In a bid to boost digital banking, Russian lender Sberbank has introduced consumer loans that cover processes from application to disbursal for individuals via mobile app, eliminating the need to visit a physical branch.

The bank’s customers can apply for a consumer loan and receive decision within minutes without having to visit branch. The funds are then transferred to their cards. It is available on Android platform as of now. Sberbank said that the iOS version will be launched in a few months.

“Today, we present a convenient service to users of Sberbank Online app for Android which allows applying for a consumer loan at any time and in any place with no need to visit the bank’s office. Even now, more than half of the bank’s clients apply for consumer loan online, receiving decision in several minutes,” said Sergey Shirokov, managing director-Borrow and Save Division, Sberbank.

He added that the feature will also enable customers to avail of loans on weekends and bank holidays.

The feature is part of its New Year campaign that will run till 31 January. The lender has also reduced interest rates on such loans. The minimum rate on consumer loans that are applied online under the campaign is fixed at 11.9% (for RUB 1 million amount and for five-year period).

Sberbank’s mobile application has over 18 million active users.

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by Parnika Sokhi
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