Bank online and get your loan

Indian people are enabled to apply for bank loans right from the pad at their homes. A new online service was introduced by Syndicate Bank, a Manipal-based public sector bank.

Applications filled in according to the rules specified come to bank officers which receive them as pop up and if they comply with the required parameters the applicants are invited for a physical meeting.

At first the service was intended for small and medium size businesses (SMBs) and now it is accessible for students, professionals, self-employed persons, traders, corporates, agriculturists and individuals.

Today private banks' customers make more than 80% of transactions via telephone, internet, ATMs and mobile phones in India.

For instance ICICI Bank operates 80% of such transactions and daily 1 million SMS text messages are sent by the bank with information on various products.

"When we launched mobile banking, 7 million customers registered with us in about a year. Initially, customers were using mobile phones to receive information on account status. Slowly they have graduated to receiving statement of savings and loan accounts and getting credit invoice among others," says V Vaidyanathan, executive director (retail banking), ICICI Bank.

"Mobile banking will certainly pick up in India, especially since people in many parts of the country do not have access to banking. We are looking for partners in India to launch the service," said Ravin Singh, market development manager, mobile commerce & location-based services, Mobile Devices, Motorola.