India's largest international bank Standard Chartered Bank has launched an online personal loan approval which will enable a customer to apply for a personal loan online and receive an 'Approval In Principle' (AIP) almost instantly.
Sanjeeb Chaudhuri, Regional Head, South Asia & Chief Marketing Officer, Consumer Banking, said: "Instant approval in principle for personal loans is a great example of innovation in product features and design served through the internet for meaningful engagement with customers while adding to cost efficiency and convenience overall."
With the digital application process, the customer can apply for a personal loan online through the website www.standardchartered.co.in/personal-loan at his or her convenience and get an in principle approval on a loan application within 5 minutes.
The online application process involves verification of key customer details such as the Permanent Account Number, mobile number, email ID and credit history through CIBIL and other internal eligibility criteria.
The AIP will be followed by a final approval after completion of 'Know Your Customer' and credit approval processes.