New Delhi, Business Desk. HDFC Bank, India’s largest private sector bank has launched ‘Express Car Loan’. End-to-end digital new car loan journey for existing customers as well as non-customers. The bank has integrated its loan application with automobile dealers across the country. This industry first facility is expected to revolutionize the way car financing is done in the country.

HDFC Bank has created a comprehensive, faster, more convenient and inclusive digital journey for car buyers. This will help in simplifying the car buying process and boost car sales across the country including in semi urban and rural areas.

HDFC Bank Country Head Retail Assets Arvind Kapil said that HDFC Bank has been a leader in digital innovations. We are now stepping up by launching an end-to-end digital car loan solution for existing as well as new customers. Express Car Loans by HDFC Bank will be an industry defining automotive lending journey. It will be available at all our branches, dealerships and eventually across third party aggregator platforms.

He added that as the automotive ecosystem has evolved, there is still a significant opportunity to unlock value for customers by transforming the customer experience. To begin with, HDFC Bank envisages 20 per cent to 30 per cent of customers (for loans up to 20 lakhs) to avail this facility. This facility is currently being given for four wheelers and will be gradually rolled out for two wheeler loans.

The Indian automotive industry is poised to become the third largest in the world over the next 5-7 years with 35 million new vehicle units sold per year. In nearly a decade, this is estimated to result in over 350 million 4-wheelers and over 250 million 2-wheelers on the road.

Edited By: Sarveshwar Pathak