Bank of Baroda Launches Digital Lending Platform for Loans

14 May 2021 5 min read
Personal Loan: Bank of Baroda launches Digital Lending Platform: Get home, personal, car loans approval in 30 minutes!

To offer personalized solutions, improve customer experience and scale the lending business through digitalization, Bank of Baroda (BoB) has launched the digital lending platform. It will enable retail loan customers to get instant loans digitally through a paperless process. Bank of Baroda offers pre-approved small-ticket personal loans to its customers through offline/online partner channels. Customers can avail the loan amount into their bank account in 60 seconds through m-Connect+ (Bank’s mobile banking app) and convert it to easy EMIs for tenure ranging from 3 to 18 months. 

“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 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”, said Vikramaditya Singh Khichi, Executive Director, BoB, while commenting on the digital lending platform. 

Features of Bank of Baroda lending platform

  • In principle approval for personal loan, car loan, home loan, etc. in just 30 minutes.
  • No human intervention required for loan processing.
  • In principle approval in 4 steps only. 
  • Eligibility of a loan applicant will be determined based on the various sources of financial profile.
  • Applicants can get the loans through multiple channels such as mobile banking app, website, internet banking and social media as well. 

Online loan against FDs

Bank of Baroda will also offer loans against FD through the newly launched digital platform. Individuals who have fixed deposit accounts will be able to avail loan against their fixed deposits online from Bank of Baroda through mobile banking and banking facility. 

With this digital lending platform, BoB aims to accelerate disbursement of personal loans, MSME loans and agriculture loans. With this initiative, the bank expects to grow the digital share of disbursement in retail lending to 74% over 5 years.  

Loans offered by Bank of Baroda

Bank of Baroda personal loan:

BoB personal loan up to Rs. 10 lakh is offered to applicants for a wide range of financial needs like home renovation, unplanned travel, medical bill payment, consumer durable purchase and a lot more. 

Features and benefits of BoB personal loan:

  • Quick processing
  • Hassle-free documentation
  • Attractive interest rates
  • Online repayment 

Bank of Baroda home loan:

Under home loan scheme, Bank of Baroda offers Baroda home loan, home improvement, Baroda home Suvidha personal loan, Pradhan Mantri Awas Yojana (PMAY), Baroda home loan takeover scheme, etc.

Features of BoB home loan:

  • Attractive interest rates
  • No hidden charges
  • Quick processing and best service

Bank of Baroda car loan:

Bank of Baroda offers a car loan with up to 90% financing to salaried employees, businessmen, professionals, corporates as well as NRIs and PIOs.

Features of BoB car loan:

  • Longer tenure and lower EMI
  • Maximum funding
  • Up to 90% financing 
  • Quick processing and best service
  • Competitive interest rate

Bank of Baroda two wheeler loan:

BoB offers two wheelers loans with affordable interest rate and nominal processing charges. 

Features of BoB two wheeler loan:

  • Two wheeler loans up to Rs. 10 lakh for 60 months repayment tenure
  • Loan for all types of two wheelers from a no-frills scooter to high-end bike
  • No foreclosure charges will be applicable on a two-wheeler loan

Bank of Baroda education loan:

Make your dream come true with BoB education loan. Bank of Baroda offers different types of education loan to fulfil your dreams. 

Features of BoB education loan:

  • Funding for studies in India and abroad.
  • No processing and documentation charges.
  • No collateral or security required. 
  • Girl students can enjoy 0.50% concession in interest rate.

Bank of Baroda mudra loan:

Entrepreneurs can get a business loan under the Pradhan Mantri Mudra Yojana or PMMY, a flagship scheme of the Government of India. 

Features of BoB Mudra loan:

  • Credit facilities to micro and small enterprises engaged in income generation.
  • Applicants don’t need to provide any security or collateral and there is no processing charge on mudra loan.
  • The credit facility can be used for a variety of purposes like a term loan, overdraft facility, or to apply for letter of credit bank guarantees. 

Bank of Baroda traders loan:

Individuals and non-individuals like Proprietorship/ Partnership/ Private Limited Companies/ LLPs / Registered Co-operative societies engaged in the trade of any commodity/goods can get credit facility under this scheme.

Features of BoB traders loan

  • Higher loan amount up to Rs. 10 crore.
  • Hassle-free documentation with minimal documentation.
  • No monthly stock statement required.

Conclusion

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

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