Chennai, Apr 28 (PTI) Public sector Indian Bank has unveiled pre-approved personal loan product under Project ‘WAVE’, a top official said on Thursday.
In January 2022, the Chennai-based bank launched the digital transformation initiative – World of Advance Virtual Experience “WAVE” to launch its first digital product “Pre-Approved Personal Loan (PAPL)” that aims to provide customers with instant loan disbursements.
“At the start of the year, we announced our commitment towards ushering in a period of digital transformation at Indian Bank through project WAVE. We are happy to launch our first PAPL product that will be serviced through digital channels only”, Indian Bank’s managing director and CEO S L Jain said after launching the service.
The service available for existing customers and hold regular income and pension accounts and PAPL loan product can be availed of through mobile application, bank’s website and through internet banking facility.
The loan would carry an interest rate of 10 per cent per annum with no foreclosure charges.
“With the flexibility to opt for a loan tenure between 24 and 48 months and the ability 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. PTI VIJ NVG NVG
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