HDFC Bank has launched ‘Express Car Loan’ facility. The entire loan process will be digital from beginning to end for the existing and new customers of the bank. For this, HDFC Bank has integrated loan applications with car dealers across the country.
New Delhi . HDFC Bank, the country’s largest private bank, has started a new facility for car buyers on finance. Under this, customers will get a car loan in just 30 minutes. This facility will not only make it easier for the customers to buy cars but is also expected to increase the sales of cars. This is the first of its kind car loan facility in the country.
HDFC Bank has launched ‘Express Car Loan’ facility. The entire loan process will be digital from beginning to end for the existing and new customers of the bank. For this, HDFC Bank has integrated loan applications with car dealers across the country. The bank hopes that this facility will revolutionize car finance in the country.
Car sales will get a boost
The facility is expected to boost car sales across the country, including in semi-urban and rural areas, easing car buying. Launching it, Arvind Kapil, Country Head (Retail Assets), HDFC Bank said that HDFC Bank has always been at the forefront of digital innovation. We are now going to strengthen our position by launching an end-to-end digital car loan solution for existing and new customers. This facility will be available at all branches, dealerships and third party aggregator platforms of the bank.
Focus on strengthening digital platform
It is believed that in the next 5-7 years, the Indian automobile industry will become the third largest automotive industry in the world. At present, 35 crore new vehicles are sold annually in the country. In the next 10 years, 350 million four wheelers and more than 32 crore two-wheelers are expected to be sold. Keeping this in mind, HDFC Bank is focusing on strengthening the digital platform to increase its market share.
According to Arvind Kapil, at present this facility of Express Auto Loan is for four wheelers. Gradually it will also be started for two-wheeler loans. He said that the automotive ecosystem has developed in the country. This is an important opportunity to introduce new services to the customers by changing their experience. The bank expects that initially 20-30 percent of customers will take advantage of this facility (for loans up to 20 lakhs).
