In an industry first, HDFC Bank recently launched a Warehouse Commodity Finance App. This will enable customers in drawing down and managing the loan against pledge of commodities online without physical intervention or multiple visits to a Bank branch. This in turn will bring in enhanced efficiencies and time savings for the agri value chain said an official release from the bank.
Something that used to take days can now be done in a loan has been repaid. The new app will greatly benefit agri processors, traders and farmers who are primary beneficiaries of WHR loans (Warehouse Receipt Loans).
The App has been launched at a time when large parts of India are still unlocking, and travel restrictions are still in place.
“We are delighted to launch the App at a time when due to the pandemic people may not be able to make multiple visits to branches. Thanks to this facility people across the country especially in semi urban and rural areas will be able to manage their commodity pledge loans online and efficiently. We as a Bank are trying to contribute to the entire Agri value chain efficiency. We will continue value adding in the services and digital offerings like Warehouse Commodity Finance App basis customers valuable feedback. We believe that such innovations are the future of agri financing”, said Mr. Sumant Rampal, Senior Executive Vice President, Head, Business Banking at HDFC Bank.
The App will be offered to both existing as well as new customers of the Bank who avail warehouse receipt/commodity pledge loan from HDFC Bank. While existing customers who have already been sanctioned loans can avail of these by just logging on to the App in just 3 simple steps, new customers can get the pledge loan sanctioned from HDFC Bank and register for the Warehouse Commodity Finance app.