HDFC Bank offers digital loans against securities

HDFC Bank offers digital loans against securities

Mumbai: HDFC Bank Ltd on Wednesday started offering loan against securities (LAS) digitally, reducing the time to disburse(वितरित) a loan to a few minutes from several days earlier.The bank has tied up with National Securities Depository Ltd (NSDL) for this. “Through this product, we are looking at making this a fully digital process. Customers do not need to provide wet signatures while pledging (प्रतिज्ञा)shares. By tying up with NSDL, we have been able to remove that step altogether,” said Arvind Kapil, country head, unsecured loans, home and mortgage(बंधक) loans, HDFC Bank.

Customers can pledge shares directly through their demat accounts and give necessary approvals while applying for the loan. The bank approves it instantly and the money is credited to their bank accounts, under this system. Once shares are pledged(वचनबद्ध), a customer cannot sell them unless the loan against them has been cleared.