On July 2, 2020 HDFC Bank announced that it will offer ‘ZipDrive’, an online instant auto loan to its customers in 1,000 cities. The auto loan disbursal product is only for customers with pre-approved offers. It is a technology-enabled loan product where credit assessment is done by banking software.
Gist about ZipDrive
Availability– The product will be available to tier 2 and 3 cities across India, such as Bhimavaram in Andhra Pradesh, Hardoi in Uttar Pradesh, Thalassery in Kerala, and Balasore in Odisha among other places
Loan can be availed within 10 sec– The customers can avail the loan from anywhere, anytime, through Netbanking or by scanning QR code or through phone banking or through assistance from the bank’s phone banking team within 10 seconds. It is claimed to be the country’s fastest online auto loan disbursement offering.
Loan sanction & No pre-approval document– The loan is sanctioned using the bank’s proprietary algorithm and analytics. No pre-approval documents are required.
Customer’s preference– The customers can choose the preferred car model, dealer, loan amount within the eligible limits and tenure online. They can also opt on-road funding up to 100% of the value.
Convenience– It provides a convenient and contactless form for obtaining auto loans from the bank at attractive prices and terms. The customers need not have to visit any branch
About HDFC Bank:
Headquarters– Mumbai, Maharashtra
Managing Director(MD)– Aditya Puri