Bajaj Allianz Life digitizes process, eliminates credit score checks to offer loan against policy in 24 hours

Leading private life insurer Bajaj Allianz Life Insurance has digitized its process to offer pre-approved loan against their policy. The company stated that this has been done with a focus on providing policyholders a hassle-free experience to meet their financial goals.

In order to simplify the borrowing process, Bajaj Allianz has stated that the fully-digital and paperless facility now eliminates credit score checks, enabling swift, paperless access to loans with minimal clicks.

The company also said that the loans against life insurance policies issued by it are at a competitive interest rate ensuring affordability for its customers. It added that the new and improved process will enable loan disbursement within 24 hours.

Talking about the development, Rajesh Krishnan, Chief Operations & Customer Experience Officer at Bajaj Allianz Life Insurance, said, "At Bajaj Allianz Life Insurance, we live by our Customer First promise in every initiative that we undertake. At the back of this philosophy, we're excited to introduce our revamped policy loanprocess, making it easier than ever for our customers to access funds. Our fully digital and paperless system ensures quick loan approvals within 24 hours, without the hassle of credit score checks. The streamlined approach not only speeds up the process but also fosters transparency, empowering customers to make informed decisions at every turn. We're dedicated to empowering our customers on their journey to achieving their life goals."

Salient Points: 

• Streamlined processes guarantee faster loan disbursals within 24 hours.
• It significantly reduces the turnaround time. 
• The updated paperless process requires minimal clicks. 
• Transparency remains paramount, and customers have full visibility of the loan disbursal process.