HDFC Bank launches 30-minute auto loan

HDFC Bank has launched an auto loan being disbursed in just 30 minutes.

HDFC Bank has launched an auto loan being disbursed in just 30 minutes.

Using biometric technology, 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 in a statement said.

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," Ashok Khanna, Senior Executive Vice-president, Business Head (Vehicle Loans) said.

The 30-minute auto loan and 15-minute two-wheeler loan are the latest initiatives in HDFC Bank's digital banking offering christened Go Digital.

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