Mumbai: Bank of Baroda, the third largest public sector bank in the country, entered into a partnership with Paisabazaar.com, India’s largest online marketplace for financial products, for the bank’s home loan product.
Bank of Baroda presently offers home loans linked to repo rate with rates starting @ 8.10%. 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 23%YoY.
To commemorate the commencement of business partnership, an agreement was exchanged by Shri Murali Ramaswami, Executive Director, Bank of Baroda and Shri Naveen Kukreja, CEO&Co-founder, Paisabazaar.com, in the presence of Shri Akhil Handa, Head-Fintech, Partnerships & Mobile Banking, Shri.V.K.Sethi, Head – Mortgages & Other Retail Assets.
The partnership also entails leveraging the geographical presence of Bank of Baroda and digital platform of Paisabazaar.com to reach the targeted segment.
Shri. Murali Ramaswami, Executive Director, Bank of Baroda, 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 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.”
Shri. Vikramaditya Singh Khichi, Executive Director, Bank of Baroda, said, “We always believe in innovation and offer differentiated products & services to our consumers and business partners. The collaboration with Paisabazaar is a Win-Win proposition for Bank of Baroda and Paisabazaar in terms of new business expansion under Home loan segment. This strategic partnership will be extended from currently 5 cities (Hyderabad, Bangalore, Chennai, Gurgaon, Delhi) to other cities in future. “
Speaking on the occasion, Shri Naveen Kukreja, CEO & Co-Founder, Paisabazaar.com, 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.”
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