Bank of Baroda rolls out digital lending platform for retail and MSME segment

PSU Bank, Bank of Baroda has rolled out a digital lending platform for its retail and MSME borrowers.

Public lender, Bank of Baroda has launched a digital lending platform for the retail and small business segment.

The platform will enable prospective loan seekers to get loans digitally through a paperless process at their convenience of place and time.

The bank is offering pre-approved micro personal loans to existing select customers who can shop anything through offline and online partner channels and pay later in easy EMIs. Bank’s customers can even avail the amount in their saving bank account and convert it into EMIs from 3 to 18 months through bank’s mobile banking app Connect+ in a minute.

The digital lending platform will provide ‘In principle approval’ for retail loans like home loan, car loan, personal loan in 30 minutes without human intervention.  

Vikramaditya Singh Khichi, Executive Director, said, “Bank has attempted to digitize itself internally by building a high-performing, innovative environment, which has allowed banks to reduce time-to-market for their products. Bank envisages outpacing 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.”

The lender added that with the launch of digital lending platforms the personal loan disbursement will be completely digitised first followed by MSMEs and agriculture disbursements.