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

Mumbai, Jul 2 () Largest private sector lender HDFC Bank on Thursday said it is extending its digital auto loans product, which delivers credit in less than 10 seconds, to 1,000 cities across the country.

The announcement comes at a time when the recent data from auto industry has suggested a surge in sales in non-metro areas, which are less impacted by the COVID-19 infections.

Some watchers say while the pandemic has had a terrible impact on the economy, social distancing restrictions will force many people to stay away from public transport by buying their own vehicles, which is likely to push demand.

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, an official statement said. Advertisement

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. AA RVK

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