Public sector lender Bank of Baroda has launched its own digital lending platform. The Platform aims at providing ‘in-principle approval’ for home, car and personal loans in just 30 minutes with no human involvement, said the lender in its official statement. Further, the bank will be offering ‘Online Loan against Fixed Deposits’ via DLP.
Interested and eligible loan seekers will be able to avail the DLP facility via multiple channels namely website, mobile banking, internet banking and social media as well, it stated.
With the unveiling of the new DLP, BoB stated that the personal loan disbursements will be now completely digitised first, followed by MSME (micro, small and medium enterprises) and agriculture disbursements.
The bank foresees that the digital share of disbursement in retail lending is likely to inflate by 74 percent over five years.
BoB stated that the pre-approved micro personal loan is being provided to select existing customers to shop via 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.
Vikramaditya Singh Khichi, Executive Director, said the primary objective of DLP is to scale the lending business through digitisation.
Ramjass Yadav, Chief General Manager, Bank of Baroda, said DLP will help the bank to double the non-corporate book by 2025.