HDFC Bank is gearing for sanctioning loans online and instantaneously. This is to counter comeptition from other banks as well as NBFCs which have come out with various loan schemes in recent times. The bank would be offering such instant loans to existing customers and it can be availed of 24 hours a day. Customers will need to fill an online form and will be directed for a one-time password as additional security. According to news reports quoting Arvind Kapil, senior executive vice president, Unsecured Loans, Home and Mortgage Loans of the bank, such loans will be disbursed in 10 s seconds. The bank is testing the scheme and is expected to launch it in about three weeks. Kapil said the procedure would involve high-end technology, analytics and credit bureau reports.
