HDFC Bank launches 10-second paperless instant loan Scheme

HDFC Bank, India’s second-largest private sector lender has launched a 10-second paperless instant loan Scheme for its existing customers.
The 10-second loan Scheme was launched as part of HDFC Bank’s digital banking platform GoDigital. With this, HDFC bank became first banking institution to completely automate the entire process of loan approval and disbursement.
Under this scheme, bank will now disburse personal loans to its customers in just 10 seconds and a pre-approved loan amount will be available to them 24×7.
The entire process of availing the loan under this scheme will be completely paperless. In this case, its customers by using net-banking or mobile banking avail of this loan.
Earlier, the bank had launched PayZapp application to cater to e-commerce space under its digital platform.
It should be noted that, in financial year 2014-15, 63 per cent of HDFC Bank’s all transactions were conducted through various digital channels.

Month: Current Affairs - June, 2015