HDFC Bank launches 30-minute auto loan, 15-minute two-wheeler loan

With this launch, any person wishing to avail of a loan can walk into an auto dealership or any other touch points of the bank and provide the Aadhaar card number and fingerprint. The biometric technology available at the point of customer contact will match these details against consolidated information accessed from several databases to authenticate customer profile. If eligible, based on the profile, the loan will then be approved with minimal documentation required from the customer within record time.

HDFC Bank is a market leader in the auto and two-wheeler loan space and this solution will give the customer the freedom to walk into a showroom without any documents and obtain a loan. It will also reduce the turnaround time to process a loan, allowing the bank to improve efficiency and serve a larger number of customers.

"Customer convenience lies at the heart of our digital banking initiatives. We believe the 30-minute auto loan will be the next level in financing and addressing customer needs. If a customer walks in to an auto dealership, they can walk out with the vehicle the same day itself, which was not the case earlier," said Ashok Khanna, Senior Executive Vice-president, Business Head (Vehicle Loans).

The 30-minute auto loan and 15-minute two-wheeler loan is the latest initiative in HDFC Bank’s digital banking offering christened Go Digital. This campaign began on the banks of the Varanasi last year, with the launch of its ‘Go Digital - Bank Aap Ki Muththi Mein’ offering, which literally converts the mobile phone into a bank branch. Since then the bank has launched a host of innovative digital solutions such as payment platforms like Payzapp and Chillr, and a virtual marketplace for offers and deals known as Smartbuy among others.