Sherab Lhamo

For an interactive banking system for loans, the Bank of Bhutan (BoB) launched digital lending platform BoBloan in Thimphu yesterday.

 The bank’s previous digital lending platform was a loan portal and had the feature to only submit documents and get approval.

BoBloan platform enhance accessibility, enabling borrowers to request and manage loans from any location with internet access, at any time.

An official from BoB said that BoBloan is a user-friendly digital lending platform that streamlines the loan process for customers, offering features such as tracking one’s application status and a chatbot called ChatBoB that fills up the form through question-answer sessions.

The bank’s director of Credit and Operations Department, Prem Moktan, said the advantage of this platform was that customers could access it 24/7 on the bank’s website or through mbob. It offers the feature of a paperless process where customers can track their application status with one time e-document upload, ensuring secure storage, faster validation, and real-time feedback.

“BoBloan offers a truly interactive experience built on artificial intelligence,” said Prem Moktan.

The official said that the platform is transparent, allowing clients to track the application status and loan repayments at once through online dashboards. Clients will be able to receive notifications and alerts.

Prem Moktan said that BoBloan is secure with multi-layer authentication and validation processes, including email, CID, and one-time password (OTP) validation. He added that the bank has integrated the system with Bhutan NDI and will take care of the security system of the platform.

The chairman of the bank, Karma Yonten, said this platform is useful for both the bank and the clients as it will help reduce the possibility of errors and make the process of banking more efficient.

The platform, Prem Moktan said, is open to all eligible individuals, even for those living across the border. All the loans available with BoB can be availed through the platform.