Today is the age of the digital currency, and banks do not want to fall behind either. On this front, banks are providing not only digital currencies and payment strategies, but also paperless loans and are now offering customers a 10 second loan.
Applying for online loans saves a lot of time and the hassle of frequent bank visits. By having a pre-approved loan through emails, you can apply for a loan and understand your personal loan eligibility, or you can visit the website of the bank and put an online loan application.
The next movement in this group is instant loans. A new scheme to produce personal loan approvals for all existing personal loan approvals has recently been introduced by HDFC Bank.
“In just 10 seconds, HDFC Bank can now disburse personal loans to its customers. Established clients will have a pre-approved loan amount available to them 24/7 with this product, ” the bank said in a statement.
The whole process is completely paperless and the client only needs to log in via mobile banking or net banking to their bank account and the loan will be available just a click away. Customers, especially in medical or other emergencies, will no longer have to wait for the disbursement of the funds. All of this will increase consumer delight, and all banking solutions would be easy, fast, and you can get a 10 second loan at a click.
For the 10 second loan, the key problem is the complexity of merely connecting savings account transactions. But it is assumed that banks would attach the loans to fixed deposits or use the savings account’s certain security limits to safeguard them.
If you have a financial emergency, the 10 second loan schemes are tempting to select, but before going for it, remember to balance it against all other choices. Also, make sure that any service charges or any hidden costs are reviewed.
Special Note: An individual must examine the whole EMI amount payable to the lender with the Personal loan EMI calculator.