HDFC ties-up with Dept of Post AP circle to offer loans

Hyderabad, Oct 12 (UNI) HDFC Bank, one of the leading private sector banks and an one-stop financial supermarket has formalised its tie-up with the Department of Posts, Andhra Pradesh circle, to offer loan against securities like National Savings Certificate (NSC) and Kisan Vikas Patra (KVP) in the state.

Under the arrangement signed yesterday, loans in the form of an overdraft facility would be offered in 27 select post offices in Hyderabad, Guntur, Rajahmundry, Kakinada, Visakapatnam HO, Waltair RS, Ukkunagar, Tirupati and Nellore in Andhra Pradesh circle.

The tie-up with the Postal department would enable the bank to reach the interior parts of the state to cater the personal needs of customers in semi-urban and rural areas through the post office network and in turn provide modern banking facilities to them.

Speaking about the initiative, Mr Biju Pillai, Vice-President and Business Head, HDFC Bank said, ''the tie-up is part of the bank's endeavour to reach out to the rural population of the region and offer them fast and transparent product offerings at reasonable rates.'' The loan will be offered in the form of an overdrafft facility and the customers will be given a cheque book and ATM-Debit card to operate the account. In addition, the customers can avail of the International Banking facilities, including Internet banking and Phone banking.

The product features, include loan upto 90 per cent of the NSC/KVP value, minimum loan amount of Rs 50,000 and No EMIs besides interest is charged only on the amount utilised by the customer and the same have to be serviced every month.

UNI DB ROY 1636