India’s largest private sector lender, HDFC Bank, has recently launched a new ‘Xpress Car Loans’ service, which promises a 30-minute car loan to all existing and new customers. HDFC Bank claimed that it was the first time such a service was introduced in India.
In a press release, the bank said it has integrated its lending app with car dealerships across the country for this service and the bank expects this service to revolutionize the way auto financing is done. in the country.
HDFC Bank has created a comprehensive, faster, more convenient and inclusive digital journey for car buyers, the lender said.
This will make the car buying process and boost car sales across the country, including in semi-urban and rural areas, less complicated and faster. Before the launch of the HDFC Bank Xpress car loan facility, the bank and other lenders usually took about 48-72 hours to process a car loan for borrowers.
HDFC Bank has projected that 20-30% of customers (for loans up to Rs 20 Lakh) are likely to benefit from this facility at the start. This installation is currently offered for four-wheelers. It will be gradually rolled out for two-wheel credits as well.
Arvind Kapil, Country Head, Retail Assets, at HDFC Bank on the Lenders Express Car Loan Service, said HDFC Bank has been a pioneer in digital innovations. He also added that “Now we are stepping up our efforts by launching an end-to-end digital car loan solution for existing customers as well as new customers. Xpress Car Loans by HDFC Bank, will be an industry defining car loan journey. It will be available at all of our branches, concessions and eventually on third-party aggregator platforms.”
After real estate loans, generally come auto loans. “Although the automotive ecosystem has evolved, there is still a significant opportunity to unlock value for customers – especially in semi-urban and rural India), by transforming the customer experience. Digital is a mode of life for us at HDFC Bank, and we are confident that it can shift our trajectory from incremental growth to exponential growth,” Kapil added when talking about the HDFC Bank Xpress car loan.
India’s auto industry is expected to become the third largest in the world over the next five to seven years with 35 million new vehicle units per year in sales. In about a decade, we’ll probably see over 350 million 4-wheelers and over 250 million 2-wheelers hitting the road in the country.
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