By year’s end, HDFC Bank will offer everyone a 10-second personal loan service.
The private lender HDFC Bank is expanding its offers to self-employed people who were previously not considered creditworthy in addition to providing loans to everyone in just 10 seconds. Now, the private lender wants to raise credit exposure to customers who are self-employed, who make up barely 5% of the market.
The 10-second loan service is something that HDFC Bank, the largest private lender in India, wants to make available to everyone, even people who don’t have bank accounts. The bank has been able to provide 10-second loans for existing customers over the previous six years and has been a paradigm pioneer in this area.
By year’s end, we intend to release the product to the larger open market for personal loans after providing service delight to our current clients.
The HDFC Bank is increasing its offers to self-employed people who were previously not considered creditworthy in addition to providing loans to everyone in just 10 seconds. Now, the private lender wants to raise credit exposure to customers who are self-employed, who make up 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 basis throughout 650 districts in India to disburse unsecured loans.
At Rs 1.48 lakh crore, personal loans made up the greatest portion of retail loans, while 10-second loans made up the highest portion as of the end of June 2022.
Additionally, Kapil intends to expand his customer base of independent contractors. In several categories, he oversees retail assets totalling more than Rs. 5.6 lakh crore. It is important to note that, according to HDFC Bank management, just 5% of the self-employed market has access to loans altogether.
Approximately 12 million pre-approved loans from HDFC Bank, according to Macquarie research, will be utilised to cross-sell mortgages. Mortgages are being completed in 440 districts, and this number will increase.
In the meantime, Kozhikode, Kerala’s first entirely female branch of HDFC Bank, opened its doors last month. There will be 4 female bankers working at the branch, which is situated on Cherootty Road, the district’s commercial centre.
Features of HDFC Bank 10 Seconds Personal Services
- It provides personal load within 10 seconds by using the Personal Loan Eligibility Calculator to quickly determine their eligibility online or at some branches.
- HDFC Bank customers also provide benefits to their customers with prior approval, they can receive funds in just 10 seconds.
- They have streamlined the personal loan application procedure, allowing other customers to receive a loan within 4 working days, subject to documentation and verification requirements set by the bank. Customers can apply for a personal loan online in a few simple steps.
- Moreover, a 10 Second Personal Loan will also help the customer who is insured as they can cover personal accidents and purchase Personal Accident coverage up to $85,000 and Critical Illness coverage up to $15,000 for a small premium. During loan disbursement, the premium for these plans will be subtracted from the loan amount. Additional fees will be applied for any taxes, surcharges, and fees.
- Along with this, they also provide Personal Loan Security by using Sarv Suraksha Pro to protect their personal loan. The key advantages consist of Credit Shield Cover that covers the amount of the unpaid debt Accidental death/permanent disability coverage of up to $1 million. Accidental hospitalisation coverage of up to $8 lakh.
Benefits of HDFC Bank 10 Seconds Personal Loan
When a customer 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 expenditures, a wedding or foreign trip, home remodelling or study abroad costs. A personal loan is practical because it may be repaid over time in manageable instalments 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 going in person to your local branch. Little documentation is needed, and the application process is quick.
Instant disbursal: If a customer is an HDFC Bank member, a customer might acquire a personal loan in 10 seconds*. For others, it takes only four hours*.
The customer is free to use the loan for any Purpose: One of the major benefits of personal loans is the flexibility with which they can spend the money, whether it be for a wedding, vacation, gadget, company investment, house remodelling, etc. They must employ a car loan or a home loan for the specified purpose.
No need to pledge any assets as security for the loan: Personal loans are unsecured loans, so a customer can receive one without pledging assets like your house or stock as security.
Simple Documentation: Compared to most other loans, a personal loan requires significantly less paperwork and processing time. A customer can obtain a loan by providing identification, proof of address, and evidence of income. The application process is quick, and not much paperwork is needed.
Easy instalments or EMIs: They are two convenient ways to repay personal loans. The terms of payment are frequently adjustable, and a customer can select a duration that enables them to optimise their monthly outlay in accordance with the circumstances. The HDFC Bank offers EMIs with terms of 12 to 60 months, starting at Rs 2,162 per lac. For a personal loan, they can check the EMI calculator.