Xpress Car a New Digital Car Loan Scheme Launched by HDFC Bank

Current Context: HDFC Bank has launched a new car loan scheme i.e Xpress Car Loans’ which provides a digital new car loan journey for existing customers as well as non-customers.

• The bank has linked its lending application with all automobile dealers across the country to facilitate this scheme for end-users.
• This car loan scheme provides loans faster, and more convenient, for car buyers through a digital medium.
• In fact, it creates a win-win situation for both banks and the automobile industry since it boosts the purchase process and car sales across India.
• This Xpress car loan scheme will simplify the car purchase process, especially for those people who are willing to buy but don’t want to indulge at all paper works.
• It provides a hassle-free experience in car sales across the country, including in the semi-urban and rural areas.
• It is estimated that the Indian automotive industry will become the third-largest in the world in the next 5 to 7 years with 35 million new vehicle units per year of sales.
• The intensity of vehicles will also increase by over 350 million in 4-wheelers and over 250 million 2-wheelers, in about a decade.
• Currently, this loan scheme facility is only available for four-wheelers, and they were planning to include two-wheeler loans also in near future.
• Static Part
• HDFC Bank Ltd MD & CEO: Sashidhar Jagdishan
• Establishment: 1994
• Headquarters: Mumbai, Maharashtra
• Tagline: We Understand Your World.

Question: 

Q.1 Which Bank Has recently released 30 min Xpress car loan?
a. ICICI Bank
b. HDFC Bank
c. SBI Bank
d. Indusland Bank