Automated Teller Machines (ATM) came out with a bonanza deal for its customers where cash can be availed with just a click. As they have swapped the position of the cash teller over last few years, ATMs are now approaching to grab another place, i.e. of a credit officer for small loans. Though there was someone to be approachable for loans, if you are in need of personal loans, now ATM will certainly assist you with the same.
It’s the new feature of HDFC banks that has elongated its boundaries and entering into this phase where ATMs can get you an approval for your small personal loans. Recently, the bank has deployed an analytic engine that will see the customer’s history and the credit value to analyse the entire performance of the customer. Thereby, the analysis report which will hardly take around 10 seconds can update a person about the eligibility for the loan. These analytics enabled the bank to offer what it describes a ’10-second’ loan for those who log in to the bank’s portal. The success rate of the automated personal loans came out to be winsome where around 12 % of the personal loans are generated though this mode of logging into the portal.
After the portal success, the banks are looking to extend this proposal to the ATM screens as well.
According to Arvind Kapil, senior executive VP and business head (unsecured loans and mortgages) at HDFC Bank “A customer can actually withdraw money within a few minutes. For example, HDFC Bank salary account customers can walk across to their HDFC Bank ATMs located within their office premises during lunch hour, apply for a personal loan before having lunch and walk away with money in the wallet.”
HDFC banks that tops in the private banks of the country has around 11,907 ATM and 2.27 crore customers in the country who possess debit cards. Normally, a general swipe by person is around 3-4 times a month. After the installations of ATMs, banks have propelled to new heights where this ease brought a dynamic change in the access capabilities of customers. The bank chaos in not favorable to one and this easy accessibility of loans can inherit drastic change.
It has been announced that fast personal loans will only be available to the existing bank customers. The customer with this facility will be able to get the personal loan with just a few clicks. The bank will initially launch the loan-on-ATM product for those with salary accounts and corporate customers.
Heartwarming news for the HDFC Bank customers where they can easily apply and get the loan with this instant feature and do not have to line up in queues.
