Indian auto portal CarDekho.com said it has partnered with Hero FinCorp to provide financing options to its used car buyers. Hero FinCorp, an NBFC, will utilise LoanBox, CarDekho's proprietary loan management platform, to provide seamless loan processing experience to potential borrowers on the CarDekho platform and its dealer network, said Girnar Software in a statement. CarDekho.com is a portal of Girnar Software founded in March 2008.
“Both the companies will work closely to deploy technology and big data to bring innovation and convenience in used car financing experience,” it said. Hero FinCorp will use CarDekho Trustmark report to assess the valuation of used cars to allow faster processing of used car loan applications. Unlike new cars where 70 per cent of cars are bought on loans, finance penetration in used cars is low at 12-15 per cent, according to the portal.
“This association will help us achieve our vision of making used car buying as easy as new car buying and help sell used cars on easy EMIs,” said Amit Jain, CEO, GirnarSoft. Abhimanyu Munjal, Joint MD and CEO, Hero FinCorp, said his company sees digital platforms like CarDekho.com playing a key role in the segment.
CarDekho.com is India's leading car search venture that helps users buy cars and bikes that are right for them. Its website and app carry rich automotive content such as expert reviews, detailed specs and prices, comparisons as well as videos and pictures of all car brands and models available in India. The company has tie-ups with many auto manufacturers, more than 4000 car dealers and numerous financial institutions to facilitate the purchase of vehicles.