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Bank of Baroda launches Digital Lending Platform aimed at Paperless Process for Retail Customers

Chandigarh, (Aditi) : Bank of Baroda, country’s third largest public sector bank, has launched the Digital Lending Platform, which enables prospective retail loan seekers to get loans digitally through a paperless process at the convenience of their place and time of choice.

Pre-approved Micro Personal Loan is offered to existing selected customers to shop anything through offline / online partner channels and pay later in easy EMIs. 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.

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 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.”

Further, the Digital Lending Platform provides ‘In Principle approval’ for Home Loans, Car loan and Personal Loans in 30 minutes without human intervention. The digital loan process is done from the various sources of the loan applicant’s financial profile and the applicant will get ‘In Principle approval’ in 4 simple st