Money & Banking

Bank of Maharashtra launches digital lending platform for retail loans

Our Bureau Mumbai | Updated on October 09, 2021

Will instantly provide ‘in-principle approval’ for home loans and car loans

Bank of Maharashtra (BoM) has launched a Digital Lending Platform which will enable its current and prospective customers to avail home and car loans through a paperless process at the convenience of their place and time of choice.

The platform provides ‘in-principle approval’ for home loans and car loans instantly on filling in the required information digitally without human intervention, the Pune-headquartered public sector bank said in a statement.

Digitisation of services

Customers can avail the digital lending facility by visiting the bank’s website. The bank underscored that the platform is capable of validating KYC, CIBIL and financial information of the loan applicant and provide ‘in-principle approval’ in a hassle-free manner.

Also see: Empowering agri cooperative credit societies through digitalisation

A S Rajeev, MD & CEO, BoM, said the platform will help upscale retail lending through digitisation.

The Bank has taken several measures to strengthen its digitisation process internally, thereby facilitating delivery of hassle-free services, he added.

Published on October 09, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like