HDFC Bank To Accelerate 2-wheeler loan growth to 25%
In Current Fiscal year, HDFC Bank is planning to accelerate two-wheeler loan growth to nearly 25%. This is because the rural demand picks up amid increased government infrastructure spending and a likely normal monsoon is expected to boost rural incomes.
HDFC is the bank, who is the first lender to finance nearly 12 lakh two-wheelers in one year with improved focus on sourcing loans through digital means. The Senior Employee of HDFC Bank stated that if the rural markets are growing, the two-wheeler business will continue to grow as well. Thus the agrarian incomes are growing steadily and it is expected to increasingly see these markets using two wheelers for local commute and that is where the big opportunity lies.
He also stated that this year the bank is going to go rural in a very big way. They have had a great experience. The rural people pay on time due to which collection systems of the bank is also very strong.
Bank aims to finance another 13.5 lakh two-wheelers at the end of the current fiscal year; a growth of 20-25% from the year ago. The bank had financed 9.5 lakh two-wheelers at the end of FY17. The bank’s two-wheeler loan book has now swelled to Rs 10,000 crore with more than 30 lakh customers.