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HDFC to introduce Insta loan service through ATMs
Posted on: 02/Feb/2016 5:28:04 PM
HDFC Bank has started an automated loan processing initiative that is expected to fix a proper position in the personal loans segment. It has said that it will use its ATM network to bring in new customers. ATM users include those who have accounts in other banks, and use HDFC ATMs.
The Reserve Bank of India (RBI) had recently allowed banks to extend all its services via ATMs.
HDFC has said that those who have passed through the bank`s credit appraising software will see an Insta loan button on their ATM screens. Others will see a click to call button. Speaking about this, a HDFC official said, We have run a pilot on this and found that half the customers choose this option outside banking hours and over 20 percent have clicked between 5am to 9am. The disbursement through ATMs is a game changer for the bank as ATMs are open round the clock and available at more than double the locations as branches (4,281). The click to call option enables the bank to work around the do not disturb customers and the applicant can choose any number for a call-back, he said.
Once that is done, customers can use ATMs to top up existing loans and also to obtain credit cards.
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