Customers and non-customers can now apply for car loans through HDFC Bank’s ‘Xpress Car Loans’. In addition, the bank has formed partnerships with automobile dealers across the country.
The facility, which takes 30 minutes to complete, is presently available for four-wheeler loans and will be accessible for two-wheeler loans soon. The loan amount will be credited to the dealers’ account in less than half an hour.
“Now we are stepping up by launching end-to-end digital car loan solution for existing as well as new customers. It will be available across all our branches, dealerships and eventually on third-party aggregator platforms.” said Mr. Arvind Kapil – Country Head, Retail Assets, HDFC Bank.
The bank anticipates that 20-30% of its customer base will use this facility for loans up to Rs 20 lakh.