Home / Industry / Banking /  PNB launches pre-approved personal loan in 4 clicks and single OTP

Punjab National Bank (PNB), which is among the leading public sector banks in the country, has introduced ‘pre-approved personal loans in 4 clicks and single OTP’ on its mobile banking app PNB One. 

The end-to-end process is supposed to take less than a minute with instant disbursal in the account. Loan custom ers will no longer need to visit the branch for the 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 account holders and pension accounts. Eligible customers can avail the facility through the digital lending platform PNB Instaloans which can be accessed through 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 Executive Directors - Shri Sanjay Kumar, Shri Vijay Dube, and Shri Kalyan Kumar, CGMs, senior officials and other bank staff. Atul Kumar Goel, MD & CEO of PNB said, “In addition to providing access to instant credit, there is no hassle of documentation 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 prove to be one of the best products in the retail sector."

A personal loan, in general, can be used for varied personal needs such as for meeting expenses related to education, medical treatment, marriage, travel etc. These are unsecured loans that are not backed by any collateral. These are therefore, riskier for the lender and so attract higher rates of interest compared with 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 loan.

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