VTB Develops Online Service for Car Loans

The VTB bank has expanded its online car purchase service on credit to all bank customers. Registration of an application at VTB Online is now also available for iOs users. The technology has already made it possible to increase the share of online applications for a car loan by 15 per cent, increasing the monthly number of applications in VTB Online to 4,000, the bank’s press service reports.  

It is specified that in just a month of operation, customers sent over 4 thousand applications for a car loan, and after scaling on iOS their monthly number is expected to exceed 7 thousand. As a result of the emergence of a new channel, the average time for filling out questionnaires has been reduced by 2.5 times, from 17 to 7 minutes. It is noted that a borrower receives a decision on issuance in a few minutes and completely remotely.

At the end of 2020, the bank issued more than 90 thousand loans for more than 80 billion rubles. According to the data provided, VTB’s car loan portfolio at the beginning of 2021 exceeded 115 billion rubles. It is mentioned that in the first month of operation, the most popular car brands at the request were Kia, Toyota, LADA, Hyundai, and Skoda.

Ru-Main, 19.02.2021 

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