After almost a year of looking negative, the auto loan market is witnessing a cracking upsurge in volumes fueled predominantly by the festive season and to a large extent by the upsurge in the spirits of the automakers themselves who have been consistently launching new car brands the last few months. Ford Cruze being the latest entrant.
It has been reported that sales of automobiles has increased by over 14% in the last quarter. The activity has resulted in a lot of dormant players waking up to the opportunity of cashing in on a segment which is expected to grow by over 12-15% in the current year. The positive thing for the Auto Loan industry is that the growth is not in the passenger car segment alone, but, also in the heavy vehicles, two wheeler and three wheeler segments too. To add to the cheer of the customers the Car loans and all Auto loans have seen a reduction in Interest rates.