HDFC Bank launches 10-second personal loan disbursement

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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 24x7. "The entire process to avail of the loan is completely paperless, and users can simply log into their bank account via net-banking or mobile banking and avail of this loan at a click," HDFC Bank said. 

The bank claimed that it is the first institution in the retail lending space to completely automate the entire process of loan approval and disbursement. "The 10-second loan is completely hassle-free and transparent and users will no longer have to wait for disbursement of funds, particularly in medical or other types of emergencies where there is an urgent need for cash," it said. 

"It is like having a real cheque in one's virtual wallet and is part of our mission of enabling customer delight by creating simple and speedy banking solutions that are available at a click," said Arvind Kapil, business head - unsecured loans, home & mortgage loans, HDFC Bank.