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Indian Bank to offer loans ‘on the go’

Indian Bank will offer unsecured loans ‘on the go,’ the bank’s MD and CEO Padmaja Chunduru said. She said many banks have been giving personal loans through digital platforms, but Indian Bank has so far not adopted this method in full. While the bank has started the practice of giving unsecured loans, it is still offering it as a SMS service, she added. With digitization, the bank intends take forward the process of online sanctioning and disbursement of loans, she said. The bank plans to offer unsecured loan upwards of Rs 20,000 based on the salary slip of a customer. It could be a personal loan or vehicle loan and the tenure could range from 12 months to 24 months, Padmaja Chunduru said. She added that the bank has been investing in management information systems, big data, data mining, but these are all helpful to get basic information about a customer. The bank will now invest in predictive tools to do predictive analysis of a customer.

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