HDFC Bank launches paperless, overdraft facility against shares in three minutes

LUCKNOW: Leading private bank HDFC Bank Limited has launched an instant Digital Loan against Securities (LAS) scheme, which the bank claims to be a first of its kind of initiative in the country. The company said customers can now avail of a loan against shares in just three easy steps on Net Banking.
The steps as described by the company are: selecting shares to be pledged on Net Banking, accepting agreement through one-time password (OTP) and then pledging shares with National Securities Depository Limited (NSDL) online through OTP.
Officials of HDFC Bank said that is the first bank in India to completely automate the entire process of creating an overdraft facility in a separate current account for loan against shares. For this, the bank has collaborated with NSDL to create a seamless customer experience.
HDFC Bank Demat customers can calculate their eligibility for overdraft limit against shares, and open a current account instantly. "The entire process can now be completed within three minutes, instead of days. Currently available for Demat shares only, this facility will soon be extended to other securities such as mutual funds, bonds, and insurance policies," said the bank officials.

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