In an era of, BNPL(Buy Now Pay Later) Cards and Innovative Neo Banks like Jupiter(in partnership with Federal Bank), the Market Leader since liberalization, HDFC Bank is trying to catch up.
HDFC Bank is bringing a bundled offering to attract customers from all age groups and professions.
The offering is made up of
- Loans(Individual) – Personal, Car, Gold, Home, Vehicle
- Loans(Business) – Business
- Easy EMI – Flexible Payment Terms
- Secured Loans at ~10%
- Cards – With Different Offers Linked to them
The bank is hoping to cash in on the consumption story of India that has been dented owing to the Covid-19 related lockdown and subsequent job losses.
For utilization of the offers and the cash through borrowings, HDFC has tied up with over 10,000 merchants. As an example, the bank offers a cashback offer of Rs Rs 6,000 on the recently launched iPhone 13.
Hope you find this helpful