Federal Insta Loans Platform

 

An easy and convenient platform which enables business clients to avail digital in-principle loan sanction for their credit requirements in less than 30 minutes, after assessing the eligibility of the borrower based on the rules integrated in the platform.

 
The platform uses sophisticated algorithms to read and analyze data points from various sources such as IT returns, GST data, bank statements, MCA, bureau in less than an hour while capturing the borrower’s basic details using smart analytics. It also analyses Balance sheet/Financial statements from the income tax returns (ITRs) uploaded by the borrower and provides detailed financial analysis required for sanctioning the loan. Borrower will receive an online in-principle sanction letter after completion of the process. Borrower can visit their respective Federal Bank branch selected during the journey along with the in-principle sanction letter and complete the remaining loan sanction formalities.
 
The borrower journey in the platform for obtaining in-principle loan approval is completely digitized and does not involve any manual intervention. The platform offers in-principle sanctions for business loans up to Rs 2,00,00,000/- (Rupees two crore) to eligible micro, small & medium enterprises (MSME) through this platform. The platform aims to reduce the overall TAT involved in sanctioning business loans to a greater extent.
 

 

 

Pre-Requisites

The borrower needs to keep handy the following details/documents for availing in-principle loan sanction through the platform in a hassle-free manner.

  • GSTIN of the borrower along with GST username (OTP to be entered by the borrower).
  • API access to be enabled in the GST profile of the borrower (Instructions to enable. API access in the GST profile of the borrower is provided in the platform itself).
  • Income tax (IT) returns applicable for the borrower for the last 3 years as mentioned below. 
  1. ITR 3 in XML/JSON format
  2. ITR 4 in PDF/JSON format
  3. ITR 5 in XML/JSON format
  4. ITR 6 in XML/JSON format
  • Account statement for the last 1 year in PDF format

Note: Borrowers can also upload ITRs for 1 year or 2 years, as we have configured products for audited 3 years and less than 3 years as well.

ITR must be uploaded in JSON format if the applicable FY is 2020-21. Customer shall download the JSON format of the respective ITR type from the income tax portal.

Key features & benefits

  • Digital In-Principle loan approval
  • Technology backed eligibility check
  • Best user experience
  • Ease of understanding
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