“Customers can log into Bank’s website (www.federalbank.co.in) and avail personal loans in a minute. Upon the acceptance of the offer by the customer, the loan money is credited to his account immediately,” it said.
“This facility neither requires the customer to visit the Branch nor does he have to put his manual signature on any document,” it said.
At present, getting a personal loan takes between 10-25 days for most banks.
The digital loan can be accessed round the clock, making it an alternative to credit cards in emergencies. Given the promised speed of disb
The product has been launched under its “Be Your Own Master” initiative.
The company had launched digital car loans and loan against term deposit.
“We remain committed to the vision that Banking should be a joyful experience,” said K A Babu, Head – Digital Banking.
The first phase of the launch will see this product being rolled out to our existing select customers pan India.
“We will roll out this product to all our customers with the product being available on mobile and ATM platforms. Bank has already seen 75% annualized growth in digital channels usage this financial year. With such convenient products and a host of other digital innovations in the pipeline, we expect 200% growth in digital penetration this year,” Babu added.
The bank has 1,252 branches and 1,524 ATMs spread across the country.
It total business mix (deposits + advances) stands at Rs 1.37 Lakh Crore as at March 31, 2016 and it has earned a net profit of Rs 475.65 Crore.
It has arguably the biggest pie of Kerala’s lucrative NRI banking business.