HDFC Bank unveils 30-minute auto loan

Posted By: Religare
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Private-sector lender, HDFC Bank said that it has launched '30-min auto' and '15-min 2-wheeler' loan schemes, for which customers have to provide only their biometric details, reported PTI.

"The 30-minute auto loan is available for HDFC Bank customers, as well as others. With this technology-enabled solution, loans for two-wheelers can also be approved within 15 minutes," the Bank said in a release.

Any person willing to avail a loan can walk into an auto dealership or any other touch points of the bank and provide the Aadhaar card number and fingerprint, it said.

If eligible, based on the profile, the loan will then be approved with minimal documentation required from the customer within record time, it added.

Commenting on the development, HDFC Bank, Senior Executive Vice-president, Business Head (Vehicle Loans), Ashok Khanna, said, "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 need."

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.

Meanwhile, shares of the Bank were trading at Rs 1055.0 a piece, down 0.18 per cent from the previous close at 11:02 hours on BSE.

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