Federal Bank launches instant 30-minutes loan approval portal for MSMEs
Federal Bank has launched an online lending platform titled federalinstaloans.com to facilitate quick and hassle-free credit approvals for Micro, Small & Medium enterprises (MSME) across India. The platform enables MSME borrowers to avail loans in less than 30 minutes digitally by uploading their income tax returns, Bank account statement & online verification of GST details. Eligible borrowers can avail up to Rs.50,00,000/- (Rupees Fifty Lakh only) through the platform at present.
The platform uses sophisticated algorithms to read and analyse data points from various sources such as IT returns, GST data, bank statements, Credit Bureau, all in less than 30 minutes capturing the borrower’s basic details using smart analytics. Most importantly, clients can avail business loan approvals from the comfort of their home without visiting the Bank’s branches. Data entry by the client is kept minimal, as majority of the details are auto populated from the uploaded documents, i.e., GST, ITR & Bank account statements.
After a suitable product is identified for the borrower in the platform, in-principle offer letter will be issued. Loan will be made available after the documentation process gets completed. For completing the documentation, borrower needs to visit the bank branch. Borrower also has the liberty to choose his Federal Bank branch while applying for the loan approval.
This facility is yet another addition to the innovative digital offerings by the Bank, whose guiding philosophy is ‘Digital at the Fore and Human at the Core’.