CredR goes pocket friendly with ‘Loan-on-Bikes’ Facility

Launches its unique easy loan feature, a first of its kind in the pre-owned two-wheeler market

Key highlights:

• The bike loan feature will assist customers in making a purchase at zero down payment and subsequently pay through equated monthly installments
• The bike loan facility is available on all CredR bikes priced above Rs.20,000/-
• The bike loan feature will be available to everyone with a monthly income of 7,500/- and above

Mumbai, November 23, 2015: With the continuous endeavour of making a customer’s buying process hassle free, CredR, one of India’s leading, most trusted, online marketplace for pre-owned two-wheelers, announced a unique bike loan facility for its customers, starting 25th November 2015.

With a minimal income as low as Rs.7,500 per month, customers can now avail the loan facility valid on any bike worth Rs.20,000 and above purchased on CredR. To provide complete assistance to customers, CredR has tied up with Banks, Aggregators and NBFCs to make loan facility available for all customers with an option of installment based payment, thus making the entire purchase process convenient and stress free.

The used automobile market is plagued with lack of credibility and trust which discourages financial bodies from issuing loans on used automobiles. However, by bringing quality assurance through its proprietary inspection mechanism, CredR aims at bringing about standardisation, quality consciousness and trust in this market.

Commenting on the announcement, Sumit Chhazed, Co-Founder, CredR said, “We would like to reach out to every household in the country, thereby making it possible for customers falling across all income brackets, to own a vehicle. In fact we came up with this idea basis repeated feedback from many of our prospective customers. We have partnered with various Banks, Aggregators and NBFCs to help us make the process smooth and beneficial for our buyers.”

He further continues, “Through this offering we will be able to reach consumer clusters such as local business owners, last mile delivery personnel, lower income households, where an asset such as a bike adds immense value. Adding the EMI option will definitely ease the financial burden for these buyers, while still allowing the purchase of a verified, quality vehicle.”

While convenience forms the crux of its offerings, this easy bike loan feature along with the existing benefits such as Free Roadside Assistance, Warranty and Test Ride service on pre-owned two-wheelers are aimed towards making the buying experience of a customer seamless and delightful.

About CredR

CredR was founded in 2015 by Nikhil Jain, Nittin Mittal and Sumit Chhazed, Graduates from IIT Bombay. CredR is an online marketplace for buying and selling of pre-owned two-wheelers with easy clicks. It has been launched with a vision of providing the ‘Ultimate User Experience’. It connects buyers and sellers to ensure genuine, transparent and convenient transactions. CredR's offerings are designed keeping in mind the existing needs as well as the growing needs of the customers. The innovative strategy is that the service is rapid, convenient and importantly reliable.

CredR, India’s most reliable online marketplace for pre-owned vehicles

CredR, a pioneer in online marketplace for listing and purchasing verified, pre-owned vehicles at the fairest value. CredR stands for Credible Resale and plans to reach new heights with a multi dimensional approach of changing the customers’ perception towards the pre-owned vehicles. The platform connects buyers and sellers to ensure genuine, transparent and convenient transactions of buying and selling of pre-owned bikes.

The enterprise has been co-founded by a team of IIT-Bombay graduates, Sumit Chhazed, Nikhil Jain and Nittin Mittal in 2015. CredR recently received a funding of $15Million in Series A from Fidelity’s Proprietary Investment Arm. The company’s offerings have been designed with the mission of providing quality products with complete transparency in transactions and most importantly to provide convenience to its customers.

The startup journey began when the founders faced the dilemma of buying a genuine pre-owned vehicle for his daily commute. With a strong technological impetus, the company aims at making inspection and appropriate price determination, dynamic and easy.

What makes it special and reliable for customers is the credibility factor that comes with each and every bike being hand inspected. All the uncertainty and reluctance people associate with buying used vehicles have consciously been kept in mind, and as a result the startup lists only the best verified bikes on their portal for sale.

The company provides services like free bike inspection, free roadside assistance, test rides at the home of the buyer, a six months warranty, and fair pricing of every bike sold on the website.

Also with the increase in the number of buyers and sellers over the time, the inspection process at CredR is technologically competent with the introduction of the Inspector App. The futuristic notion of the app will help in adding convenience to the seller to a great extent.

CredR has sold over 3,500 motorcycles since its launch, and is aiming to disrupt the over $10 billion
pre-owned two-wheeler market in India. For more information:  http://www.credr.com/

About Incredible Technologies:

Incredible Technologies was incepted in 2012 by Nikhil Jain, Nittin Mittal and Shiv Agrawal, Graduates from IIT and Stanford alumni. The company has launched ‘CredR’ – an online platform for buying and selling of pre-owned automobiles with easy clicks. It has been launched with a vision of providing the ‘Ultimate User Experience’. It connects buyers and sellers to ensure genuine, transparent and convenient transactions. CredR's offerings are designed keeping in mind the existing needs as well as the growing needs of the customers.

The innovative strategy is that the service is rapid, convenient and importantly reliable.

Sumit Chhazed

Co-founder (The Heart)

Sumit is the co-founder at CredR and is an integral part of the venture. He is referred to as ‘The Heart’ of the venture as he is responsible for helming Product and Innovations. At the age of 25, Sumit has prior to CredR successfully structured and executed two ventures namely: Enelek Power-a start-up aimed at providing energy saving solutions in India and Coursewave Eduventures- a technology focused education company partnering with best universities & institutions of India and providing online engaging courses to be accessible to everyone for free!

An Indian Institute of Technology (IIT) graduate, Sumit like many of the Alma-maters of this prestigious institute, chose to create his own path, not once but thrice successfully.

Sumit has been instrumental in setting up the 230+ people organization from scratch, technology, usability, roll-out, differentiating niche positioning and creating strong product designing. The passion for entrepreneurship led him and his other two co-founders to hire many such entrepreneurs like them who can drive the venture with the same passion as them.

CredR is an online marketplace for buying and selling only 100% inspected and certified pre-owned automobiles. An IITB alumni startup, its core team consists of stellar graduates from IIT, IIM and Stanford University. Headquartered in Mumbai, the company aims to expand its brand footprint to all major cities in India.

CredR takes a multi-pronged approach towards transforming the landscape of how pre-owned automobiles are perceived, bought and sold in India. The first focus is to create a perception change about pre-owned automobiles. The second aim is to make the transactional process as smooth and hassle-free as making a firsthand purchase at a showroom. Lastly, the vision is to make the product so technologically robust that it becomes a recognized industry benchmark in rating of automobiles, long term.

Apart from professional pursuits, Sumit is an avid trekker and adventure sports enthusiast, A skilled coder and inspiring public speaker, he is a complete people's’ person.