Apply and get the loan amount in your account in 30 minutes! HDFC Bank launches XPress auto loans

Auto Loan Xpress is a simplified and intuitive way to get a car loan and makes the process much more comprehensive, quick and convenient for car buyers. Buyers can use the Xpress car loan to apply for up to Rs 20 lakh and the loan amount will be credited to dealers’ accounts within half an hour. According to HDFC Bank, this program will also boost car sales across the country, including in semi-urban and rural areas.

About 82% of all cars purchased in India are financed and if you have ever taken out a car loan, you know how long and tedious the process is. So, to help customers solve this problem, the country’s largest private sector bank, HDFC Bank, recently launched the industry’s first 30-minute Xpress car loan. This newly launched car loan program is an end-to-end digital solution that can be used by existing HDFC Bank customers as well as non-customers. The bank has partnered with car dealerships across the country to integrate its financing program. According to HDFC Bank, this industry-first facility is set to change the way the country finances automobiles.

Arvind Kapil – Country Head, Retail Assets, HDFC Bank, on announcing the new ‘Xpress Car Loan’ said, “HDFC Bank has been a pioneer in digital innovations, ‘Now we are stepping up by launching a digital car from end-to-end lending solution for existing customers as well as new customers. Xpress Car Loans by HDFC Bank, will be an industry defining car loan journey. It will be available at all our branches, dealerships and eventually on third party aggregator platforms. »

He added, “Although the automotive ecosystem has evolved, there is still a significant opportunity to unlock value for customers, especially in semi-urban and rural parts of India), by transforming the experience customer. Digital is a way of life for us at HDFC Bank, and we believe it can shift our trajectory from incremental growth to exponential growth,”

With 35 million new vehicles sold every year, India’s automotive sector is on track to become the third largest in the world within the next 5-7 years. It is also expected that within a decade or so more than 350 million four-wheeled vehicles and over 250 million two-wheeled vehicles will enter public roads.

Earlier in March this year, the country’s largest automaker, Maruti Suzuki India Limited, launched the Smart Finance program for NEXA and ARENA customers. Through Maruti Suzuki Smart Finance, NEXA and ARENA customers can access pre-approved and personalized car loans with a choice of several financiers, just like the HDFC Bank Xpress car loan.

Maruti Suzuki Smart Finance is also an end-to-end online car finance solution for NEXA and ARENA customers. It is designed to help customers access car loans from 16 Financiers at competitive interest rates and through a 100% digital and paperless process.

The list of Maruti Suzuki Smart Finance program financiers includes State Bank of India, HDFC Bank, Mahindra Finance, Indusind Bank, ICICI Bank, Cholamandalam Finance, Axis Bank, Bank of Baroda, Kotak Mahindra Prime, Sundaram Finance, AU Small Finance Bank, YES Bank, HDB Financial Services, Toyota Financial Services (India), Federal Bank and Karur Vysya Bank.

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