HDFC Bank on Thursday announced its plans to offer instant auto loans called ZipDrive to its customers in 1,000 cities.
“The offering is now being extended to Tier 2 and 3 cities, such as Bhimavaram in Andhra Pradesh, Hardoi in Uttar Pradesh, Thalassery in Kerala, and Balasore in Odisha among other places, across India,” the bank said in a release.
The move comes amidst demand for entry-level cars as people try to avoid public transport.
Under the scheme, HDFC Bank customers are given pre-approved loan offers using the bank’s proprietary algorithm and analytics. Customers can select car model, dealer, loan amount within eligible limits and tenure online, the lender said, adding that they can also opt for on-road funding as much as 100 per cent of the value.