Bank of Baroda (BoB) has launched the Digital Lending Platform to enables prospective retail loan seekers to get loans digitally through a paperless process
Bank of Baroda (BoB) has launched the Digital Lending Platform to enables prospective retail loan seekers to get loans digitally through a paperless process at the convenience of their place and time of choice. BoB currently offers pre-approved Micro Personal Loan to existing selected customers to shop anything through offline/online partner channels and pay later in easy EMIs. Customers can also avail the amount into their Savings bank account and convert it to EMIs from 3 to 18 months through m-Connect+ (Bank’s mobile banking app) in 60 seconds, BoB said in a statement.
Commenting on the digital lending platform, Vikramaditya Singh Khichi, Executive Director, BoB, said, “The primary objective is to provide exceptional customer experience, personalized customer journeys and scale the lending business through digitization. Bank has attempted to digitize itself internally by building a high-performing, innovative environment, which has allowed bank to reduce time-to-market for their products. Bank envisages outpacing the banking industry growth by 1.50 times at CAGR of 16% over next 5 years by adopting digital first lending approach across retail, MSME and agriculture segments.”
Digital Lending Platform Features
The Digital Lending Platform provides ‘In Principle approval’ for Home Loans, Car loan and Personal Loans in 30 minutes without human intervention.
BoB’s statement said that the digital loan process is done from the various sources of the loan applicant’s financial profile and the applicant will get ‘In Principle approval’ in 4 simple steps.
The prospective applicants can avail the facility through multiple channels – website, mobile banking, internet banking and social media as well.
Online Loan against Fixed Deposits
Through the new platform, BoB will offer ‘Online Loan against Fixed Deposits’ through Digital Lending Platform, enabling the Fixed Deposit customers to avail loan against their Online FD instantly through mobile banking and net banking facility.
With the launch of Digital lending Platform, BoB believes that personal loan disbursements will be completely digitized first followed by MSME and Agriculture disbursements. As such Bank envisages that the digital share of disbursement in retail lending will grow to 74% over 5 years.
Dr. Ramjass Yadav, Chief General Manager, Bank of Baroda said, “We endeavour to accelerate our digital journey and continue to invest and innovate to transform Bank into a completely digitised organisation. Digital lending platform will help the Bank to double the non-corporate book by 2025.”