Snapdeal to facilitate education, automobile loans

Online marketplace Snapdeal will now facilitate educational and automobile loans. While, the market place has tied up with HDFC’s Credila for educational loans, for auto loans it has tied up with banks.

Auto loans, are available at its automobile portal. The customer needs to fill in their details, the portal would perform a credit check through CIBIL, for loan processing. However, those who wish to avail the education loans can apply on Snapdeal where it gets processed.

“The interest rates are the same, irrespective of whether the loans are given offline or through Snapdeal. However, our customers would get offers earlier than the others. The reach of this option which has been around for close to two months now has met our expectations” said Tony Navin, senior vice president, Partnerships & Strategic initiatives, Snapdeal. The marketplace would tie-up with other banks for educational loans. Snapdeal sees more non-metro customers from cities such as Madurai, Coimbatore and Mysore for its loans.

“It is easier to get loans in metros and our service makes it convenient for the areas where loans are relatively less accessible,” added Navin. While the website provides a platform for home loans, it has a real estate portal to connect builders and customers.

“Same can be told of personal loans and auto loans as well. We won’t confine ourselves to just e-tailing. Snapdeal aspires to play a critical role in a customer’s purchasing life cycle,” Navin said.