HDFC Bank Launches ‘Xpress Car Loan’: Get loan amount in account in 30 minutes
India’s largest private sector lender HDFC Bank has recently launched a new ‘Xpress Car Loans’ service, which promises a 30-minute car loan for all existing customers and new customers. The HDFC Bank has claimed that this is the first time a service like this has been introduced in India.
In a press release, the bank said that the bank has integrated its lending application with automobile dealers across the country for this service and the bank expects this service to revolutionise the way car financing is done in the country.
The HDFC Bank has created a comprehensive, faster, more convenient, and inclusive digital journey for car buyers, the lender has said.
This will make the car purchase process and drive car sales across the country including in the semi urban and rural areas less hassle free and quick. Before the launch of the HDFC Bank Xpress Car Loan facility, the bank and other lenders usually took around 48 to 72 hours to process an auto loan for borrowers.
HDFC Bank has anticipated that 20 per cent to 30 per cent of customers (for loans up to Rs 20 Lakh) will likely avail of this facility in the beginning. This facility is currently being offered for four wheelers. It will be gradually be rolled out for two-wheeler loans too.
Arvind Kapil, Country Head, Retail Assets, at HDFC Bank on the lenders express car loan service said that HDFC Bank has been a pioneer in Digital innovations. He also added that “Now we are stepping up by launching end-to-end digital car loan solution for existing as well as new customers. Xpress Car Loans by HDFC Bank, will be an industry defining automotive lending journey. It will be available across all our branches, dealerships and eventually on third-party aggregator platforms”.
After home loans, generally comes the car loans. “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. Digital is a way of life for us at HDFC Bank, and we strongly believe that it can shift our trajectory from incremental to exponential growth,” Kapil added while speaking about HDFC Bank Xpress Car Loan.
The Indian automotive industry is predicted to become the third largest globally in the next five to seven years with 35 million new vehicle units per year of sales. In about a decade, we will likely see over 350 million 4-wheelers and over 250 million 2-wheelers, hitting the road in the country.