PNB launches pre-approved personal loans in 4 clicks and one OTP | Popgen Tech

The end-to-end process is supposed to take less than a minute with immediate disbursement into the account. Loan customers will no longer need to visit the branch for loan processing and can complete the process from the comfort of their home or anywhere else. As of now, the bank is offering this service to salary and pension account holders. Eligible customers can avail the facility through the PNB Instaloans digital lending platform which can be accessed through the bank’s website and its mobile banking app, PNB One.

This facility was launched by Shri Atul Kumar Goel, MD & CEO of PNB, at the Bank’s head office in New Delhi, in the presence of the Executive Directors – Shri Sanjay Kumar, Shri Vijay Dube, and Shri Kalyan Kumar, CGMs, senior officers and other bank staff. Atul Kumar Goel, MD & CEO of PNB said, “Apart from providing access to instant credit, there is no documentation hassle for loans up to Rs. 4 lakh. PNB hopes that this product will serve as an example of responsible digital lending for the banking industry and will prove to be one of the best products in the retail sector.”

Personal loans, in general, can be used for various personal needs such as to meet expenses related to education, medical treatment, marriage, travel etc. These are unsecured loans that are not backed by any collateral. These are therefore, more risky for the lender and therefore attract higher interest rates compared to secured loans such as home loans. A bank will consider your monthly salary, among other factors to decide on the amount that can be sanctioned as a loan.