Federal Bank launches online lending platform
The Federal Bank has launched an online lending platform, Federalinstaloans.com, to facilitate quick and hassle-free credit approvals up to 50 lakh for micro, small and medium enterprises (MSMEs) across India.
The platform enables borrowers to obtain loans in less than 30 minutes digitally by uploading their tax returns, bank 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 computer returns, GST data, bank statements, credit bureau, capturing basic details of the borrower using scans, the release said.
In the comfort of home
“Most importantly, clients can benefit from commercial loan approvals from the comfort of their own homes without visiting bank branches.
Data entry by the customer is minimal as the majority of the details are automatically filled in from the uploaded documents ie GST, ITR and bank account statements, ”the bank said.
Once a suitable product has been 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 branch of the Federal Bank when applying for loan approval.