HDFC Bank to offer ‘ZipDrive’ online instant auto loans

HDFC Bank offers instant car loans to existing customers through an initiative called “ZipDrive” in 1,000 cities. This solution gives the customer with a pre-approved loan offer to avail an auto loan through net banking or via assistance from the bank’s phone banking team. It is a technology-enabled loan product where credit assessment is done by banking software.

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Benefits of a pre-approved loan:

• The customers can avail the loan from anywhere, anytime, through Netbanking or by scanning QR code or through phone banking or through assistance from the bank’s phone banking team within 10 seconds. It is claimed to be the country’s fastest online auto loan disbursement offering.
• The loan is sanctioned using the bank’s proprietary algorithm and analytics. No pre-approval documents are required.
• The customers can choose the preferred car model, dealer, loan amount within the eligible limits and tenure online. They can also opt on-road funding up to 100% of the value.
• It provides a convenient and contactless form for obtaining auto loans from the bank at attractive prices and terms. The customers need not have to visit any branch.

Important takeaways for all competitive exams:

• Headquarters of HDFC Bank: Mumbai, Maharashtra.
• Managing Director of HDFC Bank: Aditya Puri.

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