Bank of Baroda Offering ‘Debit Card EMI’ to Savings Bank Account Holders

MUMBAI:
Bank of Baroda has launched first of its kind EMI-purchase finance product for its savings account customers and the product is positioned as Debit Card EMI.
The Debit Card EMI facility will enable customers to convert their high value purchase transactions into easy installments. The offering of ‘Debit Card EMI’ will be a kind of instant approval of Personal Loan to the Customers, at the time of purchase of product through e-commerce/ shopping portals.
The facility is now launched in ‘Kissht’ a leading ecommerce merchant platform for electronics and consumer durable goods. The platform will provide access to 50 online partners including Amazon and 5,000 physical touch points to Bank of Baroda customers.
Through the ‘Kissht’ app/portal the customers can purchase products from major e- commerce portals.
With the launch of this product, Bank of Baroda has taken the lead amongst PSU banks in India in launching a purchase financing proposition as a way to strengthen its savings relationship with its customers. The product allows for its savings customers, who have a history of transactions with the Bank, to avail of a pre-approved line of credit to make purchases of goods ranging from electronics to furniture to consumer durables.
The product offer a seamless experience for customers to avail loan and complete all formalities linked to documents within few clicks. The product is a part of the Bank’s endeavor to provide a strong purchase financing proposition to customers. Given that the product allows customer to take instant loans online, it will further encourage the shift of customers to digital channel. Offering this product on ‘Kissht’ is a first step towards creating ease for customers to avail loan online. The facility shall be extended directly to the online portals of other leading merchants – Flipkart, Snapdeal etc shortly.
To begin with, customers can avail loan up to Rs. 50,000. Most of the spend categories like electronics, consumer durables, etc. can be availed in this limit. Bank can further increase the limit based on the experience.
This is series of new products that Bank of Baro
da has launched to ensure it creates stickiness with deposit customers and offer better proposition online.
The customer journey is straight forward with few easy clicks on the merchants portal: Step 1: Provide the debit card number and OTP for authentication. Step 2: See the offer and choose to agree. Step 3: Click on terms and conditions linked to the loan.Step 4: Make down payment and processing fee