Now file your Loan Applications online. Would you like to try?

One more step towards innovative customer service.

            Public Sector Banks in India, have been advised by Government of India-Ministry of Finance-Department of Financial Services vide Lr.No.F.No.11/17/2011-FI, to introduce the Online filing and tracking of Loan Applications.

            The major advantage of online filing is the increased transparency coupled with a tracking mechanism.

            As a pilot run, a group with officials drawn from Punjab National Bank, Allahabad Bank and Syndicate Bank was constituted to develop the necessary IT applications.

            The group developed and tested few IT applications in their respective banks. As the results were satisfactory, the online filing/tracking of loan applications was adopted by the above banks.

            As considerable work on development and implementation of these IT Applications was done by the Group, Department of Financial Services- MOF felt it would be better for all the PSB’s to adopt them, rather than develop on their own.

            This would lead to faster rollout of the online filing/tracking of loan applications and also the collective wisdom can lead to system efficiencies.

            Accordingly, PSB’s have been advised to integrate the IT Applications relating to online filing/tracking of loan applications with their bank’s system, by 31st August 2012. Banks may make the necessary modifications as required.

            A snapshot of loans for which online filing can be introduced are: -

Education Loan

MSME Loan

Vehicle Loan

Kisan credit card

Farm Mechanization loan

Dairy Development loan

Kalyani card

Housing Loan

Professional & Self Employed

Personal loan

            The bank customers to reduce the time in online filing should have all the required information and the scan copies of the documents, prior to the commencement of process in the respective banks website.

Once the application is filed successfully, the registration number will be displayed. Further tracking can be done on the basis of the registration number.

Bank of Baroda online Education Loan, Union Bank of India Education Loan, Syndicate Bank online Loans,

Directorate of Institutional Finance, Madhya Pradesh online loans, Allahabad Bank online MSME  Loan,