HDFC Bank extends digital auto loans

The product is available for bank customers with a pre-approved offer, and the bank claimed that it is the fastest online auto loan offering.

By Author  |  Published: 2nd Jul 2020  6:36 pm
HDFC Bank

Mumbai: Largest private sector lender HDFC Bank on Thursday said it is extending its digital auto loans product. The product christened as ‘Zipdrive instant auto loans’ will be available to customers in 1,000 cities across the country like Bhimavaram in Andhra Pradesh, Hardoi in Uttar Pradesh, Thalassery in Kerala, and Balasore in Odisha, a official statement said.

The product is available for bank customers with a pre-approved offer, and the bank claimed that it is the fastest online auto loan offering. “Digital platforms will play an increasingly important role as India opens up further, post the lockdown,” the bank’s country head for retail lending Arvind Kapil said. The product is convenient because it is contactless, he said, adding that the lender can now connect with customers in tier-2 and 3 cities at the click of a button.

The bank said the pre-approved loan offers are made to customers using an algorithm and analytics, no pre-approval documents are required, and customers can get their loan disbursed from anywhere.