According to the bank, the AI-driven product has end-to-end automation, which means that the entire loan process, from application to disbursement, is completed digitally 24/7 without any manual intervention within 5 minutes.
Approximately 1.6 million customers have successfully obtained loans from the country’s more than 10 million deposit accounts. During times when customers’ access to digital loans is limited, NMB Sapati has filled the need for small ticket sized funds with its AI-driven technology, according to the statement.
According to the bank, NMB Sapati was launched with the goal of meeting customers’ immediate need for short-term funds without requiring additional collateral.
The loan is available to all customers who have kept their salary account and to all Retail Loan customers of the bank, with loan limits of up to Rs 100,000 and up to Rs 200,000, respectively. Customers can choose their repayment period whenever it is convenient for them. The loan can be obtained simply by using one’s mobile device, with no need for a bank visit.
“Through NMB Sapati, NMB Bank has been providing its clients with quick and easy loans to meet their immediate and short-term funding needs. We have been focusing on innovative product solutions for our customers using digital technology and will continue to bring in more innovative solutions that add value to our clients,” the bank said in a statement.
The bank has urged its customers to make full use of digital banking services and to take all necessary precautions to protect themselves and their families from the Covid-19 pandemic.