The Xpress Car Loan is a simplified and intuitive method to get a car loan and it makes the process a lot more comprehensive, faster 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 the dealers’ accounts within half an hour. This scheme according to HDFC Bank will also drive more car sales across the country including in the semi-urban and rural areas.
Around 82 percent of all cars bought in India are financed and if you have ever taken a loan for a car you know how long and tedious of a process it is. So in order to help customers with this problem, the country’s largest private sector bank – HDFC Bank has recently introduced the industry-first 30-minute ‘Xpress Car Loan’. This newly launched car loan scheme is an end to end digital solution that can be availed by the existing HDFC Bank customers as well as non-customers. The bank has partnered with car dealerships across the country to incorporate its financing programme. According to HDFC Bank, this industry-first facility is anticipated to change the way the country finances automobiles.
Arvind Kapil – Country Head, Retail Assets, HDFC Bank on the announcement of the new ‘Xpress Car Loan’ said, “HDFC Bank has been a pioneer in Digital innovations, “Now we are stepping up by launching 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, dealerships and eventually on third-party aggregator platforms.”
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He further added, “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,”
With 35 million new vehicle units sold each year, India’s automotive sector is on track to become the world’s third-biggest in the next 5-7 years. It is also expected that approximately in a decade’s time over 350 million four-wheelers and over 250 million two-wheelers will enter the public roads.
Earlier in March of this year, the country’s largest automotive manufacturer Maruti Suzuki India Limited rolled out the Smart Finance program for NEXA and ARENA customers. Through Maruti Suzuki Smart Finance, NEXA and ARENA customers can get access to pre-approved and customized car loans with a choice of multiple financiers just like the HDFC Bank Xpress Car Loan.
Maruti Suzuki Smart Finance is also an online end-to-end 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 percent digital, paperless process.
The list of financiers in the Maruti Suzuki Smart Finance scheme 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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