He will be based in Mumbai and will report to products & services head Prateek Pant.
Khandelwal will initially be involved in the rollout of the offering across the country, following which he will be responsible for managing and further enhancing the credit product platform, Pant said in a statement.
On the development, private banking head Shiv Gupta said Khandelwal's appointment represents further strengthening of our client proposition here.
Khandelwal has over 10 years experience in the banking and financial services industry and he joins from IIFL where he was business head and senior vice-president, lending. He had also earlier worked with DSP Merrill Lynch, and Kotak Mahindra Group.