BoB in­tro­duces on­line loan ap­pli­ca­tion fa­cil­ity

Business Bhutan - - Money - Dechen Dolkar from Thim­phu

Now, Bank of Bhutan (BoB) cus­tomers can ap­ply for loan through web­site and mo­bile bank­ing ap­pli­ca­tion (mBoB) any time any­where through the Loan Orig­i­na­tion Sys­tem (LOS) on Thurs­day.

The LOS is an ap­pli­ca­tion process that en­ables bank users to ini­ti­ate an ap­pli­ca­tion for pro­cess­ing and fa­cil­i­tat­ing loan ap­proval.

As part of the process, the sys­tem also does a se­ries of au­to­mated val­i­da­tion checks of key con­trols to fa­cil­i­tate quicker and ro­bust de­ci­sion-mak­ing.

The loan ap­pli­ca­tions can then be tracked from the time it was boarded till the sanc­tion at each level and the time taken by the var­i­ous level of au­tho­riza­tions.

The sys­tem also gen­er­ates crit­i­cal re­ports such as Turn Around Time (TAT) sum­mary and Credit In­for­ma­tion Bureau (CIB) re­port to fa­cil­i­tate de­ci­sion-mak­ing.

The Chief Ex­ec­u­tive Of­fi­cer of BoB, Pema N. Nadik, said that the ben­e­fits to cus­tomers who process loans will be tan­gi­ble.

“The process be­comes more ef­fi­cient and faster,” said the CEO.

A bank of­fi­cial said this au­to­ma­tion of daily pro­cesses of ap­pli­ca­tion pro­cess­ing sys­tem will lead to re­duc­tion in time and ef­forts in­volved in var­i­ous pro­cesses and re­duce pos­si­ble risks due to man­ual in­ter­ven­tion.

The of­fi­cial said it will also ef­fi­ciently trace delin­quency and other crit­i­cal in­di­ca­tors of port­fo­lio and in­crease over­all ef­fi­ciency and pro­duc­tiv­ity of the unit.

A cus­tomer can ap­ply for cer­tain loans from any re­gion and have the op­tion of se­lect­ing the branch from where they want to avail the fa­cil­ity. Af­ter sub­mis­sion of the ap­pli­ca­tion, the cus­tomer will re­ceive an email alert or SMS, ad­vis­ing him or her to visit the bank to com­plete the doc­u­men­ta­tion for­mal­i­ties if every­thing is in or­der.

The on­line loan ap­pli­ca­tion fa­cil­ity is ex­pected to im­prove TAT for sim­ple loans and also cut down re­source spend­ing for cus­tomers.

Bank of Bhutan launches Loan Orig­i­na­tion Sys­tem (LOS)

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