HDFC Bank has launched ‘Xpress Car Loans’ – an end-to-end digital new automobile mortgage journey for present prospects in addition to non-customers. The financial institution has built-in its lending utility with vehicle sellers throughout the nation.
“This industry first facility is expected to revolutionise the way car financing is done in the country,” the financial institution claimed in a press launch.
HDFC Bank has created a complete, sooner, extra handy, and inclusive digital journey for automobile consumers. This will assist simplify the automobile buy course of and drive automobile gross sales throughout the nation, together with within the semi city and rural areas, it mentioned.
“HDFC Bank has been a pioneer in Digital innovations,” mentioned 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 start with, HDFC Bank envisages 20 per cent to 30 per cent of shoppers (for loans as much as 20 lakh) to avail of this facility. This facility is at current being provided for 4 wheelers and will likely be step by step rolled out to two-wheeler loans.
The Indian automotive business is poised to grow to be the third largest on the planet within the subsequent 5-7 years with 35 million new car models per yr of gross sales. In a few decade, that is estimated to lead to over 350 million 4-wheelers and over 250 million 2-wheelers, hitting the street.
Source: www.financialexpress.com”