Punjab National Bank (PNB), India’s leading public sector bank, announced the launch of a tech-based loan management solution — called PNB LenS – The Lending Solution – today to speed up and maintain accuracy in online loan processing and sanctioning of credit proposals.
According to the bank, post-merger, it was paramount to have a stringent loan management solution, which can be used for activities related to lead capturing, loan appraisal, sanction, and documentation. PNB started development/ customization of an IT-based solution PNB LenS – The Lending Solution for loan management. It facilitates field functionaries in uniform and consistent appraisal methodology to improve due diligence standards.
The main purpose behind the PNB LenS is to standardize the system, process and appraisal formats for loan processing, speed up the process of credit sanctions, auto-generate loan documents for each type of credit facilities, reduce delay, cost, and human errors involved in manual processing, digital record maintenance, security & data privacy, and ready to use monitoring and MIS reports for better tracking and transparency.
This system is envisaged to be implemented in a phased manner for all kinds of loans — MSME, Agriculture, Retail and other credit.
Processing and sanction of credit proposals up to Rs 10 lakh under the Mudra Scheme, including MSME loans (fresh/ renewal/ enhancement/ review) shall be done through PNB LenS w.e.f. 01.12.2020.