HDFC Bank, India’s second largest private sector lender, plans
to set up kiosks at corporate houses with the aim of making
personal loan borrowing easier for the employees.
HDFC Bank plans to set up 1,500 priority desks
across 500 companies in nine cities by August 2012.
The loan kiosks aim to cut-down the
time for getting personal loans to just one or two days, unlike the
current process where most banks take up to two weeks.
Using HDFC Bank’s kiosk facility,
customers can apply for a loan at their office and ideally receive
money in 24 hours.
The charges and the interest rates for the
loans issued from the kiosks are meant to be similar to that of
loans sanctioned from the HDFC Bank’s branches.
Customers can avail details about personal
loans at the kiosks and can then apply then and there to borrow a
Senior vice-president and business manager for
unsecured loans at HDFC Bank, Sai Giridhar said, initially,
companies that already have a banking relationship with HDFC Bank
are being targeted.
Girdhar said HDFC Bank’s objective is to
“improve the customers’ experience and make the entire process
HDFC Bank has more than 2,150 branches across
in December 2011 business head for credit cards and merchant
acquiring at HDFC Bank, Parag Rao, told RBI that the
lender aims to open another 450-500 branches in 2012.