Federal Bank Unveils Instant 30-Minute Loan Approval Portal for MSMEs

federal bank has 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 Enterprises (MSMEs) across India.

The platform helps MSME borrowers get loans in less than 30 minutes digitally by uploading their tax returns, bank account 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.

Read also : Federal Bank launches international banking services for individuals in GIFT city, Gujarat

According to the statement, the platform uses algorithms to read and analyze data points from various sources such as IT statements, GST data, bank statements, credit bureau, all within 30 minutes in capturing basic borrower details using smart analytics.

With the help of this platform, customers can avail business loan approvals from the comfort of their homes without visiting any bank branches. Data entry by the customer is kept to a minimum as the majority of details are filled in automatically from the uploaded documents i.e. GST, ITR and bank account statements.

Read also : Federal Bank, partner of Schwing Stetter India, offers personalized financial solutions

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