A Digital Lending Platform (DLP) has been launched by the Bank of Baroda (BoB). This new platform helps forthcoming retail loan aspirants to get loan digitally through a paperless and easy process. Without human intervention, DLP allows ‘in-principal approval’ for home, car, and personal loans with a time duration of 30 minutes, the bank announced in a public statement. With the help of DLP, the bank also offer ‘Online Loan against Fixed Deposits’.
Forthcoming loan seekers can utilize the Digital Lending Platform through a different channel like website, internet banking, mobile banking, and social media, it added. BoB said that with the launch of DLP, the personal loan sanctions has become easy and completely digitized first, followed by the Micro, Small and Medium Enterprise (MSME) and agriculture disbursement. The bank is confident enough that there will be more than 74 percent growth in the digital share of disbursement in retail lending, in the coming five years.
The pre-approved micro personal loan is also being offered to select existing customers to shop through offline/online platforms and pay later in Equated Monthly Installments (EMI), BoB said. Customers can also avail the amount into their savings bank account and convert it to EMIs from 3 to 18 months through the bank’s mobile banking app, m-connect+ within 60 seconds, it added. Bank of Baroda also took initiatives for the well-being program for its employees.
Vikramaditya Singh Khichi, Executive Director of BoB said that the primary objective of DLP is to increase the lending business through easy and comfortable digitization. BoB had made all attempts to make it digitize internally to decrease the reach of products in time-to-market. The bank envisioned that outpacing the banking industry growth by 1.50 times at a compounded annual growth rate (CAGR) at a rate of 16 percent over the next five years by adopting a digital-first lending approach across retail, Micro Small Medium Enterpri, and agriculture segments, Khichi said. Ramjass Yadav, Chief General Manager, Bank of Baroda, said DLP will help the bank to double the non-corporate book by 2025. Bank of Baroda started its journey in 1908 with a saga of vision, enterprise, financial prudence, and corporate governance. Now it has been established across 21 countries.
