If you live in the countryside and are looking for a loan, it could be auto or agriculture related, you have come to the right place. The HDFC Bank will come to your village and offer you access to the entire range of its products, including loans and opening current and saving accounts.
According to statement released on Sunday, the HDFC Bank said that it will organise 1,000 ‘grameen loan melas’ or rural village fairs over the next six months. The loan fairs will be held across more than 300 districts and cover over 6,000 villages.
If you think why HDFC Bank is offering loan when the entire banking sector in India is going through tough times. Well! Let’s tell you that those are mostly the state-run banks and the recent corporate tax cut has also boosted the prospects of Indian banking sector as well.
While HDFC Bank is doing it in a bid to expand its retail portfolio, the loan fairs will indeed help farmers and other common people in the rural areas as they would be able to buy agriculture machines or a tractor.
Customers can avail of tractor, auto, two-wheeler and agri loans or open current or savings accounts, it said. Besides, self-help groups (SHGs) can avail of finance through the bank’s Sustainable Livelihood Initiative.
Also, Finance Minister Nirmala Sitharaman had Thursday asked public sector banks to hold loan melas in 400 districts in a bid to boost the credit flow.