Indian bank provides unsecured loans on the go

Public sector lender Indian Bank plans to provide unsecured loans “on the go,” a senior official said.

“This is the only area we want to move forward,” said Padmaja Chunduru, Managing Director and CEO of Indian Bank. “Now many banks are granting personal loans on digital platforms. Indian bank has not yet accepted [it] completely, ”she said.

“The Indian bank had started providing unsecured loans. However, we still offer it as an SMS service. the bank sends SMS to potential customers who offer the loan. The customer must contact the bank to get the loan. With digitization, however, we will drive the process of online sanctioning and loan disbursement, ”she said.

Like any other financial institution, Indian Bank plans to offer unsecured loans starting at 20,000 yen based on a client’s payroll. It could be a personal loan or a vehicle loan, and the term could be anywhere from 12 to 24 months, she said.

The city-based bank has invested in management information systems, big data and data mining. “But they are all useful for getting basic information about a customer. We are now going to invest in predictive tools to perform predictive analysis on a customer. To do this, we will team up with fintech companies to invest in mobile platforms and digitization, ”she said.

Regarding the latest union strike against the merger of public banks, Ms. Chunduru said she had received positive feedback from customers and employees at the two city hall meetings recently held.

Ms. Chunduru said the bank will soon conduct training on leadership, motivational and communication skills for the next generation of zone managers and branch managers who have 10 years left in service.

“It would be a three-day joint training course for managers at Indian Bank and Allahabad Bank (with which Indian Bank is merging). These store managers interact directly with customers and colleagues, from the subways to tier II cities, ”she said.

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