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Bank of Baroda (BoB) has launched its Digital Lending Platform (DLP), which will allow prospective retail loan seekers to get loans digitally through a paperless process
The Platform provides ‘in-principle approval’ for home, car and personal loans in 30 minutes without human intervention, the public sector bank said in a statement. The bank will also offer ‘Online Loan against Fixed Deposits’ via DLP.
Prospective loan seekers can avail the DLP facility through multiple channels — website, mobile banking, internet banking and social media as well, it added.
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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.
The bank envisages that the digital share of disbursement in retail lending will grow to 74 per cent over five years.
Digitising internally
BoB said pre-approved micro personal loan is being offered to select existing customers to shop through offline/online partner channels and pay later in easy EMIs (equated monthly instalments).
“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,” it added.
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Vikramaditya Singh Khichi, Executive Director, said the primary objective of DLP is to scale the lending business through digitisation.
He observed that BoB has attempted to digitise itself internally in a bid to reduce time-to-market for its products. The bank envisages outpacing the banking industry growth by 1.50 times at a compounded annual growth rate of 16 per cent over the next five years by adopting digital-first lending approach across retail, MSME 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.
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