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The country’s largest private sector lender, HDFC Bank, has securitised new car loans by issuing pass-through certificates (PTCs) valued at just over Rs 12,700 crore.
The securitisation transactions are expected to generate liquidity for the private lender.
The pool of new car loans, which will be assigned to the trust, has been originated by HDFC Bank, India Ratings said in a late-night statement on Friday.
HDFC Bank's gross advances stood at Rs 25.19 trillion as of end-September 2024. The auto loan assets under management (AUMs) for the bank, including new car loans, stood at Rs 1.3 trillion during the same period.
The rating agency has assigned an “AAA/stable” rating to these PTCs, which have different maturity periods ranging between two and six years.
The collateral pool to be assigned to the trust had an aggregate outstanding principal of Rs 12,371.8 crore as of the cut-off date of October 31, 2024, involving 0.18 million loans. These loans have a significant repayment track record from the underlying borrowers.
The weighted average internal rate of return (IRR) for the pool stands at 8.91 per cent. All loans in the pool were current, that is, standard assets, as of the cut-off date. The top three states contribute around 42.7 per cent to the total pool.
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