YES BANK launches digital solution for instant loan disbursements in India

By Edil Corneille

Indian public bank – YES BANK, has launched a solution for the instant disbursement of retail loans for pre-approved liability account holders. The ‘Loan in Seconds’ solution is in alignment with the bank’s strategy of building a transformed ‘Digital Bank’. Banks are utilising digital means to reach out to consumers in the midst of the COVID-19 pandemic. Studies show that the adoption of digital finance methods by customers is expected to continue even post the coronavirus crisis.

Rajan Pental, Global Head – Retail Banking, YES BANK enunciated, “This launch is a testament to YES BANK’s continued leadership in digital innovation and technology capabilities, aimed to offer customers a comprehensive range of retail products in a form and manner which is convenient, fast and easy to use. With ‘Loan in Seconds’, we provide a differentiated banking experience to customers as the loan gets instantly credited to their accounts in a completely paperless and hassle-free way.”

The digital solution launched by the bank leverages technology and analytics to play a critical role in identifying and customising offers for each individual customer. It aims to provide hassle-free loans to help customers meet their financial needs across products.

‘Loan in seconds’ assesses a loan application in real-time through its algorithm, thereby eliminating the lengthy process of documentation which results in a seamless experience for the customer. The solution helps in availing instant financing without the need to visit a branch in person, fill an exhaustive form, or submit any documentation.

The solution enables the credit of funds to a customer’s account in seconds where the loan gets processed ina few clicks. No documentation is required for the disbursement of a loan. The service is completely device agnostic and is available 24/7 across desktop and mobile devices.

Eligible customers under ‘Loan in Seconds’ will receive a communication from the bank with a link to apply for the service. A customer then needs to verify and accept the final offer, check the terms and authenticate the request for enabling the instant money credit into their account.