HDFC Bank plans to disburse loans in nano-second loans
.jpg)
HDFC Bank, country's second largest private sector lender, is gearing up to disburse loans in nano-seconds. These loans will be offered as a top up on the existing car/two wheeler loans and will be available only for the bank customers.
"The nano second loan will be quick money for the customer. If you have a car financed by us then you get an offer from us which will flash on your cell phone also. You can log in via internet banking or mobile banking. It is a pre-populated application form so you just need to click on yes at about five places and the loan will be disbursed in nano-seconds," said a bank source who is directly involved in the process.
These top up loans on the auto loans will be available only to customers if the customer has paid the equated monthly installments (EMI) on the existing loan without a single default. The top up loans on cars will be called-Quick Money where as the additional loan on auto loans will be called-Quick Paisa.
This loan will also serve as an alternative to personal loan. Even though the rate of interest will be higher than auto loans, it is expected to be lesser than personal loans.
Currently, the interest rate on car loan ranges between 11.50-13.70 where as for two wheeler loans it is broadly in the range of 11.75-24.08%. On the other for personal loans the interest varies between 11.50-20.51%.
At the end of March 31st 2015, the bank's total retail advances stood at Rs 2,25,694 crore which grew to Rs 2,38,859 crore at the end of quarter ended June. Out of this auto loans accounts for the largest share at Rs 50,100 crore in the April-June quarter.
As per sources, HDFC Bank is believed to have 32% market share in car loans and up to 23% share in two-wheeler loans.
This is the part of the bank's overall strategy to transform itself into a digital bank and is in line with their "Go Digital-Bank aapki muthi mein" strategy. With this in view, the lender had earlier launched applications for disbursing personal loans under ten seconds and auto loans in 30 minutes using the biometrics device.
In FY15, about 63% of the total transactions were carried out on internet and mobile compared to 55% transaction via the digital medium in FY14.
Other Latest News
.webp)
At least nine people were burnt alive and 15 injured when a moving bus caught fire near Tauru in Haryana's Nuh district in the early hours of Saturday, police said.
The incident occurred around 2 am on the Kundli-Manesar-Palwal (KMP) Expressway. The bus was carrying around 60 people, all residents of Punjab's Hoshiarpur and Ludhiana, who were returning from pilgrim towns of Mathura and Vrindavan. All of them are relatives, police said.
.webp)
Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources said.
JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said.
.webp)
The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
.webp)
Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
.webp)
Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).
In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
.webp)
.webp)
.webp)
.webp)
.webp)
