HDFC Bank launches 30-minute auto, 15-minute 2-wheeler loan

Srinagar: HDFC Bank has launched an auto loan that is 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.

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).

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