OLX, an online classifieds platform in India, has announced a partnership with IDFC FIRST Bank to offer used vehicle financing solutions on its platform. This collaboration may provide OLX customers with access to vehicle financing options directly through the OLX website.
The partnership will allow buyers to explore financing solutions while browsing pre-owned cars and bikes on OLX. IDFC FIRST Bank will offer financing options for used cars and two-wheelers across India through the OLX platform.
Amit Kumar, MD & CEO of OLX India, commented on the partnership: "Our collaboration with IDFC First Bank aims to enhance the vehicle buying experience on our platform. The pre-owned car financing market in India is expected to grow, with projections suggesting a market size of Rs. 1600 billion by FY 28 from the current Rs. 485 billion. This growth is likely due to increased finance penetration and rising vehicle prices."
Rishi Kant Misra, Business Head - Vehicle Loans, Consumer Durable Loans and Education Loans at IDFC First Bank, stated: "This partnership with OLX aligns with our goal to make financial solutions more accessible to customers. We will offer a digitized loan onboarding process for pre-owned cars and bikes through the OLX platform."