Federal Bank launches online lending platform
Federal Bank has launched an online lending platform, federalinstaloans.com, to facilitate quick and hassle-free credit approvals of up to ₹50 lakh for Micro, Small and Medium Enterprises (MSMEs) across India.
The platform allows borrowers to get loans in less than 30 minutes digitally by uploading their tax returns, bank account statement and online verification of GST details as per the bank statement of the private sector.
The platform also uses algorithms to read and analyze data points from various sources such as IT statements, GST data, bank statements, credit bureau, capturing basic borrower details at the analysis aid, the statement said.
In the comfort of home
“Most importantly, customers can avail business loan approvals from the comfort of their own homes without visiting bank branches.
Data entry by the customer is kept to a minimum as the majority of the details are filled in automatically from the uploaded documents, i.e. GST, ITR and bank account statements,” said the Bank.
Once a suitable product is identified for the borrower on the platform, a letter of offer in principle will be issued, the statement added.
The loan will be made available once the documentation process is complete.
To complete the documentation, the borrower must go to the bank branch.
MSME borrowers also have the freedom to choose their Federal Bank branch when applying for loan approval.
