In a bid to go paperless, the public sector lender, Bank of Baroda (BoB), is to allow retails get loans quickly through its new digital process.
As per the statement by the bank, the new initiative is to provide ‘in-principle approval’ for home, car and personal loans in 30 minutes. Literally as fast as pizza delivery.
The bank further added that it will also provide ‘Online Loan against Fixed Deposits’ through the same platform.
Anyone interested or seeking a loan can get the service via BOB’s website, mobile banking app and social media.
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As per the bank, the initiative will first be used for personal loan disbursements followed by MSME (micro, small and medium enterprises) and agriculture loans. The bank expects its online retail lending to grow by 74% in the next five years using the platform.
Commenting on the digital lending platform, Vikramaditya Singh Khichi, Executive Director, BoB, 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 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.”
Online Loan Against Fixed Deposits
Also, through its new platform, BoB will also offer ‘Online Loan against Fixed Deposits’. Any fixed deposit holder can avail a loan against his/her online FD instantly through mobile banking and net banking facility.
You can either visit the company’s website or call on 1800 220 400 for more information.
