SIB Automates Corporate Loan Sanctioning Process

The ‘Credit Automation Project’ of South Indian Bank ,which is expected to improve the bank’s efficiency in credit processing and sanctioning of corporate loans, was recently inaugurated by Dr V A Joseph, MD and CEO of the bank in the presence of B Suresh Kamath, MD of LaserSoft Infosystems and M Valsan, executive director of the bank. LaserSoft Infosystems has provided the software for the implementation of this project. This ‘paperless flow’ of loan sanctioning is a unique process and is being introduced for the first time in the banking industry as per company claims.

“The South Indian Bank, which has got a strong focus on technology and service delivery, will be able in future to expedite scrutiny of the loan application, appraisal and assessment of the limits with the help of ‘Loanflo’, the corporate loan solution software. This will change the way SIB has been doing business as a lender, as it will allow automation of the entire loan processing, sanctioning and tracking system for corporate loans,” said Dr Joseph.

Valsan explained that the new software will help in evolving a ‘paperless flow’ of the loan sanctioning process and will also expedite sanctioning of corporate loans. “It is a unique process and is being introduced for the first time in the banking industry in India,” he said.