The public sector bank Bank of Baroda has taken another step towards digitizing paperless bank services, by launching the Digital Lending Platform.
Through this platform, retail loan seekers will be able to get loans digitally through a paperless process, depending upon their choice of place and time.
Through this Digital Lending Platform, the bank will also provide ‘Online Loan against Fixed Deposits’.
Let’s learn in detail about all of these features.
Features Provided by the DLP
The Platform provides ‘in-principle approval’ for home, car and personal loans in 30 minutes without human intervention.
With the launch of DLP, BoB said personal loan disbursements will be completely digitised first, followed by MSME (micro, small and medium enterprises) and agriculture disbursements.
BoB’s states that the digital loan process can be done from 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.
Bob To Offer Online Loan against Fixed Deposits
Currently, BoB offers pre-approved Micro Personal Loan to select customers, which allows them 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+ (the bank’s mobile banking app) in 60 seconds, according to the bank.
Additionally, the DLP also offers ‘Online Loan against Fixed Deposits’, which will allow customers with Fixed Deposit to avail loan against their Online FD instantly through mobile banking and net banking facility.
The bank believes that the digital share of disbursement in retail lending will grow to 74% over 5 years.
BoB’s Statement about the New Platform
While speaking about the digital lending platform, the Executive Director of BoB, Vikramaditya Singh Khichi said that the primary objective behind the launch of the platform is to provide exceptional customer experience, personalized customer journeys and scale the lending business through digitization.
He also added that the bank has attempted to digitize itself internally by building a high-performing, innovative environment, which has allowed it 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.” he adds.
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