Indian Bank has unveiled pre-approved personal loan product under Project 'WAVE'. In January 2022, the Chennai-based bank launched the digital transformation initiative - World of Advance Virtual Experience 'WAVE' to launch its first digital product 'Pre-Approved Personal Loan (PAPL)' that aims to provide customers with instant loan disbursements.
The service available for existing customers and hold regular income and pension accounts and PAPL loan product can be availed of through mobile application, bank's website and through internet banking facility. The loan would carry an interest rate of 10 per cent per annum with no foreclosure charges.
Indian Bank was established as a part of the Swadeshi movement. The Bank provides a wide spectrum of banking products and services.
