- APN NEWS
Federal Bank launches instant 30-minutes loan approval portal for MSMEs
Mumbai : Federal Bank has launched an online lending platform titled federalinstaloans.com to facilitate quick and hassle-free credit approvals for Micro, Small & Medium enterprises (MSME) across India.
The platform enables MSME borrowers to avail loans in less than 30 minutes digitally by uploading their income tax returns, Bank account statement & online verification of GST details.
Eligible borrowers can avail up to Rs.50,00,000/- (Rupees Fifty Lakh only) through the platform at present.
The platform uses sophisticated algorithms to read and analyses data points from various sources such as IT returns, GST data, bank statements, Credit Bureau, all in less than 30 minutes capturing the borrower’s basic details using smart analytics.