Public sector lender Indian Bank is planning to provide unsecured loans ‘on the go,’ said a top official.
“This is the one area we are thinking of taking forward,” said Padmaja Chunduru, managing director and CEO, Indian Bank. “Now, on digital platforms many banks are giving personal loans. Indian Bank has not yet adopted [it] in full,” she said.
“Indian Bank had started the practice of giving unsecured loans. But we are still offering it as a SMS service viz. the bank sends SMS to probable customers offering the loan. The customer has to approach the bank to get the loan. However, with digitalisation, we will take forward the process of online sanctioning and disbursement of loans,” she said.
Like any other financial institution, Indian Bank plans to offer unsecured loan upwards of ₹20,000 based on the salary slip of a customer. It could be a personal loan or vehicle loan and the tenure could range from 12 months to 24 months, she said.
The city-based bank has been investing in management information systems, big data, data mining. “But, these are all helpful to get basic information about a customer. We will now invest in predictive tools to do predictive analysis of a customer. For this, we will tie-up with fintech firms to invest in mobile platforms and digitalisation,” she said.
On the recent strike by the trade unions against the amalgamation of public sector banks, Ms. Chunduru said she had received positive feedback from the customers and staffers at the recently held two town hall meetings.
Ms. Chunduru said the bank would soon conduct training session for next generation zonal managers and branch managers, who had 10 years of service left, on leadership, motivation and communication skills.
“It would be a three-day joint training session for managers of Indian Bank and Allahabad Bank (with whom Indian Bank is merging). These branch managers interact directly with the customers and colleagues right from the metros to tier_II towns,” she said.
