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HDFC Bank launches 10-second personal loan disbursement scheme

Says with this product, existing customers will have a pre-approved loan amount available to them 24x7

Press Trust of India  |  New Delhi 

Country's second-largest private sector lender, HDFC Bank today launched a 10-second paperless instant plan for its existing customers.

"HDFC Bank will now disburse personal loans to its customers in just 10 seconds. With this product, existing customers will have a pre-approved amount available to them 24x7," the bank said in a statement.


The entire process of availing the is completely paperless, and users can simply log into their bank account via net-banking or mobile banking and avail of this at a click, it added.



The is completely hassle-free and transparent. Users will no longer have to wait for disbursement of funds, particularly in medical or other types of emergencies.

"It is like having a real cheque in one's virtual wallet and is part of our mission of enabling customer delight by creating simple and speedy banking solutions that are available at a click," the statement said.

Commenting on the development, HDFC Bank Unsecured Loans, Home & Mortgage Loans Business Head Arvind Kapil said: "Most customers expect to connect the dots between online and offline options to deliver convenient, consistent service."

The 10-second is another offering under HDFC Bank's digital banking platform Under the platform, the bank had launched application to cater to e-commerce space.

In financial year 2014-15, 63 per cent of all transactions at HDFC Bank were conducted through digital channels.

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