Loan Against Used Car
Customers can get 2x loan value at lower interest rates as car is a secured asset, hence secured loan.
Loan against gold
~2000–3000 BCE
(Mesopotamia era)
Loan against home
~1000–1200 CE
(Medieval England era)
Loan against FD
~1950s–1970s
(Modern banking era)
Loan against used Car
~2000s
(Online RC record era)
The problem statement
What and why are we solving it
People who need loan often have
an amount in mind,
Personal loan is easy to get but:
1) User often need higher loan amount
2) User need lower interest rates
User needs
Lender needs confidence in the
borrower:
Collaterals like gold, house &
mutual funds help in reducing
risk and giving out secured loans
Bank/lender requirements
Insights from market research + existing data + user calling
Personal loan inetrest
rates range from
10.5% to 25%
Used cars are still valuable and lenders
can use them as collaterals.
The borrower can keep the car
and continue driving it.
Further interacting with users who dropped
off somewhere in the funnel showed that:
Do the borrowers know about it?
But,
Users are not aware that cars can
also be put up as loan collateral
Users think their car will not be
evaluated correctly for better loan
Users felt the process would be
complex and they'd need help
Workshops with business and product team revealed that
identifying good borrowers are equally difficult
Giving loans to higher risk profiles increases defaults (loss)
Episodic desperate borrowers
need the loan very quickly
Online car inspection price to
be made look fair to the user
User pain points
Business pain points
Make the process familiar to personal loan; quick and simple
Upto 2x loan offer
for the borrowers
Make car valuation experience feel as frictionless as possible
+
=
This is how I think all of it fits into a framework
Design approach
Some benchmarking, because familiarity increases trust
Every funnel journey is different acc. to business logics & risk policies, is what I could infer.
This is how our's looked like after multiple brainstorming sessions.
Let's jump to the
final designs
Homepages
Scaling design system for finance
Creating brand guidelines
Creating landing pages for all LOBs
Recognition from Figma
for a scaleable system across 12+ LOBs
+ integrating Figma MCP
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