Processing and sanction of credit proposals up to Rs 10 lakh below the Mudra Scheme, which includes MSME loans (fresh/ renewal/ enhancement/ critique) shall be accomplished by way of PNB LenS w.e.f. 01.12.2020.
Punjab National Bank (PNB), India’s major public sector bank, announced the launch of a tech-primarily based loan management answer — referred to as PNB LenS – The Lending Solution – now to speed up and sustain accuracy in on the web loan processing and sanctioning of credit proposals.
According to the bank, post-merger, it was paramount to have a stringent loan management answer, which can be employed for activities associated to lead capturing, loan appraisal, sanction, and documentation. PNB began improvement/ customization of an IT-primarily based answer PNB LenS – The Lending Solution for loan management. It facilitates field functionaries in uniform and constant appraisal methodology to increase due diligence requirements.
The principal goal behind the PNB LenS is to standardize the program, method and appraisal formats for loan processing, speed up the method of credit sanctions, auto-create loan documents for each and every form of credit facilities, lessen delay, expense, and human errors involved in manual processing, digital record upkeep, safety & information privacy, and prepared to use monitoring and MIS reports for greater tracking and transparency.
This program is envisaged to be implemented in a phased manner for all sorts of loans — MSME, Agriculture, Retail and other credit.
Processing and sanction of credit proposals up to Rs 10 lakh below the Mudra Scheme, which includes MSME loans (fresh/ renewal/ enhancement/ critique) shall be accomplished by way of PNB LenS w.e.f. 01.12.2020.