Karur Vysya Bank Ltd (KVB) has rolled out KVB Next, a tab-based digital initiative.
The initiative is intended to help eligible retail and business customers get in principle sanctions for their loans within 15 minutes.
Business customers can enter the details through a self-service web portal to complete the loan application process. Retail customers can take the help of sales team. After scrutiny, loans would be disbursed in 2 to 3 days.
Customers will be able to get home, personal, vehicle, property and working capital loans for businesses through a tab-based application. Going forward, the bank will extend this facility to term-loans.
“The new system does away with lots of paper work. It is a hassle free-loan process,” said P.R. Seshadri, managing director and chief executive officer, KVB.
“This transformation from the age of paper to digital is just a beginning in a series of digital initiatives being introduced by the bank,” he said.
Under the new initiative, the bank will offer retail loan of ₹2 crore, loan against property of ₹3 crore and home loans up to ₹1 crore. “Though there is a large number of retail and commercial customers in loan ticket size of ₹2 crore, it forms a small percentage of our total advances. Later, we might increase it to ₹25 crore,” he said.
The bank also rolled out KVB Dlite, a mobile banking app, that enables customers open savings bank account in three simple steps.