Banking has been transforming from standing in queues to your fingertips. Gone are the days when you have to wait for hours to do banking transaction, now you can do almost every transaction through your smart phone.
While public sector banks are lagging behind in adopting new technology, private sector banks increasing its customer base by making full use of the new technology.
Keeping pace with the changing trend, Axis bank has taken a leap by launching an instant personal loan service called ?24X 7 Instant Personal Loan? which can be availed through mobile app.
Customers are required to download Axis Bank mobile app and login into their account to avail service of paperless personal loan. As soon as customer login into their account, they can view the pre-approved loan amount based on their credit profile. The customer can decide the amount of personal loan and tenure for which he/she wants to avail loan through a slider located below.
After the amount and tenure of loan is selected, the customer is than advanced to the page that displays the Equated Monthly Installment (EMI), applicable interest rate on loan along with the processing fees.
Once the customer agrees to the terms and conditions, the money instantly credited to his/her account for use. There would be no confirmation call, only a message of his/her account being credited with the selected amount would be sent.
Ceiling limit of instant personal loan amount through mobile app is currently fixed at Rs.5 lakhs with minimum amount of loan is capped?at Rs.1 lakh. The rate of interest is likely to range between 12% p.a. to 17% p.a. The pre-approved amount of loan is thoroughly based on the track record of the customer and may variate on daily basis.
Image Courtesy: Financial Express