Friday, Apr 19 2024 | Time 12:52 Hrs(IST)
image
Business EconomyPosted at: May 9 2022 1:32PM


HDFC Bank launches industry-first 30-minute ‘Xpress Car Loan’

Kolkata, May 9 (UNI) HDFC Bank, India’s largest private sector bank, has launched ‘Xpress Car Loans’ – an end to end digital new car loan journey for existing customers as well as non-customers.
The Bank has integrated its lending application with automobile dealers across the country. This industry first facility is expected to revolutionise the way car financing is done in the country.
HDFC Bank has created a comprehensive, faster, more convenient, and inclusive digital journey for car buyers. This will help simplify the car purchase process and drive car sales across the country including in the semi urban and rural areas.
“HDFC Bank has been a pioneer in Digital innovations,” said Arvind Kapil – Country Head, Retail Assets, HDFC Bank. “Now we are stepping up by launching end-to-end digital car loan solution for existing as well as new customers. Xpress Car Loans by HDFC Bank, will be an industry defining automotive lending journey. It will be available across all our branches, dealerships and eventually
on third-party aggregator platforms.”
“While the automotive ecosystem has evolved, there is still a significant opportunity to unlock value for customers - particularly in semi-urban and rural India), by transforming the customer experience. Digital is a way of life for us at HDFC Bank, and we strongly believe that it can shift our trajectory from incremental to exponential growth,” he added.
To begin with, HDFC Bank envisages 20 per cent to 30 per cent of customers (for loans up to 20 Lakh) to avail of this facility. This facility is at present being offered for four wheelers and will be
gradually rolled out to two-wheeler loans.
The Indian automotive industry is poised to become the third largest in the world in the next 5-7
years with 35 million new vehicle units per year of sales. In about a decade, this is estimated to
result in over 350 million 4-wheelers and over 250 million 2-wheelers, hitting the road.
HDFC Bank has continuously been innovating and has many industry firsts in the retail lending space, like the 10 second personal loan, and the digital Loans Against Securities/Mutual Funds, among others.
UNI BM SJC
Please log in to get detailed story.
Tags: #HDFC Bank launches industry-first 30-minute ‘Xpress Car Loan’
More News
NTPC green energy inks MoU with Indus Towers

NTPC green energy inks MoU with Indus Towers

19 Apr 2024 | 12:05 PM

Mumbai, Apr 19 (UNI) NTPC Green Energy Limited (NGEL) and Indus Towers Limited (ITL) on Friday signed a Memorandum of Understanding (MoU) to address the need for pacing green energy objectives and the GoI’s efforts towards a carbon-neutral economy.

see more..
Rupee opens record low at 83 55 against USD

Rupee opens record low at 83 55 against USD

19 Apr 2024 | 11:50 AM

Mumbai, Apr 19 (UNI) The rupee on Friday opened at a record low of 83.55, declining three paise amid geographical tension between Israel and Iran and rising demand for the US dollar by bankers and importers, dealers at the Foreign Exchange said.

see more..
Sensex drops over 500 points

Sensex drops over 500 points

19 Apr 2024 | 11:31 AM

Mumbai, Apr 19 (UNI) The equity market continued to fall for the fifth consecutive session on Friday as BSE Sensex crashed 539 points to open below 72K at 71,949.65 amid heightened geographical tension, triggering a massive selloff of global equities.

see more..

USD up ; Euro,Pound down

19 Apr 2024 | 10:08 AM

Mumbai, Apr 19 (UNI) Following were the indicative currency rates and travellers' cheques
buying and selling rates.

see more..

Severe coal crisis: RINL to call for global tenders to procure 1 50L tons coal

18 Apr 2024 | 7:29 PM

Visakhapatnam (Andhra Pradesh), Apr 18 (UNI) In the backdrop of severe Coal crisis due to the ongoing strike at Adani Gangavaram Port Limited (AGPL),Rashtriya Ispat Nigam Limited (RINL) - Visakhapatnam Steel Plant (VSP), has embarked on a relentless mission to secure the crucial raw material of coal, which is essential for its safe and sustained operations.

see more..
image