HDFC Bank has launched a 30-minute digital car loan scheme for customers as the country’s economy recovers. HDFC Bank has named this scheme as Xpress Car Loans.
HDFC Bank is one of the largest private sector banks in the country. According to HDFC, for the first time in the banking industry, a 30-minute car loan scheme is being implemented online on behalf of their bank. In fact, it is considered to be the first time in the world.
In the current scenario, it takes at least 48 to 72 hours for a customer with a good Sibyl score to get a car loan without any problems. Next to the home loan scheme, the maximum loan amount that an individual can get is for car purchase.
Rs 15,000 crore loan scheme
HDFC Bank believes that the lending scheme can be done and completed without meeting the customers in person. In that category, the target is to lend between Rs 10,000 crore and Rs 15,000 crore in FY2023.
While a 30-minute car loan scheme has been launched, HDFC Bank has said it is considering a similar loan scheme for two-wheelers digitally.
Customers who search online and make purchases in person
About 90% of customers who want to buy a car start searching for information online. But, in the end only 2% of their customers have access to dealers digitally. Only a few of them get a car loan online.
Arvind Kapil, Head of India, HDFC Bank, said, “We aim to bring 20 to 30 per cent of the customers who already have an account at HDFC Bank and those who do not have an account yet under the Express Car Loan scheme.”
About 55 percent of car buyers prefer to avoid the direct contact transaction method, according to HDFC Bank.