Federal Bank has launched an online lending platform named federalinstaloans.com in bc a bid to facilitate quick and hassle-free credit approvals for Micro, Small & Medium enterprises (MSME) across India.
The platform helps MSME borrowers in availing 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.
According to the communique, thr platform uses algorithms for reading and analysing 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.
With the help of this platform, 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.