Kochi: South Indian Bank has launched “SIB QUICKPL,” a digital personal loan platform aimed at new customers. The platform enables salaried and self-employed individuals with good credit profiles to apply for unsecured personal loans through a paperless process.
New Digital Loan Service
The new platform allows users to apply for loans online, with funds credited to any bank account in India within 10 minutes. Unlike the bank’s existing pre-approved personal loans for account holders, this service is open to new customers. The bank has integrated its platform with the country’s digital infrastructure, using the Account Aggregator framework and the Income Tax portal for verification, eliminating the need for document uploads.
Expanding Digital Offerings
South Indian Bank has been offering instant pre-approved personal loans to existing customers since 2019. With “SIB QUICKPL,” the bank aims to reach a wider customer base. The platform reflects the growing trend among banks to leverage digital tools to streamline lending processes.
Bank’s Perspective
Sanchay Sinha, CGM & Head – Retail Assets at South Indian Bank, stated that the initiative is part of the bank’s digital transformation efforts. The bank expects the platform to enhance accessibility to financial services while ensuring a seamless and transparent loan approval process.
About South Indian Bank
South Indian Bank is a Kerala-based private sector bank with a nationwide presence. It has been expanding its digital banking services in recent years to cater to evolving consumer needs.
