Private sector lender HDFC Bank has launched a 30-minute ‘Xpress Car Loans’, which is an end-to-end digital new car loan journey for existing customers as well as non-customers.
“The bank has integrated its lending application with automobile dealers across the country,” it said in a statement on Monday. It expects about 20 per cent to 30 per cent of customers to avail of the facility for loans up to ₹20 lakh.
Arvind Kapil, Country Head, Retail Assets, HDFC Bank said the facility will be available across all the bank’s branches, dealerships, and eventually on third-party aggregator platforms.
“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,” he said.
The facility is at present being offered for four-wheeler and will be gradually rolled out to two-wheeler loans.