DIY (Do It Yourself) first became a buzzword with the furniture industry ushering in desks, tables and library racks that could be assembled at home by the buyer herself. IKEA became a household name. Literally and figuratively.
Next came fashion. ‘Mix-n-match’ became fashion’s DIY statement. Apparel brands no longer dictated what consumers were to wear.
Now, it’s the turn of finance. Loans have gone DIY. HDFC Bank has launched a ‘Design your own loan’ initiative, that enables its customers to customize a loan against shares (LAS) they hold.
Customers of the bank who have a demat account can choose which shares to pledge and thus set their own limits as far as the loan amount goes. This not reduces processing time and documentation requirements but also gives flexibility to loan seekers to tailor their debt.
Borrowers can take anywhere between 1 lakh to 20 lakhs through this facility.
While most other online loans have already been in play for sometime and are available with a screen tap or mouse click, Loan Against Shares have now not only gone online but also become DIY.