Subodh Kumar Nandan, Patna. Car sales have risen by 50% since the Corona epidemic. But, 98% people are buying cars on loan. Only two percent of people are buying cars by paying cash. Due to this, the business of financing companies and public and private banks is doing very well.
Finance companies and private banks are in the forefront in this matter. Public banks do a thorough scrutiny of documents and civil scores before giving a car loan, while finance companies and private banks approve loans only within minutes after looking at the civil score.
According to the managers of the showroom of the car, there has been a significant reduction in car purchases in the cash payment after the provision of GST and cash transactions up to two lakhs a day. Earlier, up to 30% of car sales were in cash.
People fond of expensive cars make money FD. The interest received from it is deposited in the loan installment to the bank. Kiran Auto Mobiles Pvt Ltd director Nitin Kumar said that currently only two per cent cars are being sold in cash.
About 98% of the people are buying cars on loan. Of these, 45% take loans to buy cars from finance company, 30% private bank and 25% public bank. People prefer finance company and private bank. He informed that private bank approves loan source on the source of customer’s income and civil score within minutes. Due to this, people of every class give them priority.
Ashok Priyadarshi, director of Alankar Auto Mobiles, told that barely two percent people buy by paying in car cash. With the increase in demand for cars during the Corona period, demand for loans has also increased. Not only the middle class on loan, but even the biggest people are preferring to buy cars.
Government jobbers are also buying cars on loan. These people are giving priority to government banks, because these banks are currently giving loans at low interest rates in easy installments. After the provision of up to two lakh transactions in a day, the car sale in cash has reduced.
Pushpesh Saras, director of Leiter Auto Mobiles, said that car sales in cash are negligible. For the last two years, this trade is being seen that 99% of the people are giving priority to buying on a car loan.
It is true that even people with money are buying expensive vehicles on finance. A few years ago, 30 to 40% of people used to buy cars in cash. But, today it has turned upside down. Today, almost 99% of the people are buying cars on loan. At the same time, it has become easier to take a loan than before.
According to Krish Huaini general manager Amiteshwar Sinha, 20% of car sales are in cash in the marriage season. After that five to 10 percent of the cars are sold in cash on normal days. The trend of people buying cars has changed now. People are now buying expensive cars not for necessity but for pride. For this, people are buying cars on loan.
Not only this, many private banks are providing pre approved loans to the people. At the same time, Ford director Ribhu Kumar says that five to seven percent of people are buying cars in cash. At present people are giving preference to expensive cars. As on date, 10-15 lakh rupees are not kept in homes. That’s why people like to take on a car loan.
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