New Delhi, Dec 28 (KNN) Bank of Baroda (BoB) on Monday launched a 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.

The bank currently offers pre-approved Micro Personal Loan to existing selected customers to shop anything through offline/online partner channels and pay later in easy EMIs.

According to the bank, the primary objective is to provide exceptional customer experience, personalized customer journeys and scale the lending business through digitization

“Bank envisages outpacing the banking industry growth by 1.50 times at compound annual growth rate (CAGR) of 16 per cent over next 5 years by adopting digital first lending approach across retail, micro, small and medium enterprise (MSME) and agriculture segments,” said Vikramaditya Singh Khichi, Executive Director.

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 fr0m the various sources of the loan applicant’s financial profile and the applicant will get ‘In Principle approval’ in 4 simple steps. The prospective applicants can avail the facility through multiple channels - website, mobile banking, internet banking and social media as well,'' the bank said in a statement.

The Bank will also offer ‘Online Loan against Fixed Deposits’ through Digital Lending Platform, which enables the Fixed Deposit customers to avail loan against their Online FD instantly through mobile banking and net banking facility.

With the launch of Digital lending Platform, Bank believes that personal loan disbursements will be completely digitized first followed by MSME and Agriculture disbursements. As such Bank envisages that the digital share of disbursement in retail lending will grow to 74 per cent over 5 years.