HDFC Full Form

HDFC stands for Housing Development Finance Corporation. It is a bank in India and they offer many services. So how do they operate? What do we need to know about them? What are their services?

The History of HDFC

HDFC is a limited liability corporation in Mumbai, India. It provides finances to many areas and many people for development. These areas include education, banking, insurance, asset management, and so on. However, of all the services they render they are most known for their banking and services. 

HDFC was founded in 1977 by Hasmukhbhai Parekh. It was promoted by the Industrial Credit and Investment Corporation of India (ICICI) in 1977. When Hasmukhbhai Parekh founded HDFC, he had a dream of reducing the shortage of houses in India. After that they rose steadily, adding and providing more services in India. They are one of the biggest providers of services in India. They provide long-term housing loans to help in the construction of houses. HDFC gives loans to people with low or middle levels incomes. They also give out educational loans too to assist students.

HDFC Bank

HDFC bank is a branch of HDFC. It was established in 1994. Their first office was founded in Maharashtra, India. By 2019, there were over 5000 branches in 2000 cities. They had a workforce of a million people with 430,000 POS points. They are the number one bank in India. HDFC bank services include wholesale and retail banking, consumer durable loans, auto loans, and lifestyle loans. 

Their products include:

Credit cards

HDFC bank offers credit cards. They have over 10 credit banks with each one with their suitability. They also have different annual fees. You can also get your HDFC credit cards online and use them for online transactions. You can categorize them based on their bill payment, quick links, reward points, and offers. They also make them based on your income, and the reason for use e.g, business, shipping, travel and so on.

Consumer banking

HDFC is known for its consumer banking. They have a rating of 4.5 out of 5. They have phone lines that consumers can call to rectify issues and make inquiries. Aside from that they also have online platforms set up to make banking easy. For physical contacts, they have made all branches available to all customers with the right information.

Commercial banking

HDFC also offers some commercial services like giving out mortgages and mortgage loans, loans like home loans, the opening of savings and checking accounts, and issuing of credit and debit loans. 

Finance and insurance

They give out other loans to people in need. Loans like auto loans, consumer durable loans, educational loans, two-wheeler loans, lifestyle loans, mortgage loans, and so on. They also had many types of insurance policies. They range from life assurance to health insurance and so on.

Mortgage loans

These are some of the commercial services that HDFC offers. From house development to long-term loans for building, HDFC gives loans to people. And not just the HDFC bank but the HDFC company too. Other products include investment banking, private banking, private equity, wealth management, and so on.

Here is a table on their current management: the names of leaders and the position they occupy. 

Conclusion

HDFC stands for Housing Devil elopment Finance Corporation. It was established in 1977 in Mumbai, India. They are known as the number one bank in India. HDFC Bank is a subsidiary of HDFC limited. It is a private bank though it has limited liability. The HDFC bank was established in 1994 and it has grown since then. They have great consumer goods and reviews. They also offer a lot of services.