The Business Bytes
TBB BUREAU
MUMBAI, NOV 2, 2023
Diversified non-banking financial company Capri Global Capital Ltd. on Thursday said that it has disbursed Rs 1000 crore car loans in October 2023, and aims to disburse loans worth Rs 10,000 crore in the current financial year (FY24).
The company has reported a remarkable surge in car loan disbursals and an all-time high record of disbursing 10,000 car loan cases in the month of October 2023. Within 30 months of operations, the car loan distribution business has strategically scaled up its operations to encompass 722 locations, providing comprehensive coverage across 32 States and Union Territories in India.
Speaking on this achievement, Capri Global Capital Managing Director Rajesh Sharma said, “As of Q2 FY24, our car loan aggregation business accounts for 4500 crore. Since the launch in Q4FY21, we have disbursed car loans worth Rs 13,000 crore. The demand for car loans, specially for mid segment SUV’s, are on the rise particularly in tier 2 and tier 3 cities. The company’s commitment to inclusive lending practices has resulted in vast range of customers, ranging from entry level cars to premium car owners. We have enhanced our branch network and manpower strength by over 50 per cent in these markets. Currently, 1800 employees are delivering exceptional car loan services to our patrons.”
“Our recent achievement reinforces our position as undisputed leader and a trusted partner in car loans for banks and its clients. The significant milestone within a relatively short period of time stands as a testament to our unwavering commitment to excellence and our ability to adapt the evolving market demands,” he added.
CGCL’s commitment to expanding its services has been instrumental in its partnership with eight leading commercial banks, including Bank of Baroda, Union Bank of India, Indian Bank, Bank of India, HDFC Bank, Indian Overseas Bank, Punjab and Sindh Bank, and Yes Bank. These collaborations have not only strengthened CGCL’s position in the market but have also enhanced the accessibility of car loans to a broader customer base.
