HDFC Xpress Car Loan- Personalized & Fast Digital Lending Workflow with AA

24 May 2023
  • Perfios and Anumati, in collaboration with HDFC Bank, have transformed the lending process with ease and speed.
  • The purely digital lending process is not just easy to use, but the 20-min disbursement is what gets the praises all over.

“Now we are getting around 12,000 loan applications monthly on the Perfios platform, and 75% of the customers are choosing the Anumati as an account aggregator framework over net banking submission of statements. 85% of the approvals that are happening here are of the customers giving statements through the Account Aggregator framework”

This was the most powerful statement delivered in the SamvAAd session by the HDFC Bank in association with the technology partner, Perfios, and the Account Aggregator, Anumati.

In their presentation regarding purely digital lending workflows, the presenters showcased the life before the advent of AA systems and compared the ease after it.

Leveraging Perfios and Anumati, HDFC bank has developed Xpress Car Loan. This platform enables the bank to serve end-customers with car loans worth up to 25 lakh INR instantly with zero paperwork.

The system empowers the bank to fetch customers’ digital financial data securely through AA and thus reducing the loan disbursement time to 30 minutes, which earlier used to be 3-4 days with the conventional paper approach. Perfios and Anumati have provided a seamless journey for the necessary financial documents to be collected. Perfios’ deep real-time analysis has helped in underwriting these loans. And, for the customers of HDFC bank with existing KYC, the time is only about 10 minutes as the e-KYC process and video KYC processing takes around 20 minutes, and they don’t need to go through it additionally.

Such a completely digital process is crafted with a customer-friendly UI, where the client need not have to navigate much from one screen to the other. Here, one can easily select the showrooms, model, dealer, etc., give consent to fetching data, provide the PAN number, and authenticate the process with AADHAAR and OTP. Then the clients can mandate the EMIs, and the amount is disbursed into the dealership account.

This mobile app-based application is transforming the lives of all those looking for financial services and helping them realize their long-cherished dreams.

For a better understanding, the presenters called their existing customer on stage, who was searching for good loan deals for a new car. Earlier, he went to a few other reputed banks, but the tedious paper process made him opt for the other. With Perfios as the Technology partner and Anumati as Account Aggregator, HDFC helped him approve 100% of the car value, amounting to Rs. 11 lakhs, with much ease and speed.

For such convenience, Xpress car loans now account for 24% of the total car loan portfolio monthly!

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