Federal Bank unveils 30-minute instant loan approval portal for MSMEs
Federal Bank launched an online lending platform named Federalinstaloans.com in British Columbia with the aim of facilitating quick and hassle-free credit approvals for micro, small and medium-sized enterprises (MSMEs) across India.
The platform helps MSME borrowers get loans in under 30 minutes digitally by uploading their tax returns, bank statement, and online verification of GST details. Eligible borrowers can avail up to Rs.50,00,000 / – (Rupees Fifty Lakh only) through the platform at present.
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According to the release, the platform uses algorithms to read and analyze data points from various sources such as computer statements, GST data, bank statements, credit bureau, all in under 30 minutes by capturing basic borrower details using smart analytics.
With the help of this platform, clients can avail commercial loan approvals from the comfort of their homes without going to bank branches. Data entry by the customer is minimal as the majority of the details are automatically filled in from the uploaded documents i.e. GST, ITR and bank statements.
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