Categories: Business

HDFC Bank extends digital auto loan offering to 1,000 cities across the country. HDFC Bank Expands Digital Vehicle Loan Offerings to 1,000 Cities

Photo: FILE (ANI)

HDFC Bank extends digital auto loan offering to 1,000 cities across the country

Mumbai. HDFC Bank, the largest private sector bank, has announced to expand its digital vehicle loan offering to 1,000 cities. Under this scheme, vehicle loan is given in just 10 seconds. HDFC Bank announced this on Thursday (2 July). The bank's announcement matters because vehicle industry data shows vehicle sales have increased in non-metropolitan areas less affected by the Kovid-19 transition.

Those associated with the auto industry believe that the epidemic has severely affected the economy. Due to restrictions such as community distance, people would prefer to use their own vehicle instead of public transport. This will increase the demand for vehicles. HDFC Bank's loan product 'ZipDrive Instant Vehicle Loan' will be available to customers in 1,000 cities across the country. These cities include Bhimavaram in Andhra Pradesh, Hardoi in Uttar Pradesh, Thalassery in Kerala and Balasore in Odisha.

HDFC Bank claims it is the fastest approved online vehicle loan. The bank will make this loan available to customers through a 'pre-approved' offer. Arvind Kapil, head of the bank's retail lending business, said, "The role of the digital platform will become more important after the lockdown."

He said that the bank can now connect with second and third tier city customers with the click of a button. The bank said that pre-approved loans are offered to customers through an analytics and code language code (algorithm).

This post was published on July 3, 2020 2:08 am

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