New Delhi: At a time when e-commerce facilities are thriving with 10-minute delivery of services in the country, HDFC Bank is banking on 30-minute delivery to boost its car lending business in India. Known as ‘Xpress Car Loans’, HDFC Bank, the country’s largest private bank, said it offered end-to-end car loans to customers within 30 minutes through an online platform in what it claims to be the first bank in the industry to do so.Read also – HDFC Bank raises interest rates on recurring deposits | Check prices here
In a statement, the bank said it was now eager to provide a car loan in just 30 minutes. After a home loan, a car loan is the second most important item for which a customer borrows money. Read also – HDFC customer alert! The bank raises the interest rate. Here’s how it could impact your loan’s EMIs
In general, the average time it takes to get a car loan right now is around 48-72 hours for a potential car buyer. Also Read – HDFC Raises Lending Rates; EMIs will increase for existing borrowers. Details here
The bank said that through its online fast loan service, it expects to grant Rs 10,000-15,000 crore in car loans in FY23 without physical presence, Economic Times said. , citing a senior company executive.
Apart from this, HDFC Bank is also planning to do the same for two-wheeler loans. “We believe this is a game-changer for the industry as a whole,” Arvind Kapil, national head of retail assets at HDFC Bank, told a news portal,
He added that the service could redefine the ease of using a car loan, especially in semi-urban and rural India.
He said the bank also aims to attract at least 20-30% of existing customers and non-account holders through Xpress Car Loans.