The Indian automobile industry is facing tough times with sales showing no signs of recovery. Now, there is a new player in the market allowing for hassle free, and low cost car and bike leasing to motorists who want a vehicle for a short term, or at the best rate possible. OTO is a new and fast growing leasing platform which has today received an investment of INR 10 crore from Prime Venture Partners.
OTO is leasing out nearly 40 cars / month, and has a target to grow by a 10x multiple by early 2020. OTO is offering a flexible leasing solution between 3-5 years and also offers customers to buy the vehicle at the end of their lease tenure. The brand is quoting up to 30% lower cost than existing car loan EMIs, which should make a huge difference in the buyers disposable & investable income. Currently, OTO is working with more than 150 dealers across Mumbai & Bengaluru. OTO will expand to a total of 10 cities in the next 6 months and focus on associating with more car & bike dealers, banks and NBFCs.
Check out the infographics below to understand how easy it is to lease a car from OTO, and also, what are the monetary benefits of doing so.
With lower investment being asked, such schemes could prove to be good for the automobile industry allowing more buyers to visit showrooms. OTO makes instant approval possible with a down payment as low as INR 25,000 for someone to drive home in the car they wish to lease.
60% of the 6.25 million vehicles sold in India are financed in our country. The current situation is so tight, that getting loans is becoming difficult. Hence, OTO steps in to offer the right price to the buyer, and also allow dealers not to pile up inventory.
So, are you interesting in getting a car leased? Leasing is still in nascent stages in our market, but is sure to pick up pace in the coming years…
