HDFC Bank’s Express Car Loan Awarded ‘Best in Class Lending Solution’ at Global Fintech Fest
Mumbai – HDFC Bank’s industry-first offering ‘Express Car Loan’ to National Payments Corporation of India; Payments Council of India; and has been awarded the ‘Best in Class Lending Solution’ award by the Fintech Convergence Council at the Global Fintech Fest organized on 20th September, 2022. The fest is a platform that brings together stakeholders in the field of FinTech.
‘Express Car Loan’ is an innovation that allows money to be credited to the dealer’s account within 30 minutes. It was launched at the beginning of the current financial year. It is an end-to-end digital new car loan for existing customers and new customers. For this the bank has integrated its lending application with all the automobile dealers in the country. The bank wants to revolutionize the way car finance is done in the country.
Arvind Kapil, Country Head – Retail Assets, HDFC Bank said, “We are delighted to have this honor on this platform. Express Car Loans were born with the knowledge that almost 90 percent of car buying journeys start online, but they just don’t make it. This loan will bridge this gap through end-to-end digital travel and will revolutionize the way car finance is done in the country. We are committed to continue to innovate in this area.”
According to reports, the Indian automotive industry is set to become the third largest in the world in the next 5 to 7 years, with 35 million (35 million) new vehicles sold every year. This figure is estimated to increase to over 350 million (350 million) 4-wheelers and over 250 million (250 million) two-wheelers in about a decade. HDFC Bank continues to innovate and has taken several industry initiatives in the area of retail lending, including personal loans in 10 seconds, and digital loans against securities/mutual funds.
