According to the news report, car sales have got a boom this year. Well according to the statistics, since May 2017, the sell in-car has grown 23% including the 9% growth in their sale in 2019 only that constitutes 39% solely. So we can say that the major boom came a previous year in which 2.5 lakh cars were sold every month. Even domestic companies like Mahindra or Maruti Suzuki have seen tremendous growth by 15% in last year only. The car selling industry itself saw the selling of 1.1 million vehicles in the first four months of 2020 only before lockdown. As of March 31st, 2020 3 million cars were sold setting a record of the decades. What a great way to start a new year and a new decade right? With a flood of youth on Indian roads, the industry will see more and more boom and the roads will be filled with more cars as more and more people will be able to buy cars. So there is no doubt in it that the demand for Car Loans is increasing. These estimates were given hoping that India’s selling of vehicles will increase exponentially to about 50% more sell in vehicles.
There are a lot of factors contributing to the future of car loans. Let’s discuss them:-
Smooth Economy Since the beginning of the decade, Congress government stabilize the GDP and then this duty was given to the Modi Government who remarkably improved that GDP thus making everything stable. Now since the market is stable people are having money, they crave comfort. So they buy four-wheelers and apply for a car loan to complete their demands.
New Models As earlier discussed more and more youth is coming to Indian roads and you cannot satisfy someone new with the good old times. The automobile industry understood this quite quickly and started launching more and more new comfortable, super-looking, fast, eco-friendly models of cars that were very appealing to the youth and compelled them to buy new cars and thus depending upon car loans.
Baking Made Easier With all the moving time and advancement, how could your banking and finance sector stay behind? It is now, in fact, easier to apply for a two-wheeler loan than it was a few years ago.you can get an instant car loan from RBL Car Loan website with some amazing car loan interest rate With a little help from your credit score you can get 90% of your finances you require for a two-wheeler loan and now can get it for the on-road price when earlier it was the ex-showroom price. Interesting isn’t it?
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