OLX Autos is a B2B platform where dealers can buy new vehicles to sell to the end consumer.
To increase OLX’s revenue as a service provider, a new credit division has been set up to solve 2 problems:
- Access to credit in India, which is extremely difficult and lengthy,
- Increasing the number of cars sold to dealers without consistent cash flow.
The main objective for the financing section was to take the traditional offline loan application, and integrate it into the app (visible to selected customers).
This would lead to a 5-minute process to get the loan. In this area, customers had a complete overview of the upcoming payments, the accruing interest and the payment options.