The bank has created an end-to-end digital new car loan journey through which the loan amount will be credited in dealers’ accounts within half an hour.
HDFC Bank has launched ‘Xpress Car Loans’, an end-to-end digital car loan scheme for its existing customers as well as new customers. Buyers can apply for up to Rs 20 lakh and the loan amount will be credited to the dealers’ accounts within half an hour.
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The service will be available across all HDFC bank branches, dealerships. It will also be available on third party aggregator platforms soon.
The bank has integrated its lending application with automobile dealers across the country to create a comprehensive, faster, convenient, and inclusive digital journey for car buyers. It is expected to simplify the car purchase process and drive car sales across the country including semi- urban and rural areas.
The bank is expecting 20 to 30 percent of customers to avail this new facility for loans of up to Rs 20 lakh. The Xpress Loans facility is currently available for four-wheelers and will be soon rolled out to two wheelers as well.
Arvind Kapil, Country Head, Retail Assets, HDFC Bank said, “While the automotive ecosystem has evolved, there is still a significant opportunity to unlock value for customers - particularly in semi-urban and rural India, by transforming the customer experience.”
In the next 5-7 years, the Indian automotive industry is set to become the third largest in the world with 35 million new vehicle units sold per year. In the next decade about 350 million 4-wheelers and over 250 million 2-wheelers are expected to hit the roads of India.
(Edited by : Sudarsanan Mani)