Federal Bank Launches Instant 30-Minutes Loan Approval Portal For MSMEs

12 Jan, 2022 13:29 IST|Sakshi Post

Mumbai: Federal Bank has launched an online lending platform titled federal insta loans 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 statements & online verification of GST details. Eligible borrowers can avail up to Rs.50,00,000/- (Rupees Fifty Lakhs only) through the platform at present.  

The platform uses sophisticated algorithms to read and analyze 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 of business loan approvals from the comfort of their home without visiting the Bank’s branches. Data entry by the client is kept minimal, as the majority of the details are auto populated from the uploaded documents, i.e., GST, ITR & Bank account statements.

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After a suitable product is identified for the borrower in the platform, an in-principle offer letter will be issued. A loan will be made available after the documentation process gets completed. For completing the documentation, the borrower needs to visit the bank branch. The 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’.

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