Bank of Baroda (BoB) has launched the Digital Lending Platform to enables potential retail loan seekers to get loans digitally via a paperless approach at the comfort of their location and time of selection. BoB presently gives pre-authorized Micro Personal Loan to current chosen clients to shop something via offline/on-line companion channels and spend later in uncomplicated EMIs. Customers can also avail the quantity into their Savings bank account and convert it to EMIs from 3 to 18 months via m-Connect+ (Bank’s mobile banking app) in 60 seconds, BoB mentioned in a statement.
Commenting on the digital lending platform, Vikramaditya Singh Khichi, Executive Director, BoB, mentioned, “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 supplies ‘In Principle approval’ for Home Loans, Car loan and Personal Loans in 30 minutes devoid of human intervention.
BoB’s statement mentioned that the digital loan approach is completed from the many sources of the loan applicant’s monetary profile and the applicant will get ‘In Principle approval’ in 4 easy actions.
The potential applicants can avail the facility via various channels – site, mobile banking, net banking and social media as effectively.
Online Loan against Fixed Deposits
Through the new platform, BoB will offer you ‘Online Loan against Fixed Deposits’ via Digital Lending Platform, enabling the Fixed Deposit clients to avail loan against their Online FD quickly via mobile banking and net banking facility.
With the launch of Digital lending Platform, BoB believes that private loan disbursements will be absolutely digitized initially followed by MSME and Agriculture disbursements. As such Bank envisages that the digital share of disbursement in retail lending will develop to 74% more than 5 years.
Dr. Ramjass Yadav, Chief General Manager, Bank of Baroda mentioned, “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.”