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Axis Bank offers a loan app

Axis Bank has introduced an instant personal loan service – 24X 7 Instant Personal Loan – for select customers, who can avail of personal loans through a mobile app with the loan getting credited to their accounts instantly. It will be a paperless service from the bank. A customer can log on the app, view their loan entitlement and decide on the amount required using a slider scale and the tenure. The loan then gets sanctioned instantly and credited into the customer’s account. The customer can also view interest, rate, EMI and processing fee. He will also have to agree on the terms and conditions through the app. Jairam Sridharan, head, Retail Lending of the bank, said the bank keeps track of the customer’s records and based on the latest information, it makes the offers on the app. This would differ from person to person. Since the pre-approved amount depends on the latest track record of the customer, it may differ from day to day, he added. Top-end customers can get as much as Rs 5 lakh as the loan and the interest will be in the range of 12% to 17%.

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