Xpress Car Loans: Customers Can Now Avail Car Loans From HDFC Bank in 30 Minutes

Through ‘Xpress Car Loans’, HDFC Bank said it is offering end-to-end car loans to customers within 30 minutes through an online platform in what it claims to be the industry’s first bank to do so.

New Delhi: At a time when e-commerce facilities are thriving with 10-minute service delivery in the country, HDFC Bank is betting on 30-minute delivery to boost its car loan business in India. Known as ‘Xpress Car Loans’, HDFC Bank, the largest private bank in the country, said it is offering end-to-end car loans to customers within 30 minutes through an online platform in what it claims to be the industry’s first bank to do so.

In a statement, the bank said it is now looking forward to giving a car loan in just 30 minutes. After a home loan, a car loan is the second biggest ticket thing for which a customer borrows money.

In general, the average time taken to secure a car loan is somewhere around 48-72 hours at present for a potential car buyer.

The bank said through its online quick loan service, it expects to hand out Rs 10,000-15,000 crore of car loans in FY23 without a physical presence, Economic Times quoted a senior company executive as saying.

Apart from this, the HDFC Bank is also planning to do the same for two-wheeler loans. “We believe it’s a game-changer for the industry at large,” Arvind Kapil, country head, retail assets, at HDFC Bank, told a news portal,

He added that the service could redefine simplicity of availing a car loan, particularly in semi-urban and rural India.

He said the bank also aims to bring in at least 20-30% of existing customers and non-account holders through Xpress Car Loans.