Public sector Indian Bank has unveiled a pre-approved personal loan product under Project ‘WAVE’, a high-ranking official said on Thursday.
In January 2022, the Chennai-based bank launched the digital transformation drive – World of Advance Virtual Experience “WAVE” to launch its first digital product “Pre-Approved Personal Loan (PAPL)” which means to provide customers with instant loan disbursements.
“Toward the beginning of the year, we announced our commitment towards ushering a period of digital transformation at Indian Bank through project WAVE. We are glad to launch our most memorable PAPL item that will be serviced through digital channels just”, Indian Bank’s managing director and CEO S L Jain said after launching the service.
The service is available for existing clients who hold regular income and pension accounts and PAPL loan products can be availed of through a mobile application, the bank’s website, and an internet banking facility.
The loan would carry an interest rate of 10% per annum with no foreclosure charges.
“With the adaptability to settle on an advance residency somewhere in the range of 24 and 48 months and the capacity to pre-close the loan without any penalties, Indian Bank is offering the loan at the best terms available in the domestic market,” Jain added.