OLX's commitment to innovation and customer-centric solutions, reflecting its dedication to simplifying transactions for its growing user base. The partnership with IDFC FIRST Bank is a key step in this direction, promising to make the purchase of pre-owned vehicles more accessible and hassle-free.
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