Country’s third largest public sector bank Bank of Baroda, on Monday launched the Digital Lending Platform, which enables prospective retail loan seekers to get loans digitally through a paperless process at the convenience of their place and time of choice.
According to the bank, the primary objective is to provide exceptional customer experience, personalized customer journeys and scale the lending business through digitization
Shri. Vikramaditya Singh Khichi, Executive Director, said, “Bank envisages outpacing the banking industry growth by 1.50 times at compound annual growth rate (CAGR) of 16 per cent over next 5 years by adopting digital first lending approach across retail, micro, small and medium enterprise (MSME) and agriculture segments.”
Shares of Bank of Baroda on Monday were up 3.45 per cent at 62.90 on the Bombay Stock Exchange at around 12.45 pm.
Pre-approved Micro Personal Loan is offered 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, it said.
Further, the Digital Lending Platform provides ‘In Principle approval’ for Home Loans, Car loan and Personal Loans in 30 minutes without human intervention. 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.
The Bank will offer ‘Online Loan against Fixed Deposits’ through Digital Lending Platform, which enables the Fixed Deposit customers to avail loan against their Online FD instantly through mobile banking and net banking facility.
With launch of Digital lending Platform, Bank 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 per cent over 5 years.