New Delhi, Sept. 20 (PTI): HDFC Bank has been ranked as the top vehicle finance company in the country as per a study conducted by global market research firm J D Power.
The private bank has been ranked ahead of other financiers like ABN Amro, ICICI, Kotak Mahindra Primus and American Express, according to the J D Power Asia Pacific 2002 India consumer financing satisfaction (CFS) study.
The study, which evaluated 2,771 new vehicle owners, was based on parameters like application process, approval and documentation, finance advisor and loan value.
“HDFC achieves the top ranking in 2002 by focusing on what is important to the customer — improving the case and speed of the loan application and approval process,” JD Power Asia Pacific senior analyst and account director Sanjay Ralhan said in a statement here.
The study also showed that four out of every six new vehicle buyers in the country opted for one of the various finance schemes to fund their purchases.
The percentage of such buyers who take loans has also jumped to 82 per cent from 74 per cent over the last two years.
The annual study, now in its third year, examines customer satisfaction in terms of finance schemes within one to six months of ownership.
“Today, only one in three auto finance customers end up paying an interest rate of 12 per cent or more, compared to nine out of ten customers in 2000,” it said.
Among auto financiers, ICICI emerged as the most improved one, the study said adding that it had reversed last year’s drop due to significant rise in volumes which led to difficulty in handling both sales and customer satisfaction.
Customers who obtain loans from nationalised banks continue to be more satisfied rather than a non-banking finance company or a foreign bank, it said.