NIC Bank has automated its loan applications process for scheme holders in a bid to process them faster and provide paperless loan application. Scheme holders are employees of corporates who has signed an agreement with the bank with a view to securing lower interest rates for loans.
The portal, which 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 from two weeks to five days. 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.
NIC’s Group Managing Director John Gachora said the platform is part of the bank’s strategy to offer customers innovative, convenient and modern financing solutions.
“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. We pride ourselves as an innovative bank and are always looking for solutions to cater for our customer’s needs, more so in line with our NIC NOW philosophy,”
“The automated loan processing solution will allow the bank to process more loans faster and with enhanced operational efficiency.”
The portal allows for 24 hour access from anywhere with reliable internet connection. A customer can save, log out and revisit his or her account where necessary before submitting the loan application.
It allows for uploading the various documents required in jpeg, png, pdf and MS word.
Commenting on the portal, Eva Ratemo, NIC Bank Head of Schemes and Mortgage said it is very secure because even while the Human Resource of the organization will also need to log in to first approve all employees and later approve the loan application, he or she will only be limited to specific areas in the customer’s portal. In addition, an organization can create various individuals who have human resource clearance to ensure fast processing of the loans.
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.
Robert Kibara, the Retail Director added that this is the first step towards fully automation of their services. He added that in due time, loan applications could be processed within one day.