Mumbai, Sept 16 : HDFC Bank launched its ‘Design Your Own Loan’ scheme wherein customers can now apply for loan against shares (LAS) online using their demat account.
They can also set their own limits by choosing the combinations of shares to pledge with the bank.
This gives customers the convenience to design their own loan at any time of day or night anywhere. It also enables them optimize the amount they would like to borrow thus obviating the need to visit a bank branch. It also drastically cuts the time taken for LAS approvals and disbursements from the current industry turnaround time of 4-8 days to just 24 hours.
‘Design your own Loan’ now allows customers to pledge from a range of collateral accepted in the industry. Other benefits include anytime, anywhere access, interest only on amount utilized, auto renewal of loan facility, no repayment penalty and a dedicated LAS helpdesk. This is an industry first in terms of offering an easy, seamless and quick experience to the customer for obtaining loan against shares.
The entire process takes only a few minutes, needs no forms to be filled and is processed and disbursed on a priority basis. All HDFC Bank resident individual customers who have an existing demat account with the bank can now apply for LAS by logging into their Net Banking account and clicking on the ‘Demat’ tab and following the instructions.
After selecting the loan amount and shares, customers need to select the branch, city and state to open the LAS account.
On clicking ‘Confirm’, an acknowledgement is obtained, along with an option to download the PDF of the acknowledgement. An SMS is also sent to the customer acknowledging the receipt of application. An official from the nearest branch calls on the customer with prefilled documents and obtains the customer’s signatures. The minimum loan amount is Rs. 1 lakh and the maximum is Rs. 20 lakh.
“Design your own Loan is in line with the Bank’s Go Digital ‘Bank AapkiMuththi Mein’ theme. It offers both convenience and customization. The use of digital platforms for loan against shares is also beneficial for small businesses in smaller towns and cities across India since it offers quick access to liquidity within a short span of time, “said ArvindKapil, Senior Executive Vice President & Business Head – Unsecured Loans, Home & Mortgage Loans, HDFC Bank Ltd.
Design your own loan is one more offering under digital banking by HDFC Bank. The Bank now offers a suite of products and services; from 10 seconds personal loans for its customers, biometric approval for auto loan, payment solutions like Chillr and PayZapp to name a few, that offer access and convenience to our customers by leveraging digital platforms.