RenewBuy targets to disburse Rs 1,500 crore auto loans in FY26

New Delhi: Insurance aggregator RenewBuy on Tuesday said it disbursed close to Rs 100 crore auto loans during the January-March quarter of 2025 and has set a target of Rs 1,500 crore for the current financial year.

The company, while officially announcing its entry into the auto loan segment, said its digital insurance platform has been upgraded where consumers can access both new vehicle financing, balance transfer, top-up loans and insurance solutions under one roof.

With mandatory scrapping of diesel cars of over 10 years and petrol cars of over 15 years, and with growing consumer preferences towards vehicle ownership, the auto loan market is growing at a compound annual growth rate (CAGR) of 15-16 per cent, RenewBuy said in a release.

"RenewBuy aims to tap into this growing market by simplifying and streamlining the entire vehicle ownership process, from financing to insurance, offering customers a faster, more efficient, and digitally driven experience," it said.

The insurtech plans to onboard around 10,000 consumers and significantly scale up the loan disbursement to Rs 1,500 crore in fiscal 2025-26. The loan offerings are for four-wheelers and fleet vehicles in the first phase.

"Having served consumers in the insurance space for nearly a decade, we are now expanding our footprint in the financial services ecosystem. We are leveraging our tech platform and 1.5 lakh-strong advisor network to bring loan services to consumers in both metros and smaller cities," Indraneel Chatterjee, Co-Founder, RenewBuy, said.

The platform has partnerships with 18 banks and NBFCs.

The company has more than 1.5 lakh insurance advisors and insured more than 55 lakh customers.