MUMBAI: HDFC has integrated WhatsApp with its core system to enable prospective borrowers to apply for and receive an in-principal home loan approval in two minutes.
The corporation has partnered with Cogno AI to allow a formal application and a 'spot offer' to be made possible through a conversational flow.
The offer is available only to salaried employees. Besides the convenience, the platform will also instantly provide the home loan approval letter.
The approval will be a firm commitment subject to the borrower providing all the details correctly.
Because of the back-end integration with various providers, including credit bureaus, a lot of information pertaining to the borrower will be accessed directly by HDFC.
The borrower’s details will be generated and displayed based on the name entered. A key input that the borrower needs to enter is their gross monthly income and current monthly obligations.
“We have been focusing and investing on digital transformation for better customer experience and engagement,” said Renu Sud Karnad, MD, HDFC.
Earlier HDFC focused on an online digital platform for loans and retail deposits and initiated ‘HDFC Customer Connect’ for all customer requests. Today over 91% of new loan applications received are through digital channels, up from less than 20% before the Covid-19 pandemic.
The approval letter will contain the loan amount, loan tenure, rate of interest and EMI and processing fee. Based on the PIN code provided, the system will allow the borrower to select an office, and a loan expert will meet the borrower for disbursement requirements.
Existing borrowers will be able to avail of services like obtaining interest services using the WhatsApp platform. According to Karnad, the WhatsApp chatbot will have immense potential to contribute towards financial inclusion in India.”
