Bank of Baroda (BoB) has launched its digital lending platform (DLP) which will allow prospective retail loan seekers to get loans through a paperless process.
The platform provides ‘in principle approval’ for home, car and personal loans in 30 minutes without human intervention, the public sector bank said in a statement. The bank will also offer ‘online loan against fixed deposits’ via DLP. Prospective loan seekers can avail themselves of the DLP facility through multiple channels – website, mobile banking, internet banking and social media as well, it added.
With the launch of DLP, BoB said personal loan disbursements will be completely digitised first, followed by MSME and agriculture disbursements.