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Bank of Baroda launches bob PAL for instant liquidity
In Short
Eligible customers can pledge equity shares, mutual funds, bonds, debentures and Sovereign Gold Bonds to avail an overdraft ranging from Rs 1 lakh to Rs 5 crore.
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Bank of Baroda launches bob PAL for instant liquidity
Mumbai: Bank of Baroda has launched bob PAL (Portfolio-backed Approved Limit), a digitally enabled overdraft facility against securities, and allowing customers to access funds of up to Rs 5 crore without liquidating their investments.
Eligible customers can pledge equity shares, mutual funds, bonds, debentures and Sovereign Gold Bonds to avail an overdraft ranging from Rs 1 lakh to Rs 5 crore. Digital onboarding and processing is available for limits up to Rs 1 crore through bob World, Internet Banking and the bank’s website.
The facility allows customers to pay interest only on the amount utilised while retaining their investments and applicable benefits such as dividends and bonuses.
Speaking on the launch, Bank of Baroda Executive Director Sanjay Mudaliar said bob PAL enables customers to unlock the value of their investments while remaining invested. The facility is aimed at providing faster, flexible and convenient access to secured credit for short-term personal or business requirements.
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