Indian Bank has launched a facility to avail pre-approved business loans through an entirely digital process
Indian Bank, under its digital transformation initiative, has unveiled new services called Project WAVE, promising a world of advanced virtual experiences.
An electronic bank guarantee (e-BG) service to ease traditional paper-based processes is introduced by the public sector lender, headquartered in Chennai, in collaboration with National E-Governance Services Ltd. (NeSL).
From an industry average of 3–4 working days to a few minutes, this move will reduce the turn-around time of the bank guarantee issuance and delivery to the beneficiary, according to a bank statement.
The need for physical stamp paper and physical signatures of customers would be replaced by this facility by replacing them with digital stamping and e-signing, making the entire process digital. For eligible individuals and businesses, Indian Bank has launched a facility to avail pre-approved business loans through an entirely digital process.
“The newly launched digital vehicle loan product enables individual customers of the bank to get their dream vehicle with hassle-free loan processes. This facility would be available for loan values up to Rs 25 lakh,” the bank said.
In the presence of senior executives, the bank’s Managing Director and CEO, S. L. Jain, launched the digital services at an event held in Chennai.
In January 2022, the process of digitization under Project WAVE was first launched.
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