Hdfc Bank Launches 30-Minute Digital ‘Xpress Car Loan’; Check details

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HDFC Bank has launched “Xpress Car Loans”, an end-to-end digital car loan program 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 dealers’ accounts within half an hour.

The service will be available at all HDFC bank branches, dealerships. It will also soon be available on third-party aggregator platforms.

The bank has integrated its lending app with car dealerships across the country to create a comprehensive, faster, convenient and inclusive digital journey for car shoppers. It is expected to simplify the car buying process and boost car sales nationwide, including in semi-urban and rural areas.

The bank expects 20-30% of customers to take advantage of this new facility for loans of up to Rs 20 lakh. The Xpress Loans facility is currently available for four-wheelers and will soon be extended to two-wheelers as well.

Arvind Kapil, Country Head, Retail Assets, HDFC Bank said: “While the automotive ecosystem has evolved, there is still a significant opportunity to unlock value for customers, especially in semi-urban and rural India. , transforming the customer experience.

In the next 5 to 7 years, the Indian automotive industry is expected to become the third in the world with 35 million new vehicles sold per year. Over the next decade, around 350 million 4-wheelers and more than 250 million 2-wheelers are expected to ply India’s roads.

(Edited by : Sudarsanan Mani)

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