HDFC Bank has launched a pre-approved loan product for its privileged corporate salary account holders. The loan privilege card will offer "the invited" customers a preferential interest rate ranging 50 to 100 basis points lower on personal loans, consumer durable loans, new-car loans and used-car loans.
HDFC Bank aims to capitalise on the cross-selling opportunities offered through this pre-approved loan product, said bank officials. "We have tied up with various manufacturers to offer special discounts to our privileged customers," said an official.
Through the bank's tie-up with Maruti, customers will be offered discounts from time to time. They will be offered zero-interest loan on Godrej range of products. The bank has also tied up with Suzuki for similar discounts on its two-wheelers. It is in talks with a host of other manufacturers who would also gain as this would be a volume game, with a good target audience.
To avoid bad loans, the product would be limited to a time-frame of one year and would be renewed only at the discretion of the bank. The loan amount would vary from individual to individual, and would be offered free of cost. Once the customer is offered the card, the loan would be disbursed within 48 hours.
Pre-approved loan product is not new to the Indian scene. In the past, Kotak Mahindra had introduced K-value cards. One of the leading foreign banks also offers its credit card customers pre-approved loans.
HDFC Bank has, however, limited its focus to corporate salary accounts. A preferential customer would be one having a relationship with the bank for at least six months, and is employed by the concerned corporate. Once he leaves his employment, the privileges will no longer continue.
