Private sector lender Federal Bank on Tuesday said it has launched an online lending platform federalinstaloans.com to facilitate quick and hassle-free credit approvals for micro, small and medium enterprises (MSMEs) across India.
3 SIMPLE ONLINE STEPS
- e-Apply
- e-Sanction
- e-Disburse
Digital Personal Loans Features
- No manual documentation. Only e-sign of loan documents through Aadhar OTP
- Minimum Loan Amount – Rs. 50000
- Maximum Loan Amount – Rs. 500000
- Maximum loan amount is arrived through bureau data / salary statement of the customer
- Loan tenure ranges from 12 months to 60 months depending on the profile of the customer.
According to the bank, by uploading their income tax records, bank account statements, and online verification of goods and services tax (GST) details, MSME borrowers can use the platform to digitally apply for loans in less than 30 minutes. Currently, eligible borrowers can access up to 50 lakh through the site.
In less than 30 minutes, the platform uses advanced algorithms to scan and evaluate data points from numerous sources, including IT returns, GST data, bank statements, and credit bureaus, while simultaneously capturing the borrower's essential information.
The bank noted that customers could apply for business loan approvals without having to leave their homes and without going to any of the bank's locations. As most of the information is auto-populated from uploaded documents like GST, ITR, and bank account statements, minimum data entry by the client is required, according to the statement.
An in-principle offer letter will be produced after the borrower in the platform has found a suitable product. Following the completion of the documentation process, the loan will become available. Borrower must go to the bank branch to complete the paperwork. While requesting loan approval, the borrower is free to select the Federal Bank location that he or she prefers.
