On Monday HDFC Bank launched `eInstant Car Loans'--a new scheme for offering customers a range of net-enabled loan products. It also announced a tie-up with Tata Engineering for enabling the company's dealers to service potential customers for the Indica and other cars through net-kiosks set up by the bank.

All that HDFC Bank's customers need to do now is to log on to the bank's web-site and fill out a form. And within 60 seconds, they will get a car-loan approval or declined. The loan approval letter will give details of the loan, contact person in the bank and other terms and conditions. Direct sales executives of the bank will contact the customer within 8 working hours and the cheque will be disbursed to the dealer within 24 hours.

Says HDFC Bank's country head(marketing & retail assets), Neeraj Swaroop: "This will be a new channel to service customers by HDFC Bank. The bank is the preferred financier for Tata Indica and other Tata Engineering passenger cars."

And this is not all. Says Swaroop: "Customers applying for the `eInstant' scheme will receive loans at a special price, which will be half a percentage points lower than the going rate of interest. At present, we offer car loans at 16.5 per cent for small cars and at 17 per cent for the premium segment", adding: "The tie up with Tata Engineering will allow servicing customers through kiosks at 30-40 locations".

The dealer net-connectivity would enable customers to apply for a car loan anytime from the convenience of their home, office or at the dealership itself. The new car loans are part of the bank's web-based loan initative `eInstant' loans. The bank will offer customers a range of net enabled products: personal, consumer and car loans.

`eInstant' car loans would facilitate the purchase of any carand would be available to all loan seekers even if they are not customers of the bank. Dealer net-connetivity, would proactively enable customers, to apply for a car loan anytime, from the convenience of their office or at a dealer itself. Further, more of this facility would enable the car dealer to acquire immediate conversion at the time of customer inquiry.

Net-connectivity through Net-kiosks will be available at select Tata Engineering car dealerships across India over a period of time.