By the end of the year, HDFC Bank will offer everyone a personal loan service in 10 seconds.
Private lender HDFC Bank is expanding its offerings to freelancers who were previously not considered creditworthy in addition to providing loans to anyone in just 10 seconds. From now on, the private lender wishes to increase the exposure to the credit of the independent customers, who represent barely 5% of the market.
The 10 second loan service is something that HDFC Bank, the largest private lender in India, wants to make it available to everyone, even people who don’t have a bank account. The bank has been able to provide 10 second loans to existing customers for the past six years and has been a pioneer in this field.
By the end of the year, we intend to launch the product in the wider open personal loan market after providing quality service to our current customers.
HDFC bank is increasing its offers to freelancers who were previously not considered creditworthy in addition to providing loans to everyone in just 10 seconds. From now on, the private lender wishes to increase the exposure to the credit of the independent customers, who represent barely 5% of the market.
The private lender has 12 million pre-approved loan customers across all of its products and has established an infrastructure base in 650 districts in India to disburse unsecured loans.
At Rs 1.48 lakh crore, personal loans made up the largest portion of retail loans, while 10-second loans made up the largest portion at the end of June 2022.
Additionally, Kapil intends to expand its customer base of independent contractors. Across several categories, he oversees retail assets totaling over Rs. 5.6 billion. It is important to note that, according to HDFC Bank management, only 5% of the self-employed market has access to loans.
About 12 million pre-approved HDFC Bank loans, according to Macquarie research, will be used for mortgage cross-selling. Mortgages are being completed in 440 districts, and this number will increase.
Meanwhile, Kozhikode, the first all-female branch of HDFC Bank in Kerala, opened its doors last month. There will be 4 female bankers working at the branch, which is located on Cherootty Road, the commercial center of the district.
HDFC Bank 10 Seconds Personal Services Features
- It provides a personal charge in 10 seconds using the Personal Loan Eligibility Calculator to quickly determine their eligibility online or at select branches.
- HDFC Bank customers also offer benefits to their customers with pre-approval, they can receive funds in just 10 seconds.
- They have simplified the personal loan application process, allowing other customers to receive a loan within 4 business days, subject to documentation and verification requirements set by the bank. Customers can apply for a personal loan online in a few simple steps.
- In addition, 10 second personal loan will also help customer who is insured as they can cover personal accident and purchase personal accident cover up to $85,000 and critical illness cover up to $15,000 for a small premium. When disbursing the loan, the premium for these plans will be subtracted from the loan amount. Additional charges will be applied for taxes, surcharges and fees.
- Along with this they also provide personal loan security by using Sarv Suraksha Pro to protect their personal loan. The main benefits consist of Credit Shield coverage which covers the amount of outstanding debt. Coverage for accidental death or permanent disability up to $1 million. Accidental hospitalization cover up to $8 lakh.
Benefits of personal loan in 10 seconds HDFC Bank
When a client needs money but doesn’t want to deal with the headache of borrowing from friends or family, a personal loan can be a real blessing. A customer can quickly and easily obtain a personal loan, whether they need it for short-term cash or short-term medical expenses, a wedding or a trip abroad, home renovations or overseas study costs. A personal loan is convenient because it can be repaid over time in manageable installments and is quick to disburse with little to no paperwork.
Simple loan processing: A customer can apply for a personal loan online, using NetBanking, at an ATM, or by visiting your local branch in person. Little documentation is required and the application process is quick.
Instant payout: If a client is a member of HDFC Bank, a client can acquire a personal loan in 10 seconds*. For others, it only takes four hours*.
The client is free to use the loan for any purpose: One of the main advantages of personal loans is the flexibility with which they can spend the money, whether it is for a wedding, vacation, gadget, business investment, home improvement, etc. They have to resort to a car loan or a home loan for the specified purpose.
No need to pledge assets as collateral for the loan: Personal loans are unsecured loans, so a client can receive one without pledging assets like your home or stocks as collateral.
Simplified documents: Compared to most other loans, a personal loan requires significantly less paperwork and processing time. A client can obtain a loan by providing identification, proof of address and proof of income. The application process is quick and little paperwork is required.
Easy installments or EMI: These are two convenient ways to repay personal loans. The terms of payment are often flexible and a customer can choose a duration allowing him to optimize his monthly expenditure according to the circumstances. HDFC Bank offers EMIs with tenors of 12 to 60 months, starting at Rs 2,162 per lac. For a personal loan, they can consult the EMI calculator.