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Indian Bank has launched the facility of Pre-approved Personal Loan (PAPL) under its 'World of Advanced Virtual Experience' (Wave)
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Public sector Indian Bank has started the facility of pre-approved personal loan. This facility will be beneficial for its customers.
Wave project started in January Indian Bank has launched the facility of Pre-approved Personal Loan (PAPL) under its 'World of Advanced Virtual Experience' (Wave). The bank had introduced the Wave project in January 2022 to launch the first digital product 'Pre-approved Personal Loan' (PAPL).
SL Jain, Managing Director and CEO, Indian Bank said, "Earlier this year, we announced our move to drive digital transformation with the Wave product. We are delighted to introduce our first digital offering, PAPL. This offer will be available entirely to the customers through digital medium."
Another facility will be given by the bank to the borrowers with the preapproved personal loan. Under this facility, one can close the loan before the stipulated time without any prepayment charges. Also, the interest rate on this loan is also very low. One will have to pay interest on it at the rate of 10 per cent per annum.
PAPL can be availed by such existing customers of the bank whose regular income or pension is coming in the salary account. One can avail this loan through app, website and internet banking.