Vehicle finance portfolios of NBFCs are projected to reach ?11 lakh crore by March 2027, growing at a steady 16–17% annually in the current and next fiscal, supported by policy measures and favourable macroeconomic conditions, according to Crisil. The AUM growth of NBFCs will largely be led by used vehicle financing, which continues to outpace new vehicle loans across most large NBFCs. “Growth of used vehicle loans is expected to outpace that of new vehicle loans for most of the large NBFCs,” said Malvika Bhotika, Director, Crisil Ratings.