personal loan: Indian Bank unveils pre-approved personal loan under Project WAVE

India’s public sector bank has unveiled a pre-approved personal loan product under the “WAVE” project, a senior 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)” which aims to provide customers with disbursements instant loans.

“Early this year, we announced our commitment to usher in a period of digital transformation at Indian Bank through the WAVE project. We are happy to launch our first PAPL product which will be served only through digital channels,” Indian Bank Managing Director and CEO SL Jain said after the launch of the service.

The service available to existing customers and holding regular income and pension accounts and a PAPL loan product can be used through a mobile app, the bank’s website and through an online banking service.

The loan would carry an interest rate of 10% per annum, with no foreclosure fees.

“With the flexibility to opt for a loan term between 24 and 48 months and the option to pre-close the loan without any penalty, Indian Bank is offering the loan on the best terms available in the domestic market,” Jain added.

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