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Last Updated : Aug 14, 2020 01:03 PM IST | Source: Moneycontrol.com

HDFC Bank launches farm loan product for armed forces

The maturity of HDFC Bank farm loan will be up to five years but the tenure can be depend on the requirement of the borrower, the bank's CEO Aditya Puri said in a conference call.

 
 
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HDFC Bank on Friday launched a special farm loan product targeting the armed forces. The product will be linked to the RuPay Card and is expected to benefit about 45 lakhs customers, HDFC Bank Managing Director and CEO, Aditya Puri said in a conference call.

The landholding requirement to avail this loan has been reduced to two acres as compared to the normal requirement of five acres, the bank said. The rate of interest will be up to 7 percent.

The maturity of the loan will be up to five years but the tenure can depend on the requirement of the borrower, Puri said. The loan will also come with an insurance cover of Rs 10 lakh as against normal Rs 2 lakh, the bank said.

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The loan has been designed primarily to help armed personnel who typically have difficulties to avail such loans on account of the nature of their work, the bank said. Customers can avail this loan by contacting the bank through a tollfree number.
First Published on Aug 14, 2020 01:02 pm

tags #HDFC Bank

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