Bank of Baroda to expedite loan sanction process

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Public sector lender Bank of Baroda has lined up plans to reduce the time taken for sanctioning home and auto loans, a company official said.

The bank is transforming through digitalisation and has sanctioned home loans in record six days, the bank's General Manager P Narasimha Rao said at a function here.

"We are contemplating to transform sanction of home loan to one hour. The auto loan, which is presently sanctioned in three days, will be sanctioned in minutes," Rao said in a statement.

The bank is also planning to facilitate opening of savings accounts in five minutes, while efficiency of ATMs will also be enhanced, he said.

A series of events were conducted as part of the bank's Founder's Day celebrations here, which included a walkathon, blood donation and free medical camps, the statement added.