New Delhi: India’s largest private sector lender HDFC Bank is aiming at introducing the 10-seconds loan service for everyone including those who do not have an account with the bank. The bank has been a paradigm pioneer in 10-second loans for existing customers and has been able to deliver this over the past six years.
“Having created service delight for our existing customers, we plan to introduce the product to the broader open market for personal loans by year-end,” head of retail assets Arvind Kapil told Economic Times.
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Along with giving loans to all in just 10 seconds, HDFC Bank is also expanding its offers to self-employed who were not seen as creditworthy earlier. Now, the private lender is looking to increase loan exposure to self-employed customers who form only 5 per cent of the total market.
The private lender, has set up an infrastructure base across 650 districts in India to disburse unsecured loans, has 12 million pre-approved loan customers across products.
Personal loans formed the largest share in retail loans at Rs 1.48 lakh crore and 10-second loans contributed the largest share at the end of June 2022.
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Kapil also has plans to aim and scale up the self-employed customer base. He manages retail assets of more than Rs 5.6 lakh crore across various categories. It is worth mentioning here that the overall loan penetration in the self-employed segment of the market is just 5 per cent, as per HDFC Bank management.
As per a Macquarie report, HDFC Bank has around 12 million pre-approved loans, which will be used to cross-sell mortgages. Currently, mortgages are done in 440 districts which will be scaled up further.
Meanwhile, HDFC Bank opened its first all-women branch in north Kerala region in Kozhikode last month. The branch, located in Cherootty Road, the hub of traders in the district, will have 4 women bankers.
