HDFC Bank launches Digital Consumer Loans Cardless EasyEMI
Mumbai, September 07, 2023: HDFC Bank, India’s leading private sector bank, today announced the launch of end-to-end Digital Consumer Loans – ‘Cardless EasyEMI’. The Bank has partnered with ShopSe, a 100% digital-first pay-later platform to enable credit for all. Unveiled at the Global Fintech Fest 2023 in Mumbai, this innovative offering marks a significant leap towards a fully digital and seamless lending experience.
The ‘Cardless EasyEMI’ program empowers customers to effortlessly embrace the benefits of credit, without the need for physical documents or assistance. Through a simple QR code scan at participating ShopSe or Bank merchants, customers gain the ability to convert their purchases into convenient EMIs. This deep integrations with brands and merchants will enable all customers to access credit in under 5 minutes.
Existing HDFC Bank customers can look forward to pre-approved offers, while new customers can access instant consumer durable loans up to Rs 60,000 for a 12-month tenure, using their PAN card and mobile number as identification.
Commenting on the launch, Mr. Parag Rao, Country Head – Payments, Consumer Finance, Technology & Digital Banking at HDFC Bank, said, “At HDFC Bank, our goal in teaming up with fintechs like ShopSe is to offer customers experiences which are digitally enabled & provide convenience on the go.”
Pallav Jain, CEO of ShopSe India, said: “We are committed to empowering retailers and customers across the country with affordability options on our platform through a one-of-its-kind seamless digital journey. Cardless EasyEMI is one such hassle-free digital finance option with HDFC Bank, which can be completely done end-to-end by any customer.”
Key Highlights of ‘Cardless EasyEMI’
- Credit limits spanning from ₹10,000 to ₹60,000
- Instant loan approvals with just a PAN card and mobile number
- Elimination of documentation hassles for a seamless journey
- Flexible options for repayment, accommodating diverse needs
- A do-it-yourself (DIY) journey streamlined through scanning and payment