Bank of Maharashtra launches digital lending platform for retail loans

Bank of Maharashtra (BoM) has launched a Digital Lending Platform which will enable its current and prospective customers to avail home and car loans through a paperless process at the convenience of their place and time of choice.

The platform provides ‘in-principle approval’ for home loans and car loans instantly on filling in the required information digitally without human intervention, the Pune-headquartered public sector bank said in a statement.

Digitisation of services

Customers can avail the digital lending facility by visiting the bank’s website. The bank underscored that the platform is capable of validating KYC, CIBIL and financial information of the loan applicant and provide ‘in-principle approval’ in a hassle-free manner.

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A S Rajeev, MD & CEO, BoM, said the platform will help upscale retail lending through digitisation.

The Bank has taken several measures to strengthen its digitisation process internally, thereby facilitating delivery of hassle-free services, he added.