IDBI Bank Opens Online Loan for MSME, Agri Borrowers

IDBI Bank on Wednesday declared the launch of its fully digitised loan processing system, offering more than 50 products to MSME and the agriculture sector.

According to IDBI Bank, the Loan Processing System (LPS) for MSME and agri products integrates smoothly with data fintechs, bureau validations, document storage, account administration, and customer notifications, among other things. According to the bank, these aspects of the fully digitised and automated loan processing system are targeted at providing a superior tech-enabled banking experience to the bank's MSME and agri customers.

"LPS would carry a total of more than 50 product lines and would offer a seamless credit lifecycle with over 35 interface touchpoints to many satellite systems," Suresh Khatanhar, Deputy Managing Director, IDBI Bank said.

According to him, the LPS interfaces with the bank's existing core database, human resource management system, and other applications.. This utility would considerably enhance the customer experience with improved turn-around time, Khatanhar said.