Bank of Baroda launches digital lending platform
Aimed at paperless process for retail customers
image for illustrative purpose
Hyderabad: Bank of Baroda, the country's third-largest public sector bank, has launched a 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.
Pre-approved micro personal loan is offered to existing selected customers to shop anything through offline or 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 three to 18 months through m-Connect+, the bank's mobile banking app) in 60 seconds.
"The primary objective is to provide exceptional customer experience and scale the lending business through digitisation. The bank has attempted to digitise itself internally by building a high-performing, innovative environment, which has allowed the bank to reduce time-to-market for its products," Vikramaditya Singh Khichi, Executive Director, said in a statement on Wednesday.
Bank of Baroda envisages to outpace the banking industry growth by 1.50 times at a compound annual growth rate (CAGR) of 16 per cent over the next five years by adopting digital-first lending approach across retail, MSME and agriculture segments, he added.
The bank's digital lending platform provides in-principle approval for home loan, car loan and personal loan in 30 minutes without human intervention. The digital loan process is done from the various sources of the loan applicant's financial profile. The prospective applicants can avail the facility through multiple channels - website, mobile banking, internet banking and social media. With the launch of the digital lending platform, the bank believes that personal loan disbursements will be completely digitised first, followed by MSME and agriculture disbursements. As such, the bank envisages that the digital share of disbursement in retail lending will grow to 74 per cent over the next five years.
"The digital lending platform will help the bank to double the non-corporate book by 2025," said Ramjass Yadav, Chief General Manager, Bank of Baroda.
