Hyderabad: Private sector HDFC Bank Ltd on Thursday launched custom-fit car loan, ‘AapkeHisaabSe’, a customisation of loan product and service. Under this offering, car loans at lower EMI, longer tenure and 10-minute approval period is provided under two options, the Step-up EMI and Balloon Repayment.

With a 33 per cent market share in the car loan segment, HDFC bank foresees monthly increment of 15 per cent with the new launched scheme. Speaking about the product, Madhusudan Hegde, Branch Banking Head-South, HDFC Bank, said: “We want to retain our customers and want to be a constant part of our customers’ life.

With this intention, we have come with schemes which include features like suraksha kawach, top-up loans, loan period up to seven-year tenure, in-principle approval in 10 minutes among others.” The official further added that the ticket size of the loan is flexible wherein loan is provided for a standard car to a luxury vehicle.

Moreover, the amount is paid directly to the dealer bringing in zero down payment, Hegde added. Asked about the bank’s presence in Telangana and Andhra Pradesh market, he said HDFC Bank disburses nearly 2,600 car loans per month in Telangana and more than 2,000 car loans in AP.

“HDFC Bank has a higher car loan disbursal rate in metros like Delhi and Mumbai, Hyderabad followed with other metro cities. As Hyderabad is an important market, we opted this city for the nation-wide launch of custom-fit car loan,” the bank official said.