India's largest lender, State Bank of India has plans to put in an internet-based customer acquisition solution that would allow its prospective customers to apply for home loans online and also generate loan sanction letter online.
This move to have an online customer acquisition solution could save the prospective net savvy customers from multiple visits to the bank's branch for completing all the formalities associated with getting a home loan.
Instead of the customer visiting the banks, bank's sales executives will follow up with the customer, collect necessary documentary proof and forward the application to the retail Assets Processing Centres for processing.
As the home loan segment is increasing and doing well because of lower interest rates, the ‘do-it-yourself' will further result in growth in the segment as it will be more convenient for the customers to apply for it.
After the online proposal for loan, there will be a validation process that would include online PAN verification, online query with Credit Information Bureau, online evaluation of loan eligibility, etc.
Post the validation process; the customer will receive a digitally signed copy of the loan sanction letter through e-mail.
Customers will be given unique login code to access the status of their application at each stage of the sourcing and loan processing period.