HDFC Bank offers a 10-Second Personal Loan Service by year-end

HDFC Bank has recently announced its plans to introduce a 10-second loan for everyone. This is another step by the bank in ensuring they continue the pioneer status in the banking world. So, how will the 10-second loan work? Let’s try and understand more.

Key Highlights of the HDFC Bank’s 10-second Personal Loan Service

• HDFC was giving the 10-second personal loan to its existing customers for the last 6 years.
• Now, the same facility has been extended to non-customers too.
• The loan will be given as an unsecured personal loan.
• The facility has been extended to self-employed personnel too. Earlier, it was reserved for salaried people only.
• The 10-second personal loan will also be extended to people who were earlier not considered creditworthy.
• The loan will be provided within 10 seconds using the personal loan eligibility calculator.
• HDFC Bank has set up infrastructure across 650 districts in India to disburse 10-second personal loans. 
• HDFC Bank already has 12 million pre-approved personal loan customers
• Avail of personal insurance cover up to Rs. 8 lakhs for a nominal premium. The premium is deducted from the loan amount during disbursal.
•  Avail of personal loan security through Sarv Suraksha Pro. Covers accidental hospitalization charges up to Rs. 8 lakhs and loan cover up to the outstanding amount. Also, covers accidental death/disability cover up to Rs. 1 lakh.

Benefits of the HDFC Bank’s 10-second Personal Loan Service

With the bank announcing its willingness to extend the loan to everyone, the loan can be used by customers or non-customers, salaried or self-employed people, across a lot of districts within India. The 10-second HDFC personal loan service will make it very convenient for applicants to avail of the loan easily. 

Let us look at the important benefits and highlights of this service.

• Quick 10-second approval of personal loan – The quick 10-second personal loan service will make it very convenient for applicants to quickly get the funds and use them in case of emergencies or urgent needs. The maximum expected time of loan disbursal for non-customers is 4 hours.

• Easy loan processing – The application process for the personal loan can be completed by applying online via net banking, through an ATM, or by personally walking into a branch. For non-customers, minimum documentation will be needed.

• Unsecured loan – The 10-second personal loan would be an unsecured loan which means there is no guarantee or pledge required to apply for the loan.

• Minimum documentation – Existing customers of HDFC Bank will get a pre-approved loan with no documentation needed. Non-customers will have to submit proof of identity, address, income, etc. The minimum documentation needed makes the process simple and quick, without too much paperwork.

• Flexibility to use the loan – The 10-second personal loan can be used for a variety of purposes. Unlike housing or education loans, personal loans could be used for any purpose. These may include vacation expenses, medical expenses, house renovation expenses, paying off a higher-interest loan, purchase of electronics, wedding expenses, etc.

• Easy EMIs on the loans – The bank gives the option to choose the payment tenure which enables them to choose an EMI that suits them. The flexibility to choose payment tenure makes it easy to do better financial planning.

Details of the HDFC Bank’s 10-second Personal Loan

Documentation needed for the HDFC Bank’s 10-second Personal Loan

The application process for HDFC Bank’s 10-second Personal Loan Service

You can apply for HDFC bank’s 10-second loan online and offline. For the offline method, you can walk into any of HDFC Bank’s branches and fill out the application form for a personal loan. If you are an existing customer, you can check if you are eligible for a pre-approved loan.

The online application process for HDFC Bank’s 10-second personal loan

The online application process is very simple and can be completed with a few clicks.

• Login to HDFC Bank’s official website.
• Go to the personal loan page.
• Click on “online personal loan application”.
• Select the type of employment from the options – “Self Employed/Professional” or “Salaried Employee”.
• Select “Yes, I do” if you are an existing customer with HDFC Bank. Select “No, I don’t” if you don’t.
• If you select “No, I don’t”, you will be redirected to a page asking for your details. Fill in details like Name, mobile number, email ID, city, current industry, net profit annual, and years in current business.
• Check the box for authorization.
• Enter the verification code mentioned on the same page.
• Click on “SUBMIT”.
• Proceed with the next steps to complete the process.
• You will soon hear from the bank.
• If you select “Yes, I do” for account information, you will be redirected to another page.
• Input your registered mobile number and PAN Card number.
• You will receive an OTP on the registered mobile number.
• Check the box to give consent for terms and conditions.
• Click on “View Loan Eligibility”.
• Proceed with the rest of the application.

Conclusion

HDFC Bank has taken another pioneering step by announcing the disbursal of 10-second personal loans for people who were not considered creditworthy before. The bank has been successfully offering this loan to its existing customers for the last 6 years. 

The facility has now been extended to non-customers and even to applicants without a bank account. The facility is now available for self-employed personnel too.

HDFC bank has set up infrastructure in 650 districts to ensure the smooth execution of this offer. Personal loans are unsecured and can be used for various purposes and hence HDFC Bank foresees a lot of scope for this offering.