South Indian Bank, a private sector bank based in Kerala, has launched “SIB QUICKPL”, a digital personal loan platform designed for new customers. The platform uses a fully digital and paperless process, allowing individuals with good credit profiles to receive an unsecured personal loan and have the funds credited to their savings account within just 10 minutes. The platform is accessible through the bank’s website and can be used by both salaried and self-employed individuals.
The launch of SIB QUICKPL is the latest innovation in the bank’s efforts to provide quick, transparent, and customer-friendly financial solutions. The platform leverages the digital infrastructure of the country, using the Account Aggregator framework to integrate directly with the Income Tax portal for seamless verification. This reduces the need for document uploads and facilitates a faster processing time.
According to Sanchay Sinha, CGM & Head – Retail Assets, the SIB QUICKPL platform reflects the bank’s vision of blending technology with trust, offering seamless financial solutions to new customers. The initiative is designed to provide people with the financial power to fulfill their dreams and aspirations, taking into account the dynamic nature of modern Indian lifestyles.
South Indian Bank has been offering pre-approved personal loans to its existing customers through digital channels since 2019, and with SIB QUICKPL, the bank is now extending this service to new customers. The platform is a significant milestone in the bank’s digital transformation journey, aimed at providing customers with quick and convenient financing options.
With SIB QUICKPL, South Indian Bank is demonstrating its commitment to innovation and customer satisfaction, making personal financing more accessible and faster for individuals in India. The platform is designed to be user-friendly, convenient, and transparent, reflecting the bank’s goal of providing a seamless experience for its customers.