India's small towns turn boomtowns for auto financing
car ownership is fuelling a surge in auto loans in India, extending beyond the metros to smaller cities. Consumers are also opting for longer-tenure loans to afford higher car prices, say executives.
Top carmakers such as Maruti Suzuki, Hyundai, Mahindra, Tata Motors, Honda, and Toyota expect finance penetration to rise to 75-84% in 2024 from 64-75% in the pre-pandemic period, according to data collated by Jato Dynamics.
About 79.1% of car purchases in India are financed through bank loans or non-banking financial companies (NBFCs), underscoring the car's enduring role as a symbol of social progress in the world's most populous nation.
The preference for financing is more pronounced in tier II and III cities, where 75% opt for loans, indicating that the aspirational drive for car ownership is no longer limited to metros, said a senior official at a South India-based NBFC.
Artificial Intelligence(AI)
Java Programming with ChatGPT: Learn using Generative AI
By — Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Basics of Generative AI: Unveiling Tomorrow's Innovations
By — Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Generative AI for Dynamic Java Web Applications with ChatGPT
By — Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Mastering C++ Fundamentals with Generative AI: A Hands-On
By — Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Master in Python Language Quickly Using the ChatGPT Open AI
By —
