With an aim to ease the car buying process and increase car sales across the country, HDFC Bank today launched ‘Express Car Loans’ – the end of the digital new car loan journey for existing customers as well as non-customers. After launching the digital personal loan facility in 10 seconds, the private lender has now launched an industry-first 30-minute ‘Express Car Loan’ by integrating its loan application with automobile dealers across the country.
Speaking at the launch, Arvind Kapil, Country Head – Retail Assets at HDFC bank said, “HDFC Bank has been a pioneer in digital innovations. We are now launching end-to-end digital car loan solutions for existing as well as new customers. Express Car Loans by HDFC Bank, one that defines automotive The industry will be credit travel. It will be available at all our branches, dealerships and eventually across third party aggregator platforms.”
“While the automotive ecosystem has evolved, there is still a significant opportunity to unlock value for customers by transforming the customer experience – especially in semi-urban and rural India). Digital is a way of life for us at HDFC Bank. and we strongly believe that this can shift our trajectory from incremental to exponential growth,” said Arvind Kapil.
To begin with, HDFC Bank envisages 20 per cent to 30 per cent of customers (for loans up to 20 lakhs) to avail this facility. This facility is currently being given for four wheelers and will be gradually rolled out for two wheeler loans.
The Indian automotive industry is poised to become the third largest in the world with sales of 35 million new vehicle units per year over the next 5-7 years. In nearly a decade, this is estimated to result in over 350 million 4-wheelers and over 250 million 2-wheelers on the road.
HDFC Bank continues to innovate and has several industry firsts in retail lending, such as 10 second personal loans, and digital loans against securities/mutual funds, among others.