HDFC Bank to offer contactless, instant auto loans in 1,000 cities

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MUMBAI: HDFC Bank has launched pre-approved instant auto loans to its customers across 1,000 cities. HDFC Bank’s online auto loan offering. ZipDrive, is a technology-enabled loan product where credit assessment is done by banking software rather than employees and loan released in seconds.
The bank is positioning this loan as a contactless offering where the customer does not have to visit any branch or any touch point keeping the present environment in mind. Customers can get their loans disbursed from anywhere, anytime, through Netbanking or by scanning QR code or through phone banking. The loan is sanctioned using the bank’s proprietary algorithm and analytics.
Customers can select car model, dealer, loan amount within eligible limits and tenure online. They can also opt for On-road funding as much as 100% of the value. Post online submission of applications, the loan gets disbursed instantly. Post disbursement, customers need to submit few post-disbursal documents, such as the RTO set to the bank and take the delivery of vehicle.