What began as a means to help customers finance their car purchases has now evolved into a comprehensive lending platform. CARS24 Financial Services Private Limited (CFSPL), the financial arm of India’s leading Autotech company, has launched LOANS24, a digital-first, hassle-free credit platform designed for everyone—car buyers, car owners, and beyond.
Since 2019, CFSPL has become a trusted name in auto financing, enabling over ?4,000 crore in car loans for customers purchasing through CARS24. However, financing needs extend beyond just car purchases. Customers now require instant, flexible, and transparent credit options—whether for buying a car, refinancing an existing one, or securing additional funds. LOANS24 addresses these needs.
“Getting a car should feel exciting, not exhausting. But for too long, car loans have felt like a necessarily difficult process—slow, complicated, and designed to test patience. If personal loans can be instant, why should car loans still feel like a maze of paperwork and waiting? That’s what we’re fixing with LOANS24. No hoops to jump through, no hidden surprises, just a loan that works for you, not against you. Because whether you already own a car or dream of one, access to credit should never be the thing that holds you back,” said Ruchit Agarwal, Co-Founder & CFO, CARS24.
A Smarter, Simpler Way to Access Credit
Traditional financing can be slow, confusing, and full of roadblocks. LOANS24 changes that by putting customers first with the following benefits:
- Instant Approvals: Fully digital and valuation-free for quick, hassle-free approvals.
- Flexibility: Finance up to 100% of the on-road price for purchases or 200% for top-ups, with terms of up to six years.
- Affordability: Used car loans starting at 10.99% interest, ensuring transparency and fairness.
Since its inception, CFSPL has helped over 80,000 customers buy their dream cars and facilitated over ?15,000 crore in working capital loans to dealers, fueling industry growth. However, the company’s vision has expanded beyond just car purchases. Now, CFSPL also offers loans against cars and top-ups, ensuring financing is available to everyone—not just CARS24 customers. Whether one needs to unlock cash from an existing car or secure additional funds, the fully digital process ensures quick, seamless access to credit.
Expanding Reach Across India
CFSPL’s reach continues to grow, with Maharashtra, Karnataka, Gujarat, Telangana, and Uttar Pradesh leading loan disbursements. While urban centres drive the majority of demand, smaller cities are quickly emerging as key players. More customers from these cities are now financing their cars with LOANS24, reflecting a shift in the financial landscape. Whether it’s a salaried professional in Mumbai, a self-employed entrepreneur in Ahmedabad, or a first-time car buyer in Lucknow, the demand for accessible credit is rapidly expanding beyond metros.
The trend is also evident in Tier-1 and Tier-2 cities. While Tier-1 cities still account for 72% of total loan volumes, Tier-2 cities have steadily increased their share to 26%, reflecting a surge in demand outside traditional hubs. Even Tier-3 cities, though smaller in volume, are gradually adopting digital-first financing solutions. This shift demonstrates how technology is breaking down geographic barriers and making financing accessible to all, regardless of location.
In addition to the geographic spread, the increasing participation of women in borrowing is a transformative trend. Women now account for 20% of all CFSPL loans, up from 11% in 2021, marking a steady rise in financial independence. As more women take charge of their financial decisions, CFSPL is ensuring they have easy access to fair and transparent credit, breaking traditional barriers in auto financing.
“By solving for both accessibility and affordability, LOANS24 aims to ensure that anyone, regardless of geography, background, or financial profile—can secure the credit they need with ease. Our goal is to make borrowing seamless, fair, and truly inclusive for all,” said Agarwal.
A Vision Beyond Car Loans
Beyond car loans, LOANS24 will also help customers track and improve their credit scores while offering personal loans for broader financial needs. Now, these financial solutions are available to anyone, not just car buyers, making credit more accessible than ever.
With transparency, affordability, and ease of access as its foundation, LOANS24 is set to redefine India’s access to credit.
