Private sector lender HDFC Bank has launched a 30-minute ‘Xpress Car Loans’ for its existing customers as well as new customers. Buyers can apply for up to Rs 20 lakh and the loan amount will be credited to the dealers’ accounts within 30-minute. The bank has integrated its lending application with automobile dealers throughout India. It is the industry’s first automotive lending experience, and it is expected to change the way automobile financing is done in India.
Key Points of ‘Xpress Car Loans’:
- The facility will be offered at all of the bank’s branches, dealerships, and, eventually, on third-party aggregator platforms.
- This comprehensive, faster, more convenient, and inclusive digital journey for car buyers will simplify the automobile purchase process and boost car sales across India, particularly in semi-urban and rural locations.
- The bank is expecting 20 to 30 per cent of customers to avail of this new facility for loans of up to Rs 20 lakh. The Xpress Loans facility is currently available for four-wheelers and will be soon rolled out to two-wheelers as well.