Federal Bank launches online lending platform

Federal Bank has launched an online lending platform, federalinstaloans.com, to facilitate quick and hassle-free credit approvals of up to Rs. 50 lakh for Micro, Small & Medium enterprises (MSMEs) across India.

The platform enables borrowers to avail loans in less than 30 minutes digitally by uploading their income tax returns, bank account statement and online verification of GST details, per the private sector bank’s statement.

The platform also uses algorithms to read and analyse data points from various sources such as I-T returns, GST data, bank statements, Credit Bureau, capturing the borrower’s basic details using analytics, said the statement.

“Most importantly, 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,” the bank said. After a suitable product is identified for the borrower in the platform, an in-principle offer letter will be issued, the statement added.

Loan will be made available after the documentation process gets completed. For completing the documentation, the borrower needs to visit the bank branch.

The MSME borrowers also have the liberty to choose their Federal Bank branch while applying for the loan approval.