Excelsior Correspondent
SRINAGAR, June 1: Jammu and Kashmir Bank announced today that it has extended its instant digital loan facility through the Straight Through Processing (STP) platform to all active permanent employees of the University of Jammu.
This initiative falls under the Memorandum of Understanding (MoU) signed between the bank and the university last year.
In addition, the bank will provide a free Group Personal Accidental Insurance Cover of Rs 25 lakhs to eligible permanent employees of the university who receive their salaries through J&K Bank. The insurance coverage will take effect from June 10, 2023.
The launch of the ‘Extension of Online Loans’ was officiated by Sunit Kumar, General Manager & Divisional Head (Jammu) of J&K Bank, and Prof Umesh Rai, the Vice-Chancellor of Jammu University.
Vice-Chancellor, Prof Umesh Rai commended the significant role played by J&K Bank in the financial system of Jammu and Kashmir.
He expressed his appreciation for the extension of the instant digital loan facility, stating that university employees would greatly benefit from the convenience and time-saving aspects of this service.
Divisional Head Sunit Kumar, speaking at the event, highlighted J&K Bank’s efforts to keep up with the digital-services landscape in the country.
He mentioned that the bank recently introduced its Instant Digital Loan facility through the STP platform, enabling salaried employees covered under MOUs to avail themselves of this world-class service.
With the new offering, eligible Jammu University employees who are customers of J&K Bank can obtain personal loans of up to Rs 1 crore with processing and disbursal taking place in just 10 seconds.
Kumar explained that Straight Through Processing (STP) is an end-to-end automated self-service solution designed to simplify the loan application process and enhance the customer experience.
Initially, the facility will be available for Consumption Loan, Cash Credit Facility, and Festival Advance Scheme for salaried employees.
All loan requests received from eligible employees will be processed exclusively through the Straight Through Processing/ Loan Originating System and disbursed instantly.
Jammu University employees can apply for these personal loans using various channels provided by the bank, such as the J&K Bank mPAY mobile application, Agent/IVR, or the bank’s official website.
STP ensures a seamless loan processing journey without the need for manual intervention. This round-the-clock credit dispensation facility, coupled with real-time sanctioning and disbursement, offers a consistent and standardized user experience, leading to increased customer satisfaction.
It is worth noting that, according to the MOU signed last year, the Bank has been granted ‘Most Favoured Client Status’ by Jammu University and has been nominated as the ‘Preferred Banker’ for all banking-related services.
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