Kenya’s NIC Bank has announced that it has launched a fully automated online platform to help corporate employees apply for loans online.According to the bank, the portal will significantly streamline the loan application process as it will also allow for online approval and processing.
The Bank says the site will specifically target the employees of company’s who have taken up the Bank’s Scheme product offering, will see the loan application time reduced by more than 50%. The customers who apply will also be able to track the progress of their loan application for unsecured personal loans, mortgages, car loans and plot purchase loans.
According to NIC’s Group Managing Director John Gachora, “We are the first bank in East Africa to go to market with this solution and are proud to offer our customers solutions which make their lives easier. The automated loan processing solution will allow the bank to process more loans faster and with enhanced operational efficiency.”Initially, customers will have to create a profile and simply log in and apply for a loan following a step-by-step process similar to filling a physical loan foam. Once the loan application is complete, an alert is sent to the company’s Human Resource department to review and approve the loan before it is sent to the bank for authorization and funds transfer.