HDFC Bank, the country’s largest private sector banking service provider, on Monday launched the Express Car Loan service, promising to provide tax benefits to customers for buying a car within half an hour.
The Express Car Loan is a first of its kind facility in the industry to create a wider, faster, more convenient and inclusive digital journey for car buyers, the bank said in a statement. Car loan will be fully digital for existing customers as well as non-customers.
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HDFC Bank informed that this facility will help in simplifying the car buying process and boost car sales across the country including semi-urban and rural areas. Arvind Kapil, Country Head, Retail Sales, HDFC Bank said, “HDFC Bank has been a pioneer in digital innovations. HDFC Bank Express Car Loan will be available at all our branches, dealerships and eventually across third party aggregator platforms.
HDFC Bank is initially envisaging 20-30 per cent of customers to avail Express Car Loans. This facility is currently being given for four wheelers and will be gradually rolled out for two wheeler loans.
