New Delhi, April 29, 2025: RenewBuy, an insurtech company, has entered the auto loan market with its RB Wheelz brand, providing consumers with easy access to financing for new vehicles, balance transfers, top-up loans, and insurance solutions all in one place.
RenewBuy claimed to have disbursed nearly INR 100 crores in auto loans during the final quarter of FY 25. The company plans to onboard 10,000 customers while increasing loan disbursement to INR 1500 crores in FY 26.
According to Indraneel Chatterjee, Co-Founder of RenewBuy, the initial phase of loan offerings will focus on four-wheelers and fleet vehicles. “After nearly a decade of serving consumers in the insurance sector, we are now broadening our reach within the financial services landscape.” We use our technological platform and a network of 150,000 advisors to provide loan services to customers in both metropolitan and smaller urban areas. We are seeing a significant shift in the desire for vehicle ownership, particularly outside of major cities, as well as an increase in the use of auto loans.”
Indraneel says Over 75% of consumers in Tier II and III cities opt for vehicle financing; this is a significant market segment that we hope to serve by making auto loans more accessible, seamless, and digitally orientated.
The loans will be processed through RenewBuy’s enhanced digital platform, which now includes a specialized loan feature. Supported by collaborations with 18 leading banks and non-banking financial companies (NBFCs), the platform enables RenewBuy’s partners and network participants to offer competitive loan options.
The streamlined, digital-first approach to securing loans meets the changing needs of today’s consumers, ensuring they receive optimal value. With the mandatory scrapping of diesel vehicles over 10 years and petrol vehicles over 15 years, coupled with increasing consumer interest in vehicle ownership, the auto loan market is experiencing a compound annual growth rate (CAGR) of 15-16%.
