Mumbai: Bank of Baroda, the third-largest public sector bank, has entered into a partnership with Paisabazaar.com, India's largest online marketplace for financial products, for the bank's home loan product. A business partnership agreement has been signed between the two organisation on Thursday in Mumbai.
The agreement was signed by the Bank of Baroda's Executive Director Murali Ramaswami and Paisabazaar.com's CEO and co-founder Naveen Kukreja in the presence of Bank of Baroda's Head (Fintech & Partnerships, Mobile Banking) Akhil Handa and Head (Mortgages & Other Retail Assets) VK Sethi.
"Bank of Baroda presently offers home loans linked to repo rate with rates starting @ 8.10 percent. As on 31st March 2019, the Bank had a home loan portfolio of over Rs 54,000 crore, registering an annual growth rate of over 23percent year over year," said Bank of Baroda.
According to the agreement, paisabazaar.com will promote the bank's home loan products at their own digital platform to reach the targeted segment.
While speaking on the occasion, Ramaswami said, "At Bank of Baroda, we constantly endeavour to provide the best in class customer experience using cutting edge technology solutions and a variety of Fintech partnerships. In line with the objective to increase our reach to the maximum number of prospective borrowers, we are happy to partner with Paisabazaar to further scale our market share in the Home loan segment. We may explore this partnership for our other retail products as well."
Kukreja said, "As India's largest online marketplace platform, Paisabazaar.com aims to offer maximum choice to its customers. We are delighted to partner with Bank of Baroda to further strengthen our home loan product and provide convenience and a world-class experience to our consumers, whilst helping them meet one of the most important life-goals of buying their own home."