HDFC Bank, a private sector lender, has introduced 30-minute ‘Xpress Car Loans’, an end-to-end digital new car loan solution for both existing and non-customers. 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.
- As it has integrated its lending application with vehicle dealers across India, it anticipates 20%–30% of clients to use this loan facility of up to Rs. 20 lakhs.
- Currently, the facility is only available for four-wheelers, and it will be gradually extended to include two-wheeler loans.
Important takeaways for all competitive exams:
- HDFC Bank Ltd MD & CEO: Sashidhar Jagdishan;
- HDFC Bank Ltd Establishment: 1994;
- HDFC Bank Ltd Headquarters: Mumbai, Maharashtra;
- HDFC Bank Ltd Tagline: We Understand Your World.