State-owned Bank of Maharashtra has launched a digital lending platform for its home loan and car loan customers. This 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 digital lending platform provides in-principle approval for home and car loans instantly on completion of filling the required information digitally without human intervention. 

The platform is capable of validating KYC, CIBIL and financials of the applicant. It can also provide ‘in-principle approval’ in hassle free manner, the bank said in a statement. 

The prospective applicants can avail the facility by visiting the bank’s official website www.bankofmaharashtra.in.

“The primary objective is to provide exceptional customer experience, and upscale lending through digitisation. The bank has been taking several measures to strengthen its digitisation process internally, which facilitates in delivering hassle free services with ease,” said Bank of Maharashtra managing director and CEO AS Rajeev.

Bank of Maharashtra is offering competitive rates on its home loans at 6.90%, car loans at 7.15% and gold loans at 7.10%. 

The bank has also waived processing charges on housing and car loans for the festive season. The maximum period of the loan is 30 years, with an age cap of 75 years. 

As a special festive offer, the bank is also waiving off two equated monthly instalments on its home loans. For the car loans, the bank is financing up to 90% of the on-road price of the car.