Auto refinancing loans explode in the first half of the year
Overall, auto refinance loans have shown strong growth in the first six months of this year, in line with the higher demand for cash from the population during the protracted Covid-19 pandemic.
For the first six months of 2021, the overall auto refinance loan portfolio stood at Baht 355.93 billion, up 13 percent year-on-year.
The demand for loan products increased dramatically because people wanted more cash to deal with the impact of the pandemic and also to plan their personal finances according to economic circumstances, said Kittiya Srisanit, head of Krungsri Auto Group. , an automobile financing unit of the Bank of Ayudhya (BAY). , under the brand Krungsri.
Krungsri Auto offers auto refinancing loan service under the Krungsri Car for Cash brand and has experienced auto refinancing loan growth of 3% per month on average from January to September.
In September, Krungsri Car for Cash’s total loans outstanding stood at 77.40 billion baht with a total customer base of 287,000, covering cars, large motorcycles and motorcycles.
Given the impact of the pandemic, Krungsri Auto has helped its clients restructure their debt using several methods. He also helped them plan their finances according to their income and debt.
Ms Kittiya said clients’ financial behavior changed during the epidemic and economic uncertainty. Most do not require the full amount of their line of credit offer from the bank.
Krungsri Auto yesterday launched a new auto refinance loan called the Car for Cash Prompt Chai revolving loan product. It offers auto refinance loans to car owners without the need for a transfer of ownership and also prepares a backup line of credit for customers in the event of an emergency.
Ms Kittiya said the product also marks Krungsri Auto’s first loan that can be withdrawn through a Line app, allowing instant access anytime and anywhere. The move is also in line with consumers increasingly embracing the digital platform.
In the first nine months of this year, Krungsri Auto offered Car for Cash loans through online channels worth a total of 3.6 billion baht, up 111% year-on-year .