RenewBuy Unveils Ambitious Auto Loan Expansion

RenewBuy announced its entry into the auto loan sector, aiming to disburse Rs 1,500 crore in loans for fiscal 2025-26. The company's digital platform now offers vehicle financing and insurance solutions. RenewBuy plans to leverage its advisor network and banking partnerships to reach a broader consumer base.

Insurance aggregator RenewBuy is making significant strides in the auto loan industry, revealing an ambitious target of Rs 1,500 crore in loan disbursement for the financial year 2025-26, after having disbursed Rs 100 crore in the previous quarter.

The firm officially launched its auto loan segment, enhancing its digital insurance platform to enable consumers to smoothly access new vehicle financing, balance transfers, top-up loans, and comprehensive insurance options through a single interface.

Amid regulatory changes mandating the scrapping of older vehicles and shifting consumer preferences toward ownership, the auto loan sector is experiencing a robust annual growth rate of 15-16%. Leveraging its extensive advisor network and partnerships with 18 banks and NBFCs, RenewBuy seeks to capitalize on this trend and expand its footprint in the financial services landscape.

(With inputs from agencies.)