In an effort to simplify the car buying process and boost car sales across the country, HDFC Bank today launched “Xpress Car Loans” – an end-to-end digital new car loan journey for existing customers as well as non-customers. After launching a 10-second digital personal loan facility, the private lender has now launched the industry’s first 30-minute Xpress car loans by integrating its loan app with car dealerships across the country.
Speaking at the launch, Arvind Kapil, Country Head of Retail Assets at HDFC Bank said, “HDFC Bank has been a pioneer in digital innovations. end for existing assets as well as new customers.Xpress Car Loans by HDFC Bank, will be an industry-defining auto loan journey, available at all of our branches, dealerships and eventually third-party aggregation platforms.
“Although the automotive ecosystem has evolved, there is still a significant opportunity to unlock value for customers – especially in semi-urban and rural India), by transforming the customer experience. Digital is a mode of life for us at HDFC Bank, and we strongly believe that it can shift our trajectory from incremental growth to exponential growth,” added Arvind Kapil.
To start with, HDFC Bank envisions 20-30% of customers (for loans up to 20 Lakh) to take advantage of this facility. This facility is currently offered for 4-wheelers and will gradually be extended to 2-wheel credits.
India’s automotive industry is set to become the world’s third largest in the next 5-7 years with 35 million new vehicles per year in sales. In ten years, it is estimated that more than 350 million 4-wheelers and more than 250 million 2-wheelers will hit the road.
HDFC Bank has been constantly innovating and has many firsts in the retail lending industry, such as 10-second personal loan and digital lending against securities/mutual funds, among others.