J&K Bank today extended Instant Digital Loan facility through STP platform to all the active permanent employees of the University of Jammu under its Memorandum of Understanding (MoU) signed with the varsity last year.
The Bank shall also extend a Free Group Personal Accidental Insurance (GPAI) Cover of Rs 25 Lakh to the eligible permanent employees of University of Jammu drawing their salary through J&K Bank . This accidental insurance will be effective from 10th June 2023.
Vice-Chancellor Jammu University Prof. Umesh Rai and Bank’s General Manager & Divisional Head Jammu, Sunit Kumar launched the ‘Extension of Online Loans’ today in presence of Registrar Jammu University, Arvind Jasrotia, Bank’s Zonal Head Jammu, Rajesh Dubey and other senior officials of the Bank and the University.
While lauding the significant role of J&K Bank in the financial system of Jammu and Kashmir, Vice-Chancellor Prof. Umesh Rai said that extension of the instant digital loan facility is a welcome step as the employees of the university are going to benefit hugely from this facility in terms of time and convenience.
Prof. Rai further exhorted that extending free Group Personal Accidental Insurance Cover of Rs 25 Lac is another landmark decision of the Bank aimed at the economic well-being of the university employees and their families.
Speaking on the occasion, Divisional Head Sunit Kumar said, “Catching up fast with the digital-services landscape in the country, J&K Bank recently rolled out its state-of-the-art Instant Digital Loan facility through STP platform for salaried employees within the ambit of MOUs.
Now onwards all the active employees of Jammu University banking with us can avail the world-class facility that ensures processing and disbursal of personal loan up to Rs 1 Crore to an eligible borrower in just 10 seconds.”
“With its end to end automation, Straight through Processing (STP) is a self-service offering for customers aimed at simplifying the process and making the experience more pleasant for clients. The facility shall initially be available for Consumption Loan, Cash Credit Facility and Festival Advance Scheme for Salaried employees ”, he added.
Notably, all the received loan requests of the eligible employees shall be processed exclusively via Straight Through Processing/Loan Originating System and disbursed instantly. Under this mechanism, the employees of Jammu University can apply for any of the mentioned personal loans through Bank’s platforms i.e. J&K Bank mPAY mobile application, Agent/IVR or Bank’s official website.
STP is a self-service journey with no manual intervention for processing the loan request. As an anytime and anywhere (24x7) credit dispensation facility along with real-time sanctioning and disbursement, its consistent and standardized user experience is resulting in increased customer satisfaction.
Pertinently, as per MOU signed last year, the Bank has extended ‘Most Favoured Client Status’ to Jammu University and has been nominated as ‘Preferred Banker’ by the University for its exclusive dealings with respect to all banking related services.