HDFC Bank ‘Xpress Car Loans’

The country's largest private bank, dubbed 'Xpress Auto Loans,' is offering speedy car loans using a digital interface, which it claims is an industry first and likely among the first such offerings globally. After a home loan, the second most expensive item for which a consumer borrows money is a car loan. HDFC Bank appears to have hopped on the speedy delivery bandwagon just days after announcing its merger with HDFC. At a time when multiple companies are making news for their 10-minute delivery, India's largest private sector bank is planning to offer a car loan in just 30 minutes! After a home loan, a car loan is the second most expensive item for which a consumer borrows money, and HDFC Bank is betting on the figure, offering end-to-end car loans to customers in 30 minutes via an online platform. Car Loans Xpress The country's largest private bank, dubbed 'Xpress Auto Loans,' is offering speedy car loans using a digital interface, which it claims is an industry first and likely among the first such offerings globally. At the moment, the average time it takes a potential car buyer to acquire a car loan is roughly 48-72 hours. HDFC Bank intends to hand out Rs 10,000-15,000 crore in vehicle loans through its online rapid lending service in FY23 without having a physical presence. In addition, the bank intends to do the same with two-wheeler loans. Through Xpress Car Loans, we hope to pull in at least 20-30% of our existing clients and non-account holders.

HDFC Bank ‘Xpress Car Loans’