Bank of Baroda launches Digital Lending Platform for retail borrowers

By Megha Bhattacharya

Indian public sector bank, Bank of Baroda today rolled out its Digital Lending Platform with an aim to enable retail borrowers to get loans via a paperless process at the place and time of their choice. The Bank stated that pre-approved Micro Personal Loan will be offered to selected customers, aiming them to shop through offline or online partner channels and pay later in EMIs.

Shri. Vikramaditya Singh Khichi, Executive Director, said, “The primary objective is to provide exceptional customer experience, personalized customer journeys and scale the lending business through digitization. Bank has attempted to digitize itself internally by building a high-performing, innovative environment, which has allowed the bank to reduce time-to-market for their products. Bank envisages outpacing the banking industry growth by 1.50 times at CAGR of 16% over the next 5 years by adopting digital-first lending approach across retail, MSME and agriculture segments.”

According to the Bank of Baroda, the Digital Lending Platform provides ‘In Principle approval’ for Home Loans, Car loan and Personal Loans in 30 minutes. The prospective applicants can avail the facility through channels including website, mobile banking, internet banking and social media as well.

Dr. Ramjass Yadav, Chief General Manager, Bank of Baroda said, “We endeavour to accelerate our digital journey and continue to invest and innovate to transform Bank into a completely digitised organisation. Digital lending platform will help the Bank to double the non-corporate book by 2025.”

The Bank will also offer ‘Online Loan against Fixed Deposits’ through Digital Lending Platform, which enables the Fixed Deposit customers to avail loan against their Online FD instantly through mobile banking and net banking facility. The Bank aims to digitise personal loan disbursements along with MSME and Agriculture disbursements.

Shri. Akhil Handa, Head- FinTech, Mobility and Digital Lending Dept. Bank of Baroda said, “Our aim is to reposition existing operating models with a ‘Digital First’ model and to achieve this, we will rapidly launch new products to serve our increasingly digital customer base.”