Bank of Baroda Introduces Digital Lending Platform for Retail Customers

​Bank of Baroda, an India's leading public sector bank with a strong domestic presence supported by self- service channel, announced that it has launched the Digital Lending Platform, enabling prospective retail loan seekers to get loans digitally through a paperless process at the convenience of their place and time of choice.

According to the company, existing selected customers are allowed to shop anything through offline / online partner channels and pay later in easy EMIs via pre-approved Micro Personal Loan. Further, Customers can also avail the amount into their Savings bank account and convert it to EMIs from 3 to 18 months through m-Connect+ (Bank's mobile banking app) in 60 seconds.

In addition, the Digital Lending Platform provides 'In Principle approval' for Home Loans, Car loan and Personal Loans in 30 minutes without human intervention and offer 'Online Loan against Fixed Deposits', which enables the Fixed Deposit customers to avail loan against their Online FD instantly through mobile banking and net banking facility.

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 bank to reduce time-to-market for their products. Bank envisages to outpace the banking industry growth by 1.50 times at CAGR of 16% over next 5 years by adopting digital first lending approach across retail, MSME and agriculture segments.”