Today is the digital currency era, and the banks too do not want to be lagged behind. Banks taking a step ahead on this front are offering not only digital currencies and payment techniques but also paperless loans.
Applying for loans online save much time and the hassles of multiple visits to the banks. You can apply for a loan and know your loan eligibility by getting a pre-approved loan through emails, or you can visit the bank’s website and place an online loan application.
Instant loans are the next move in this category. HDFC Bank has recently launched a new scheme to generate personal loan approvals for all existing personal loan approvals.
“HDFC Bank will now disburse personal loans to its customers in just 10 seconds. With this product, existing customers will have a pre-approved loan amount available to them 24×7,” the bank said in a statement.
The entire process is completely paperless and the customer just needs to login to their bank account via mobile banking or net banking and the loan will be available just a click away. Customers would no longer have to wait for the disbursement of the funds especially in the medical or other emergencies. All this would increase customer delight, and all banking solutions will be simple, speedy and available at a click.
The main challenge for the 10-second loans is the difficulty to link only savings account transactions. But it is presumed that the banks are going to link the loans with the fixed deposits or use some protective caps for the savings account to safeguard them.
The 10-second loan schemes are tempting to choose when you have some financial emergency, but before opting for it remember to weigh it against all other options. Also, make sure to check for any service charges or any hidden costs.