By Accommodation Times News Service
State Bank of India will be putting an online sanction process of home loans which allows the bank to approve the loan amounts by linking its portal with the Credit Information Bureau of India (Cibil).
The bank is in the process of appointing service providers who will fir the system that will enable an automated processing of the loan applications by verifying the information submitted online on Cibil’s data. Once the loan gets approved by the system the borrower will have to get supporting documents and clear the procedure. The online application process will be available to borrowers who wish to refinance their loans.
One of the officials of the bank said that this will definitely take a time for the system to be in place but once it is done there will be verification of most records online. Once the loan is approved it will be mapped to the nearest office based on pin code for disbursement. SBI loans are the cheapest in the country and the online application system will make it easier for borrowers who are tentative about getting their loans being approved.
Officials of Cibil said many several foreign and private banks has put place automated processing systems for consumer durable finance, credit cards and personal loans. But this is for the first time that it being done for home loans.