Starting February 3rd, 2016, HDFC bank will offer instant personal loan at ATMs. The facility will be integrated in the ATM machines itself. Based on the account holder’s transaction history, credit card and loan repayment history, credit rating, salary credit and other analytics, loan eligibility will be shown on the screen nad amount will be directly credited to the account. HDFC Bank’s senior executive vice-president and business head, unsecured, home and mortgage loans, Arvind Kapil said approval for this has already been secured from RBI and the loan application should not take more time than it usually takes at an ATM.
Once the loan appliation procedure is implemented, the bank also plans to implement credit card application and top-up loan application features at ATMs. Additionally, a “Click To Call” feature will also be introduced where the customer can get a call back from the bank within a minute of choosing this option. Mr. Kapil expects to see up to 15% increase in the bank’s lending business next fiscal due to these features. “About 42-45% customers transact outside banking hours. Hence, we want to help them bank when they are free.”