Poonawala Fincorp signs pact with CARS24 to fund used car loans

Poonawala Fincorp joins hands with Cars24 to provide car loans for people purchasing vehicles from the online marketplace.

By:November 23, 2021 9:51 AM
Cars24 signs pact with Poonawala Fincopr

Poonawala Fincorp, formerly named Magma Fincorp, on Monday announced a strategic partnership with CARS24 through which it will fund consumer loans originating from the latter’s online platform. Under the partnership, both companies will partake the risk and rewards. CARS24 is the largest online transaction platform for pre-owned vehicles in India.

Tie-ups between automakers and lenders for vehicle finance have become increasingly common in the country. On Thursday, Toyota Kirloskar Motor tied up with IndusInd Bank to enable retail finance for its customers.

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