Even as many industry insiders have expressed concerns over the rapid growth in unsecured loans, merger-bound HDFC Bank is all set to launch open-market, 10-second personal loans even to people that are not customers yet of the country’s most valued lender.
HDFC Bank said its strict underwriting practice and a multitude of AI tools will help ensure asset quality.
“By June, you will see open market 10-second loans hitting the streets both for personal and business loans for every citizen of India who is eligible for a financial loan,” said Arvind Kapil, retail head of HDFC Bank. “Whether you have an account or don’t have an account with us, we could assess you end-to-end without any documentation online and the product will be disbursed 24×7.”
