New Delhi: Bank of Baroda, the country’s third largest state-run bank, has launched its own digital lending platform. Through this, retail customers will get loans online through paperless process according to the place and time of their choice. Now banks will not have to go round to take loans for home or car and banks will not have to go round. With this facility of Bank of Baroda, a retail loan will be available in a few minutes and the application for home loan, car loan or personal loan will be approved in half an hour.
Executive Director of Bank of Baroda, Vikramaditya Singh Khichi said that through this, customers will get better experience and digitization of the lending business.
Existing customers will be given pre-approved micro personal loans for purchases made on the bank’s offline or online partner channels. Customers will have to pay it later in easy installments. Bank customers can ask for the required amount in their savings account and then convert it into EMI and repay it in 3-18 months through the bank’s mobile banking app M-Connect Plus. This work will take only 60 seconds.
Home loan, car loan and personal loan will be approved in just half an hour through Bank of Baroda’s new digital lending platform. Digital loan processes are met through various sources of the financial profile of the loan applicant. This new feature of BoB can be availed through website, mobile banking, internet banking.
