The Tamil Nadu Industrial Investment Corporation (TIIC) has planned to launch a completely web-based loan processing system to avoid unnecessary delay in processing and disposal of loan applications.
Kumar Jayant, Chairman and Managing Director, TIIC, told The Hindu that though there was a provision for the entrepreneurs to submit loan applications online, it was felt that the existing system must be upgraded with an addition of various tools, applications, and value additions. Hence, it had been proposed to relaunch the web page, with a focus on total web-based loan processing system. The idea was that the applicants should not be called to the TIIC office, seeking clarification on any aspects or verification of documents. The loan processing system would contain all information. The applicants will have to fill details, nature of loan, and others only online. They must validate the details by attaching valid documents and certificates. Once they successfully submitted the applications, the authorised officers in the respective TICC offices would verify the online applications to check whether all mandatory details were filled and relevant documents were attached. If needed, the officers will contact the applicants online for clarification. The applicants would be called to the offices only after ascertaining that the application was in order.
