CHENNAI: Indian Bank has launched a pre-approved personal loan (PAPL) product under Project World of Advanced Virtual Experience (WAVE), which will be serviced only through digital channels.
The PAPL loan can be availed via ‘IndOASIS’ mobile app, bank’s website and internet banking facility. The loan carries an interest rate of 10% pa at present with no foreclosure charges.
Started in January 2022, the digital transformation initiative of Indian Bank under Project ‘WAVE’ has led to launch of its first digital product PAPL that aims at providing its customers with instant loan disbursement via a three-step process. Currently, it is launched for existing customers of the bank aged 21 years and above, having regular income and pension accounts.
Elaborating on the product, S L Jain, MD&CEO, Indian Bank, said, “We are happy to launch our first PAPL product that will be serviced through digital channels only. With the flexibility to opt for a loan tenure between 24 to 48 months and the ability to pre-close the loan without any penalties, Indian Bank is offering loan at the best terms available in the domestic market today.” “Moreover, this is merely a start of our bank’s digital transformation journey and we remain committed to upgrading our digital services and products on a par with that offered by best in class competitors in India,” Jain added.
