OLX, a popular online marketplace, has joined forces with IDFC FIRST Bank to provide financing options for used vehicles. This collaboration aims to simplify the vehicle buying process by providing easy access to financing directly on the OLX platform.
Key benefits of the partnership:
- Streamlined financing: Customers can apply for and secure financing directly through the OLX platform.
- IDFC FIRST Bank will provide customized financing plans for used vehicles across India.
- Enhanced user experience: The partnership aims to transform the way used vehicles are bought and financed in India.
The pre-owned car financing market in India is expected to grow significantly, with a CAGR of 25% reaching INR 1,600 billion by FY28. This collaboration aligns with OLX’s strategy to provide comprehensive solutions to its users.
Amit Kumar, the head of OLX India, expressed excitement about the partnership and its potential to revolutionize the way people buy cars and bikes.
Rishi Kant Misra, Business Head at IDFC FIRST Bank, emphasized the bank’s commitment to making financial solutions accessible and convenient for customers.
