Bengaluru: Bank of Baroda, India’s International Bank, announced the launch of bob PAL (Portfolio-backed Approved Limit), a digitally-enabled overdraft facility against securities, designed to provide customers with quick and convenient access to funds for short-term personal or business requirements without having to liquidate their investments.
Under bob PAL, eligible customers can pledge securities such as equity shares, mutual funds, bonds, debentures and Sovereign Gold Bonds (SGBs) to avail an overdraft facility ranging from ₹1 lakh up to ₹5 crore. The facility is also available digitally for limits of up to ₹1 crore, providing customers with a faster approval process.
bob PAL gives customers quick access to funds while allowing them to retain their investment portfolio and continue to enjoy applicable benefits such as dividends and bonus benefits.
Speaking on the launch, Shri Sanjay Mudaliar, Executive Director, Bank of Baroda said, “Access to funds should not come at the cost of long-term wealth creation. bob PAL enables customers to unlock the value of their financial investments when they need funds, while continuing to remain invested. With a simple overdraft structure and a seamless digital journey, bob PAL reflects Bank of Baroda’s commitment to providing convenient, flexible and digital-led financial solutions to customers.”