HDFC bank launches 3-minutes digital loan against securities service
HDFC Bank launched digital Loan against Securities (LAS) allowing customers to avail loans in less than 3 minutes.
The service will also be available to customers with no credit history.
The bank, which will offer 10.5 percent interest rate on the product, will soon expand the offering to other securities such as mutual funds, bonds and insurance policies.
Customers can avail a minimum loan of Rs 1 lakh and maximum loan up to Rs 20 lakh under this facility.
Banks normally disburse 50 per cent of the value of pledged shares as loan.
The bank has collaborated with NSDL to seamlessly deliver this product