ABA adds Instant Loan to its mobile banking app
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:
- Launch ABA Mobile app and tap Loans button on the main screen.
- Select Fixed Deposit which will be used as a collateral for the Instant Loan.
- Enter the loan amount that can go as high as 90% of the Fixed Deposit amount and tap Get Loan button.
- 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”.