Vehicle financing in 30 minutes
New Delhi: A few days after announcing its merger with
After home loan, auto loan is the second most important thing a customer borrows money for and bets on the number, HDFC Bank provides end-to-end auto loans to customers within 30 minutes through an online platform. line.
Xpress car loans
Coined “Xpress Car Loans,” the nation’s largest private bank is offering a fast car loan through a digital interface that it claims is an industry first and likely one of the first such offerings in the world.
For a potential car buyer, the average time it takes to get a car loan is currently around 48-72 hours.
Through its online quick lending service, HDFC Bank plans to distribute Rs. business. In addition, the bank also plans to do the same for two-wheel loans.
“We believe this is a game-changer for the industry as a whole,” said Arvind Kapil, national head of retail assets at HDFC Bank, adding that the service could redefine how easy it is to use a car loan, by particularly in semi-urban and rural areas of India.
“We aim to attract at least 20-30% of our existing customers and non-account holders through Xpress Car Loans,” he added.
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According to the private lender, 55% of potential car buyers want to reduce physical contact. Auto loan disbursements in semi-urban and rural areas are growing at 40% annually, according to the company.
Mortgage lender Housing Development Finance Corporation (HDFC) announced on April 4 that its board of directors had approved the merger of its wholly-owned subsidiaries HDFC Investments Limited and HDFC Holdings Limited with HDFC Bank Limited.