The company has partnered with Cogno AI to make a formal application and “one-time offer” possible through a conversational stream.
The offer is reserved for employees. Apart from the convenience, the platform will also provide the home loan approval letter instantly.
Approval will be a firm commitment subject to the borrower providing all details correctly.
Due to back-end integration with various providers, including credit bureaus, a lot of borrower information will be accessible directly by HDFC.
Borrower details will be generated and displayed based on the name entered. A key input that the borrower must enter is their gross monthly income and their current monthly obligations.
“We are focusing and investing in digital transformation for better customer experience and engagement,” said Renu Sud Karnad, MD, HDFC.
Previously, HDFC focused on an online digital platform for retail loans and deposits and launched “HDFC Customer Connect” for all customer enquiries. Today, more than 91% of new loan applications received are through digital channels, compared to less than 20% before the Covid-19 pandemic.
The approval letter will contain the loan amount, loan term, interest rate, EMI and processing fee. Based on the PIN provided, the system will allow the borrower to select an office, and a loan expert will meet with the borrower for disbursement requirements.
Existing borrowers will be able to avail services such as obtaining services of interest using the WhatsApp platform. According to Karnad, the WhatsApp chatbot will have immense potential to contribute to financial inclusion in India.