Bank of Baroda introduces digital lending platform for retail loan seekers
Bank of Baroda, an Indian public sector bank, has introduced a digital lending platform for helping prospective retail loan seekers to get loans online via a paperless process irrespective of location and time.
According to the Indian lender, its existing selected customers are offered pre-approved micro personal loan for shopping anything either through offline or online partner channels with an option to pay later in EMIs.
Furthermore, customers can avail the amount into their savings bank account and convert it to EMIs from three to 18 months via Bank of Baroda’s mobile banking app m-Connect+ in 60 seconds.
Commenting on the Bank of Baroda digital lending platform, the bank’s executive director Vikramaditya Singh Khichi 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 to outpace 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.”
The digital lending platform is also said to offer ‘in principle approval for personal loans, home loans, and car loan in 30 minutes without the intervention of humas.
The online loan process is done from multiple sources of the loan applicant’s financial profile. The applicant will get in principle approval in four easy steps, said Bank of Baroda.
The digital lending platform can be availed by prospective applicants via multiple channels such as website, internet banking, mobile banking, and social media.
Through the online lending platform, Bank of Baroda will also provide online loan against fixed deposits for enabling its fixed deposit customers to avail loans against their online fixed deposit instantly via mobile banking and net banking facility.
Dr. Ramjass Yadav – chief general manager of Bank of Baroda, commenting on the Bank of Baroda digital lending platform, 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.”