Federal Bank e-platform to provide MSMEs loan within 30 minutes
New Delhi, 14 Jan (KNN) With an aim to provide hassle-free credit approvals for MSMEs across India, Federal Bank has launched an online lending platform (federalinstaloans.com).
It will take less than 30 mins for an MSMe to avail loans from this platform digitally by uploading their income tax returns, bank account statement and online verification of goods and services tax (GST) details.
Currently INR 50 lakh can be borrowed by the eligible MSMEs.
Under 30 minutes to analyse data points from various sources such as IT returns, GST data, bank statements, credit bureau, an algorithm is used by the platform.
Once a suitable product is identified for the borrower in the platform, in-principle offer letter will be issued.
After the documentation process, loan will be made available and for that borrower needs to visit the bank branch according their choice.