Indian Bank rolls out pre-approved personal loan

The bank’s existing customers aged 21 years and above and having regular income and pension account, can avail of this loan.

April 29, 2022 02:01 pm | Updated 02:01 pm IST - CHENNAI:

Public sector lender Indian Bank on Thursday, April 28, 2022 launched its maiden digital product called Pre-Approved Personal Loan (PAPL).

Launched under its project Wave (World of Advanced Virtual Experience), this digital product will provide its customers with instant loan disbursement in three simple steps, it said in a statement.

Currently, it is available for bank’s existing customers aged 21 years and above and having regular income and pension account.

This loan can be availed via ‘IndOASIS mobile app, bank’s website and through internet banking facility. The loan carries interest rate of 10% per annum at present, with a flexibility to opt for a loan tenure of between 10 and 48 months, with no foreclosure charges.

The project was launched by Indian Bank MD and CEO S.L Jain in the presence of its Executive Directors Imran Amin Siddiqui and Ashwani Kumar.

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