Launch of Bank of Maharashtra online lending platform for home and car loans

Bank of Maharashtra’s platform will enable potential retail loan seekers to obtain loans digitally through a paperless process.

The state-owned bank of Maharashtra announced on Friday that it has launched a digital lending platform for its home and car loan customers.

The platform will allow potential retail loan seekers to obtain loans digitally through a paperless process, at the convenience of their location and time of choice, the bank said in a statement.

The platform is able to validate KYC, CIBIL and applicant’s financial data and provide hassle-free in-principle approval, he said.

“The main objective is to provide exceptional customer experience and premium lending through digitalization,” said AS Rajeev, Managing Director and CEO of Bank of Maharashtra.

The bank has currently waived processing fees on home and car loans for its customers to take advantage of during the holiday season.

Bank of Maharashtra expects total activity to cross 3 lakh cr soon

The state-owned Bank of Maharashtra (BoM) is well placed to cross 3 lakh crore of total activity soon on improving economic sentiment, a senior official said. The bank has performed well in various key metrics including deposit mobilization, credit growth, collection, risk management, etc., BoM Managing Director and CEO AS Rajeev told PTI.

Despite the difficult times, he said, the bank has consistently expanded its balance sheet and reduced non-performing assets (NPA). Going forward, he said, the bank is well positioned to cross the business mix of 3 lakh crore as soon as economic activity picked up in moderation in COVID-19 cases. BoM’s total activity (deposits and advances) increased by 14.17% to reach 2.85 lakh crore at the end of June 2021. To further mobilize low-cost deposits, Rajeev said the bank has opened a branch dedicated to handling government business.

This specialized antenna, inaugurated Thursday by the Minister of State for Finance Bhagwat K Karad, will better serve the administrations and central public sector companies (CPSE). Apart from the Managing Director and CEO, other senior bank officials including Managing Director Chitra Datar and Deputy Managing Director Nayana Sahasrabuddhe were also present at the inauguration of the new branch. He said expanding government business would provide access to low-cost deposits and lower the cost of funds, leading to lower rates for borrowers.

Rajeev also said the bank launched special offers for the retail segment, including housing and automotive. The bank has already launched a loan awareness programme, and all field officials have been sensitized, he said, adding that this should pay a good dividend.

  • With contributions from the HT correspondent

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