Federal Bank, a private sector lender, announced on Tuesday that it has created an online lending platform called federalinstaloans.com to help micro, small, and medium companies (MSMEs) across India get credit approvals quickly and easily.
By uploading their income tax records, bank account statements, and online verification of goods and services tax (GST) details, MSME borrowers can get loans in less than 30 minutes, according to the bank. At the moment, eligible borrowers can borrow up to 50 lakh through the portal.
"In less than 30 minutes, the platform employs powerful algorithms to collect and analyse data points from diverse sources such as IT returns, GST data, bank statements, and credit bureau, recording the borrower's fundamental details using smart analytics," it claimed.
Clients can apply for business loans from the convenience of their own homes, rather than visiting the bank's branches, according to the bank. The client's data entry is kept to a minimum because the majority of the information is auto-populated from uploaded documents such as GST, ITR, and bank account statements, according to the company.
"An in-principle offer letter will be produced if a suitable product is located for the borrower in the platform. After the documentation process is finished, the loan will be made available. The borrower must go to the bank location to complete the paperwork. While applying for loan approval, the borrower also has the option of selecting his Federal Bank branch," it noted.
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