RenewBuy, an insurtech company, has announced its foray into the auto loan segment with the introduction of a dedicated brand, RB Wheelz. This move marks an expansion of its digital platform to include loan offerings alongside insurance services, creating a unified space for vehicle ownership needs.
The platform will offer financing solutions such as new vehicle loans, balance transfers, and top-up loans, integrated with RenewBuy’s existing insurance services. The launch comes amid a growing demand for vehicle financing, influenced by regulatory changes like the mandated scrapping of older diesel and petrol vehicles, and increasing consumer interest in personal vehicle ownership. The auto loan segment is currently witnessing a compound annual growth rate of around 15–16%.
In the January to March quarter of FY25, RenewBuy disbursed approximately Rs 100 crore in auto loans. The company aims to scale this figure to Rs 1,500 crore in FY26 and onboard around 10,000 consumers. Initially, the service will target four-wheelers and fleet vehicles.
Indraneel Chatterjee, Co-Founder of RenewBuy, stated that the company is using its technology platform and advisor network of about 1.5 lakh individuals to expand its services across metro and non-metro areas. He noted a noticeable trend in Tier II and III cities where a significant number of consumers are opting for vehicle loans.
RB Wheelz loans will be available through RenewBuy’s digital platform, which has been updated to include a dedicated loan section. The company has partnered with 18 banks and non-banking financial companies (NBFCs) to provide a range of financing options. The digital-first model aims to streamline the loan process and meet the evolving preferences of consumers.