- 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;
1. mutual funds,
2. bonds and
3. 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.
Quick Question for Bank PO/ IBPS Exams 2016-17:
Which bank launched digital Loan against Securities (LAS) allowing customers to avail loans in less than 3 minutes?
- HDFC Bank.