Bank of Maharashtra online lending platform for home, car loans launched

The Bank of Maharashtra platform will enable prospective retail loan seekers to get loans digitally through a paperless process.

Bank of Maharashtra has currently waived processing fee on housing and car loans for its customers to benefit them in the ongoing festive seasons. (FILE PHOTO) (MINT_PRINT)

State-owned Bank of Maharashtra on Friday said it has launched a digital lending platform for its home and car loan customers.

The platform will enable prospective retail loan seekers to get loans digitally through a paperless process at the convenience of their place and time of choice, the bank said in a release.

The platform is capable of validating KYC, CIBIL and financials of the applicant and provide in-principle approval in hassle-free manner, it said.

“The primary objective is to provide exceptional customer experience, and upscale lending through digitization,” Bank of Maharashtra Managing Director and CEO A S Rajeev said.

The bank has currently waived processing fee on housing and car loans for its customers to benefit them in the ongoing festive seasons. 

Bank of Maharashtra expects total business to cross ₹3 lakh cr soon

State-owned Bank of Maharashtra (BoM) is well poised to cross ₹3 lakh crore in total business soon on the back of the improved economic sentiment, a top official has said. The bank has been a performer in various key parameters, including deposit mobilisation, credit growth, recovery, risk management etc, BoM managing director and CEO A S Rajeev told PTI.

Despite challenging times, he said, the bank has consistently expanded its balance sheet and reduced non-performing assets (NPAs). Going forward, he said, the bank is well poised to cross the business mix of ₹3 lakh crore soon as economic activity gathered pace with moderation in COVID-19 cases. The total business (deposits and advances) of BoM increased by 14.17 per cent to ₹2.85 lakh crore at the end of June 2021. To further mobilise low-cost deposits, Rajeev said the bank has opened a dedicated branch to manage government business.

This specialised branch, inaugurated by Minister of State for Finance Bhagwat K Karad on Thursday, will provide better service to the government departments and Central Public Sector Enterprises (CPSEs). Along with MD and CEO, other senior officials of the bank -- including general manager Chitra Datar and Deputy General Manager Nayana Sahasrabuddhe -- were also present at the inauguration of the new branch. He said expansion in the government business would provide access to low-cost deposits and a reduction in the cost of funds, leading to a lower rate for the borrowers.

Rajeev also said that the bank has launched special offers for the retail segment, including housing and auto. The bank has already started a loan outreach programme, and all the field functionaries have been sensitised, he said, adding this should give a good dividend.

• With inputs from HT Correspondent