HT Bureau
GUWAHATi, May 9: HDFC Bank launched ‘Xpress Car Loans’ – an end-to-end digital new car loan journey for existing customers as well as non-customers. The Bank has integrated its lending application with automobile dealers across the country. This industry-first facility is expected to revolutionise the way car financing is done in the country.
Arvind Kapil – country head, Retail Assets, HDFC Bank, “HDFC Bank has been a pioneer in digital innovations. Now we are stepping up by launching an 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, and 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.”
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Notably, The Indian automotive industry is poised to become the third-largest in the world in the next 5-to-7 years with 35 million new vehicle units per year of sales. In about a decade, this is estimated to result in over 350 million 4-wheelers and over 250 million 2-wheelers, hitting the road.
