Mumbai: Bank of Baroda has introduced bob Digi Udyam, a digital financing platform designed to provide quick, collateral-free working capital loans to Micro and Small Enterprises (MSEs).
The scheme offers loan amounts above ₹10 lakh to ₹50 lakh, accessible to both new and existing MSE customers.
The launch of bob Digi Udyam comes in alignment with the Union Budget 2024–25, which mandated public sector banks to develop in-house capabilities for MSME credit assessment.
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By leveraging the digital footprint of enterprises, the platform enables faster credit evaluation and reduces reliance on external assessments, strengthening access to finance for India’s small businesses.
Seamless Loan Processing Under bob Digi Udyam
The platform integrates multiple digital data points to create an automated, risk-based scorecard. This ensures seamless credit assessment, significantly reducing loan turnaround times.
A provisional sanction is provided within minutes, after which the loan application is routed through TEJAS—Bank of Baroda’s MSME Loan Origination & Processing System—for final approval and post-sanction procedures.
Eligible businesses can apply for loans under bob Digi Udyam via Do-it-Yourself (DIY) mode or through assisted application at branches. The platform automates eligibility checks, risk assessments, and credit limit calculations, offering a transparent and efficient lending process.
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Commenting on the launch, Lal Singh, Executive Director, Bank of Baroda, stated, “MSEs are vital to India’s economy, but timely access to credit remains a hurdle. With bob Digi Udyam, we are offering a digital, cash flow-based lending solution that ensures quick, collateral-free working capital support. This initiative will help make MSE credit more accessible, and we plan to expand the platform to larger credit needs in the future.”
Key Features of bob Digi Udyam
- Purpose: Cash flow-based digital working capital finance for MSEs
- Facilities: Cash Credit & Overdraft
- Loan Size: Above ₹10 lakh to ₹50 lakh
- Tenure: 12 months
- Collateral: None (covered under CGTMSE)
A Step Towards Digital Transformation in MSME Lending
bob Digi Udyam is in line with the Government of India and Reserve Bank of India’s vision to accelerate digital transformation in MSME credit. By broadening access to bank finance, the platform empowers MSEs to achieve sustainable growth and contributes to the national vision of Viksit Bharat@2047.
Applicants can apply for bob Digi Udyam at Bank of Baroda’s portal
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