Emirates NBD, a leading bank in the region, today announced the launch of ‘InstaLoan’, the region’s first completely paperless and instant loan disbursal facility. Available 24/7 via online banking, InstaLoan enables direct credit to customers’ accounts, up to pre-approved amounts, within seconds, without any paperwork.
This online loan disbursal facility has been introduced to provide instant cash relief to customers, particularly in medical or other types of emergencies. The instant loan service is complemented by Emirates NBD’s ‘Borrow Wisely’ initiative, an overarching educational campaign that assists loan customers to self-assess loan requirements.
Commenting on the introduction of InstaLoan, Suvo Sarkar, Senior Executive Vice President & Group Head – Retail Banking and Wealth Management, Emirates NBD said, “Emirates NBD was the first bank in the region to offer personal loans via online banking, and Instaloan is another first-to market offering that will significantly benefit existing customers by providing instant funds in their account without additional paperwork at any time, no matter where they are in the world.
“InstaLoan is in line with our commitment to provide our customers with enhanced and technologically advanced banking solutions. Taking away the hassle, paperwork and waiting time on loan approvals allows us to offer customers a pre-approved facility in line with their financing capabilities and needs,” added Sarkar.
InstaLoan anticipates customers’ needs and safeguards against borrowing risk via a pre-approval mechanism. The facility leverages the bank’s sophisticated borrowing framework that uses advanced analytical tools to analyse individual customers’ requests. Emirates NBD is the first and only bank in the UAE to offer a unique loan return option and the only bank to offer a dual benefit insurance cover that fully covers the outstanding loan in the unforeseen event of loss of life of the borrower as well as provides the borrower’s next of kin or beneficiary with an amount equal to the loan outstanding.