Home Loan insight – Interview with Bank of Baroda

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In line with our central theme of homemaking we are presenting excerpts from our interview with Bank of Baroda’s retail loan factory Manager – Mr. Mukund Hari Jachak.

 
Aavaas: Sir, please tell us more about “Retail loan factory” concept.
Mr. Jachak: One and half years back in March ’06, Bank of Baroda launched project Parivartan to cater to different customers and their needs. The most prominent of these were Retail segment, corporate segment and Agriculture segment.
 
Under the Retail category we cover car loans, home loans, mortgage based loans. The concept of the retail loan factory is analogous to an assembly line where there is an input and a quick and efficient output.
 
Aavaas: How many such RLF units are there across the country?
Mr. Jachak: There are more than 13 retail loan factories across the country. Mumbai was the first to be launched and it was followed by Chennai, New Delhi , Bangalore etc. We have also launched RLF in some non-metro cities.
 
Aavaas: How do you choose the staff for RLF?
Mr. Jachak: We train our own bank employees specially for the retail loan factory operations. The two main units of RLF are the sales/marketing side and the back-end/processing side.
 
Aavaas: What are the trends in the market for home loans and home improvement loans?
Mr. Jachak: We started our operations in Chennai from May 2006. Our offerings from the day of inception include home loans and home improvement loans. The latter caters primarily to purchase of consumer electronic goods, furniture etc. We also cater to the needs of those who are willing to procure a second home in addition to one they already have.

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