CarTrade partners with Cholamandalam for used car financing

CarTrade Tech’s CarWale abSure has announced a strategic partnership with Chola Mandalam (Chola), the financial services arm of Murugappa Group, to offer easy and smart financing for used cars.

As part of the agreement, Chola will be the preferred financier for customers purchasing the used vehicles from CarWale abSure’s dealers.

Chola will customize its products and offerings to suit the needs of these customers. This collaboration between Chola and CarWale abSure will make mobility accessible to the middle-class Indian.

Commenting on the partnership, Banwari Lal Sharma, CEO – of Consumer Business, CarTrade Tech said, “This partnership between CarWale abSure and Chola is extremely beneficial to both of our customer bases because the main goal is to provide seamless financing for used cars. Given Chola’s legacy in the space, we are certain that together we will be able to alleviate the long and paperwork-intensive purchase cycle in the country. Additionally, CarWale abSure’s 4S promise of ‘Sure, Secure, Safe, and Smart’ quality checks will ensure that we have the first-time buyer’s ‘beginner’ anxiety covered at every stage of the journey. We want to make automobile buying affordable and attainable across geographies in the country.”

Speaking on the development, Ravindra Kundu, Executive Director, Cholamandalam Investment & Finance Company Limited said, “We are happy to be partnering with CarWale abSure. Their culture of innovation and excellence, which reflects in their offerings, will bring added value to our customers. This alliance is also in line with our continuous endeavor in enabling our customers to Enter a Better Life.”

“We are committed to building lasting, loyal relationships with customers and partners by consistently delivering excellent value for both. The best aspect about this tie-up with CarWale abSure is the fact that the biggest beneficiaries will eventually be our esteemed customers. Together, we aim to offer used vehicle buyers a never-before experience through customized finance packages that would come with speedy, convenient, and transparent processes,” Kundu added.