Owning a vehicle can be a great feeling, especially if you have the right vehicle, a decent commute and good company. It allows you to travel at your own time and convenience, and you do not have to rely on public transportation. However, purchasing a car with cash outright can dent your savings significantly. With the HDFC Bank Xpress Car Loans platform, you can get the funds needed to buy your dream car within a couple of days, without taking the significant financial hit.
What is Xpress Car Loan?
HDFC Bank Xpress Car Loan platform offers a pioneering quick Car Loan approval facility that allows you to obtain the funds required to buy your dream car quickly. The Xpress Loan platform is an end-to-end digital Car Loan solution through which you can obtain loans up to ₹20 lakhs to purchase the car of your dreams.
Via the Xpress Car Loan platform, you can determine the loan amount you are eligible for and choose your car make and model accordingly. Once you have picked the car and the dealer, you can complete the application process, and the bank disburses the funds to the car dealer. The best part is that you may apply for this loan at any time during the car purchasing journey and benefit from the fast-processing time.
Features and Benefits of Xpress Car Loan
The Xpress Car Loan platform is an end-to-end, instant, and digital auto finance platform that offers the following features and benefits:
You can complete the entire loan process online from the comfort of your home.
You can get loans ranging form ₹1 lakh to ₹20 lakhs , with 90% for specific cars.
You can repay the loan in Easy EMIs, with tenures lasting up to 7 years.
You can enjoy easy Car Loan approval even before shortlisting the car you wish to buy.
You can check your loan eligibility online and increase your eligibility by providing extra documents as necessary.
The bank directly pays the amount to the car dealer within 48-72 hours.
You can buy any type of car using the loan, be it a sedan, hatchback, SUV, MUV, etc.
You can read more about the benefits and features of Xpress Car Loan here.
Eligibility Criteria for Xpress Car Loan
Whether you are a new or existing HDFC Bank customer, you can apply for the Xpress Car Loan. You must simply comply with the below eligibility criteria.
You should be a Resident Indian above the age of 18 years
You should be a salaried professional, a self-employed professional, or a business owner.
You should consent to Aadhaar OTP based eKYC and video KYC.
You should be present in India during the KYC video completion.
Documents Required for Xpress Car Loan
You can obtain the Xpress Car Loan with minimal documentation. You simply need to provide the scanned copies of the following documents.
Any government-approved document with details of your name and age (date of birth).
Any government-approved document with details of your current or permanent residential address.
A copy of your original PAN Card
Income proof documents like latest salary slip and Form 16.
Your net banking credentials or the bank account statements of the last six months (pdf format) for income analysis (if your required loan amount exceeds the initial approval limit).
Post loan disbursal documents like invoice, margin money receipt from the dealer, signed key fact sheet etc., within 10 days of digital loan disbursement.
How to Apply for an Xpress Car Loan?
HDFC Bank Xpress Car Loan platform features an end-to-end digital process. You simply need to visit the HDFC Bank Vehicle Loans platform, select Xpress Car Loans from the menu, and complete these three simple steps to obtain the loan.
Check if you meet the eligibility criteria to avail of the Fast Auto Loan.
Upload all the necessary documents in the prescribed format.
Get instant loan approval within 30 minutes.
Get Xpress Car Loans with HDFC Bank
At HDFC Bank, we understand that buying a car is a significant life milestone for most people. To ensure you can reach your milestone quickly and without hassles, you can avail yourself of our online and digital Xpress Car Loan facility.
Our easy online documentation and simplified process allow you to hold the keys to your preferred car in the shortest time. To learn more about HDFC Bank's Xpress Car Loans and apply for one, click here.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Car Loan at the sole discretion of HDFC Bank limited. Loan disbursal is subject to documentation and verification as per Banks requirement.