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Oman Arab Bank launches E-Loans

Oman Arab Bank has launched Electronic Loans (E-Loans) application system aimed at reducing personal loan processing time. E-Loans allows the bank to replace paper loan applications with electronic ones. The digital applications for the loans will be collected in the bank’s branch, and will receive timely approvals from relevant departments within OAB in a quick and efficient manner. The hassle-free and eco-friendly service will reduce the amount of paperwork used by both customers and employees of the bank. The application process begins with the customer ID information automatically captured by a reader and ends with a digital signature on a pad. The customer remains up to date with SMS texts for each step of the decision including at the time of final loan disbursement. The new system has been developed in-house and is on offer to customers across all OAB branches. OAB retail banking general manager Fahd Amjad said with E-loans, the bank’s aim is to provide customers with a time efficient seamless experience. The employees can simply complete the application on servers digitally, slashing processing time, increasing customer convenience and saving paper along the way, he said.

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