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Loans against Shares

 


HDFC Bank set to launch instant credit approvals for LAS segment.
 
Instant credit cards, personal loans in 10 seconds, auto loans in 30 minutes and now loans against shares within a few minutes. HDFC Bank, the second largest private sector lender in the country, is set to launch Design Your Own Loan, an instant credit approval for its loan against shares (LAS) segment. The eligibility criteria, tenure and rate of interest will be the same as offline loans. The bank has now automated various parts of it at the back-end to make approval possible within minutes.

A customer applying for LAS can now link his demat to his HDFC net-banking account, see which of his holdings are eligible to be pledged and how much weightage they carry. They can try different combinations, decide which scrips they want to pledge and optimise their eligibility. The digitised system also assesses the customer's eligibility algorithms based on data analytics and credit reports making it human-intervention free.

The customer still has to sign the documents as end-toend digitisation is not possible due to regulations. However, you won't have to visit the bank. A manager will be at your doorstep to get the paperwork done.

Last week, the bank introduced 30-minutes automobile loan disbursements using biometrics technology linked to one's Aadhaar card number


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