Are there government schemes that support used car loans for specific customer segments?

Specific government schemes supporting used car loans in India focus mainly on helping targeted customer segments with subsidies, favourable terms, and to enable ease of access:

Certified Pre-Owned Car Loan Schemes: Banks and NBFCs offer certified pre-owned car loans with government support, aimed at making used car ownership affordable and reliable for low to middle-income borrowers.

Cent Kisan Vahan Scheme: This scheme helps farmers and those in agriculture-related activities purchase second-hand vehicles with subsidized interest rates and easier loan terms.

State-Sponsored Vehicle Loan Schemes: Certain state governments collaborate with financial institutions to promote used vehicle ownership through concessional loans for specific groups such as self-help groups, small entrepreneurs, and rural customers.

Central-Government Subsidies: Some central subsidy schemes provide financial aid for the purchase of electric or commercial used vehicles for specific customer segments such as fleet operators or small businesses.