CARS24 Unveils LOANS24: A Seamless, Digital-First Credit Platform for Car Buyers and Owners

CARS24 Unveils LOANS24: A Seamless, Digital-First Credit Platform for Car Buyers and Owners

CARS24 Financial Services Private Limited (CFSPL), the lending arm of auto-tech platform CARS24, has launched LOANS24, a comprehensive credit platform aimed at simplifying and accelerating access to auto and personal loans. The new platform is designed to make car financing faster, more accessible, and fully digital—not just for CARS24 buyers, but for anyone in the market.

Unlike traditional lending processes that can be slow and paperwork-heavy, LOANS24 offers valuation-free, end-to-end digital loans with quick disbursals. It provides financing of up to 100% of the on-road price of vehicles and up to 200% for top-up loans, with repayment terms of up to six years. Used car loans through LOANS24 start at competitive interest rates of 10.99%.

“Buying a car should be exciting—not exhausting. Yet, car loans have long been a complicated, drawn-out process,” said Ruchit Agarwal, Co-Founder & CFO, CARS24. “If personal loans can be instant, why should car loans still involve paperwork and delays? LOANS24 changes that, delivering a streamlined, user-friendly borrowing experience.”

The platform goes beyond car loans. It enables users to track and improve their credit scores and also offers personal loans to meet broader financial needs. With this launch, CARS24 continues its mission to bring transparency and simplicity to every stage of car ownership.

Before LOANS24, CFSPL had already facilitated over ₹15,000 crore in working capital loans to auto dealers across the country. This experience has helped the company deeply understand evolving customer needs, especially in Tier II and Tier III cities, where adoption of digital financial services is steadily rising.

While Tier I cities still dominate loan volumes (72%), Tier II cities now account for 26%, showing significant growth. Women borrowers are also an increasingly important demographic, making up 20% of all CFSPL loans in 2024, up from 11% in 2021—a promising sign of financial inclusion.

LOANS24 is set to reshape how car buyers and owners in India experience credit—making the journey not just easier, but smarter and more inclusive.