HDFC BANK to give Personal loan within 10 seconds

Tags: Economy/Finance

The largest private sector bank in India, HDFC Bank will provide unsecured personal loans to customers within 10 seconds.

These loans will be provided to even those customers who don't have a bank account with the banks.

HDFC bank is the first bank in India to offer such facilities. However it is sanctioned to customers who have been pre-approved for loans by the bank.

The 10 second loans will target the self-employed persons.

IMPORTANT FACTS -

Personal loans :

• It is a type of unsecured loan offered by the financial institutions like banks, NBFC etc. 
• Unsecured loans means that there is no collateral or security against the loan. It means the customer has no need to keep property or any asset as a guarantee to the bank.
• The unique feature of the loan is that it can be used for any purpose. Normally a loan provided by the bank is for a particular purpose like home loan can be used only for  buying a house, car loan for buying a car etc.,   
•  In the personal loan bank do not ask for what purpose the loan amount is to be used by the customer.

ADDITIONAL INFORMATION -

HDFC Bank :

• It is India’s largest private sector bank in India. It has been promoted by Housing Development Finance Corporation (HDFC) ‘
• It commenced its operation in January 1995.
• CEO: Sashidhar Jagdishan
• Headquarters: Mumbai 
• Tagline: We Understand Your World