ABA​ adds​ Instant​ Loan​ to​ its​ mobile​ banking​ app

27/01/2020

ABA​ adds​ Instant​ Loan 1ABA​ adds​ Instant​ Loan 1

ABA​ Bank,​ Cambodia’s​ leader​ in​ providing​ digital​ banking​ solutions,​ announces​ today​ the​ launch​ of​ a​ new​ function​ in​ its​ ABA​ Mobile​ app,​ Instant​ Loan​ against​ Fixed​ Deposit.​ The​ function​ helps​ app​ users​ get​ microloan​ for​ their​ emergency​ cash​ needs​ without​ breaking​ their​ Fixed​ Deposit​ and​ losing​ the​ accrued​ interest.​ ABA​ has​ become​ the​ first​ bank​ in​ Cambodia​ who​ allows​ its​ mobile​ banking​ app​ users​ to​ receive​ loan​ instantly.

The​ new​ function​ allows​ to​ issue​ a​ loan​ against​ customer’s​ ABA​ Fixed​ Deposit​ in​ USD​ or​ KHR​ with​ no​ processing​ fee.​ The​ borrower​ can​ settle​ the​ loan​ any​ time​ without​ penalty​ for​ early​ loan​ repayment​ and​ pay​ interest​ only​ for​ the​ days​ they​ borrowed.

To​ get​ an​ Instant​ Loan​ against​ Fixed​ Deposit,​ ABA​ Mobile​ app​ user​ should​ follow​ these​ simple​ steps:

  1. Launch​ ABA​ Mobile​ app​ and​ tap​ Loans​ button​ on​ the​ main​ screen.
  2. Select​ Fixed​ Deposit​ which​ will​ be​ used​ as​ a​ collateral​ for​ the​ Instant​ Loan.
  3. Enter​ the​ loan​ amount​ that​ can​ go​ as​ high​ as​ 90%​ of​ the​ Fixed​ Deposit​ amount​ and​ tap​ Get​ Loan​ button.
  4. Confirm​ the​ loan​ request​ with​ ABA​ Mobile​ 4-digit​ PIN,​ after​ which​ the​ loan​ will​ be​ instantly​ issued​ to​ the​ customer.

“There​ may​ be​ various​ life​ situations​ when​ someone​ who​ booked​ its​ money​ with​ Fixed​ Deposit​ needs​ emergency​ cash”,​ says​ Zokhir​ Rasulov,​ Chief​ Digital​ Officer​ at​ ABA​ Bank.​ “It​ is​ especially​ important​ for​ those​ who​ have​ long-term​ savings​ and​ don’t​ want​ to​ prematurely​ break​ their​ deposits​ and​ lose​ interest.​ For​ such​ cases,​ we​ developed​ Instant​ Loan​ against​ Fixed​ Deposit​ in​ ABA​ Mobile,​ so​ our​ customers​ can​ open​ Fixed​ Deposits​ knowing​ that​ they​ will​ always​ have​ access​ to​ extra​ funds​ from​ ABA​ when​ needed,​ while​ their​ long-term​ saving​ keeps​ growing.”

“The​ loan​ issuance​ process​ is​ automated​ and​ instant:​ no​ application​ forms,​ no​ document​ collection,​ no​ application​ review​ period.​ Most​ consumers​ these​ days,​ especially​ younger​ generation,​ expect​ products​ and​ services​ to​ be​ easily​ and​ instantly​ available​ digitally,​ and​ Instant​ Mobile​ Loan​ meets​ their​ expectations​ well,”​ adds​ Rasulov.

For​ more​ information​ on​ ABA​ Mobile​ Instant​ Loan,​ please​ visit​ this link.

ABA​ successfully​ develops​ its​ full-fledge​ digital​ ecosystem​ with​ advanced​ online​ banking​ and​ self-banking​ platforms.​ Recently,​ the​ Bank’s​ achievements​ in​ digital​ transformation​ have​ been​ recognized​ by​ Asiamoney​ magazine​ who​ named​ ABA​ “The​ Best​ Digital​ Bank​ in​ Cambodia​ 2019”.