Standard Chartered Bank goes Digital

Standard Chartered Bank India is amongst the first few banks in the Indian market to launch a unique online personal loan approval which will enable a customer to apply for a personal loan online and receive an ‘Approval In Principle’ (AIP) almost instantly. This initiative is in line with Standard Chartered Bank’s commitment to go digital and extend the AIP process to several other consumer banking products over the next few months, making them more convenient for millions of customers.

“At Standard Chartered, we firmly believe in being recognized as a bank that holds their customers’ interest and satisfaction in the highest regard and this solution is a great example of how we can add value to the customers by simplifying the banking experience,” said Sanjeeb Chaudhuri, Regional Head, South Asia & Chief Marketing Officer, Consumer Banking. “Instant approval in principle for personal loans is a great example of innovation in product features and design served through the internet for meaningful engagement with customers while adding to cost efficiency  and convenience overall.”   

With the digital application process, the customer can apply for a personal loan online through the website www.standardchartered.co.in/personal-loan at his or her convenience and get an in principle approval on a loan application within 5 minutes.  The online application process involves verification of key customer details such as the Permanent Account Number, mobile number, email ID and credit history through CIBIL and other internal eligibility criteria.

The AIP will be followed by a final approval after completion of ‘Know Your Customer’ and credit approval processes.

With an increasing number of people searching for financial products online, innovation in personal banking products and services is essential to keep in line with changing customer preferences. Standard Chartered has always been at the forefront in launching technology solutions to provide convenience and improve customer experience using channels of the future such as the Internet and the mobile phone.

Standard Chartered’s mobile banking application, Breeze Mobile, is one of the leading mobile banking applications in the industry in India and in several other Asian countries. Recently, Standard Chartered also launched Credit Card AIP for customers applying for credit cards online.

Standard Chartered will soon launch digital options for more of its popular Consumer Banking products.