Bank of Baroda launches digital lending platform to encourage paperless banking

Bank of Baroda has launched their Digital Lending Platform, which will enable prospective retail loan seekers to get loans digitally.

According to the bank, the primary objective is to provide exceptional customer experience, personalized customer journeys, and scale the lending business through digitization.

Pre-approved Micro Personal Loan will be offered to existing selected customers to shop anything through offline/online partner channels and pay later in easy EMIs. Customers can also avail of 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.

Further, the Digital Lending Platform will provide ‘In-Principle approval’ for Home Loans, Car Loans, 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.

Vikramaditya Singh Khichi, Executive Director, said, “Bank has attempted to digitize itself internally by building a high-performing, innovative environment, which has allowed the 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 the next 5 years by adopting a digital-first lending approach across retail, MSME, and agriculture segments.”

With the launch of the Digital lending Platform, the personal loan disbursements will be completely digitized first followed by MSME and Agriculture disbursements.