Karur Vysya Bank has launched KVB Next, a tab-based digital initiative, intended to help eligible retail and business customers get in principle sanctions for their loans within 15 minutes. Business customers of the bank can enter the details through a self-service web portal to complete the loan application process. Retail customers can take the help of the sales team. After scrutiny, loans would be disbursed in 2 to 3 days, the bank said. 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 for term-loans. P.R. Seshadri, MD and CEO of the bank, said the new system does away with lots of paper work and it is a hassle free-loan process. 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 added. Under the new initiative, the bank will offer retail loan of Rs 20 million, loan against property of Rs30 million and home loans up to Rs10 million. The bank also rolled out KVB Dlite, a mobile banking app, that enables customers open savings bank account in 3 simple steps.
