HOME > CONSUMER > APPS > Need Cash Fast? Federal Bank offers loan disbursement in just 1 minute

Need Cash Fast? Federal Bank offers loan disbursement in just 1 minute

federal-bank-digital-loanKerala-based privately owned Federal Bank said it has started a one-minute loan facility called Digital Personal Loans.

“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.

Follow ULTRA.news
PAY REVISION: IDBI Bank employees to strike again tomorrow, May 23 IDBI Bank, one of India's largest government-controlled banks, said it received notice of strike from the "United Forum of IDBI Bank Officers and Employees".The strike will be on Tuesday, May 23, and is aimed at demanding "revision of pay and allowances and other issues," the...
SBI says free ATM transactions not withdrawn India's largest bank, State Bank of India, denied reports that it had scrapped the facility of providing free ATM transactions.SBI CIRCULARThe bank was responding to media reports that said that all transactions will be chargeable from now on.Under the Reserve Bank o...
Bots cut Wipro employee strength by 12,000 A NASA RobotA pioneering artificial intelligence program that started getting deployed around mid-2016 has helped Wipro Ltd reduce its employee numbers by 12,000 people, the company said in its recent quarterly update."The HOLMES platform generated productivity worth ove...
TRAI’s MySpeed app pulled from Google Play Store The TRAI MySpeed AppThe Telecom Regulatory Authority of India's network benchmarking app MySpeed is no longer listed on the Android Play Store.The link for the app throws an error saying 'the requested URL was not found on this server'.It is not clear whether TRAI pu...
Govt moves to block ABS Free Dish DTH service ABS 2A is the company's latest satelliteGovernment of India has moved to block the signals of ABS Free Dish, a free DTH service in India, but questions remain as to how practical the move is."Ministry of Home Affairs mentioned that the transmission of DTH service by ABS ...
Rs 1.7 lakh cr deposited via demonetization may not be withdrawn – SBI Monthly cash withdrawals for all banks | source:SBI ResearchThe Indian banking system is likely to get a permanent liquidity boost of Rs 1.7 lakh cr due to the demonetization of high-denomination bank notes, State Bank of India chief economic adviser said in a note to bank c...
SBI’s new minimum balance rule leaves OBC, UCO and PSB as only ‘free’ banks in Ind... SBI Chairman Arundhati BhattacharyaWith the country's largest bank, State Bank of India, refusing to rollback service charges for customers who do not maintain a minimum balance in their accounts, only Oriental Bank of Commerce, UCO Bank and Punjab & Sind Bank remain as ...
PNB, Corp Bank most aggressive in going after big debtors; SBI, BoB more relaxed Punjab National Bank, the third largest public sector bank in India, and smaller cousin Corporation Bank can teach bigger siblings like State Bank of India and Bank of Baroda a thing or two about going after big loan defaulters, an analysis of Reserve Bank of India data shows. ...
Yes Bank denies billion dollar QIP rumors Yes Bank, one of India's youngest, and fastest-growing banks, said it had no plans to go for a billion-dollar qualified institutional placement of its shares as reported by the media.The bank had tried to do a mega share sale in September last year, but the effort didn't find...
SBI biggest beneficiary of demonetization, HDFC Bank close behind State Bank of India and HDFC Bank were the most successful in attracting and retaining deposits in the wake of demonetization of currency, according to an analysis of their deposits growth so far this financial year.The highest growth was reported by State Bank of India, wh...
Bank robberies increased in J&K, Haryana after demonetization: RBI data The demonetization of high-value currency notes saw a rise in the number of bank robberies towards the end of 2016, but all of the increase came from just three states -- Jammu & Kashmir, Bihar and Haryana.Overall, cases of theft, robbery and loot of on bank properties in...
PayTM ropes in IIT Kanpur for ‘cashless campus’ PayTM, India's biggest mobile payment company and a minority subsidiary of Alibaba Group, said it partnered with Indian Institute of Technology Kanpur to bring its cashless payment solution to the country’s premier engineering college.Under the program, students will be able ...
UID says telecom operators cannot misuse Aadhaar eKYC data A schematic representation of Aadhaar eKYC provided by UIDAIThe Unique Identification Authority of India has rebutted allegations that Aadhaar data submitted by citizens to companies are prone to misuse.Aadhaar -- which is India's equivalent to the US social security num...
18,420 megawatt of thermal power projects face funding difficulties in India A large chunk of under-development coal-based power units have their construction stalled due to the paucity of funds, according to numbers obtained from the power ministry.In total, projects that have a design capacity of 18,420 megawatt, or 18.42 gigawatt, are classified as...
Reliance Jio carries 80% of traffic on next-gen Internet technology IPv6 roll-out on Jio. source:APNICReliance Jio, the new entrant to India's telecom landscape, is carrying nearly 80% of its traffic in the next-generation Internet technology, a senior official of the company said.Internet Protocol or IP is one of the languages used by machi...
Bharti Airtel to launch pan-India Payments Bank tomorrow Bharti Airtel, India's largest telecom company, will take a crucial step towards entering the financial services business as it launches its Payments Bank operation across India tomorrow.Payments Bank refers to a limited operations bank that can be primarily used for maki...
PayTM adds support for UPI payments Customers of PayTM, India's largest wallet service can now make payments using the Unified Payments Interface, the government of India's open payments platform.The company has signed up with ICICI Bank be able to receive payments from its customers who are on the UPI platform...
Demonetizaton: Govt places limits on last minute deposits The Reserve Bank of India said that any person who continues to hold old notes of 500 and 1000 rupees in bulk will get only one more chance to deposit them into bank accounts and will also have to provide an explanation for the delayed deposit."Tenders of SBNs in excess of ₹ ...
Freecharge ties up with ICICI Bank to offer POS services Snapdeal-owned FreeCharge has tied up with ICICI Bank's Merchant Services, which will allow consumers to pay their bill at over 1 Lakh ICICI stores with their Freecharge accounts.These merchants are located at across 700 cities and towns in India, the company said. "FreeC...
DEMONETIZATION: How some earned lakhs standing in queues The government has banned over-the-counter exchange of old 500- and 1000-rupee notes due to suspected gaming of the system by those with black money. According to banking industry sources, the over-the-counter exchange system was being massively misused by hawala operators and ot...
Airtel starts Payments Bank; offers 7.25% interest on savings ac Airtel Payments Bank, a subsidiary of Bharti Airtel Limited, today said that it has rolled out a pilot of its banking services in Rajasthan. The pilot is aimed at testing systems and processes ahead of a full scale pan Indian launch.With this, Airtel Bank has become the first...
82,000 ATMs recalibrated out of nearly 2 lakh so far Banks have recalibrated 82,000 out of a little over 2 lakh ATMs in the country, economic affairs secretary Shaktikanta Das."It will be only a matter of a few days (more) till all the ATMs are recalibrated," Das said.To ease cash supply to the agricultural sector, a total ...
Card payments slow as people start swiping more after Demonetization Swiping a debit or credit card at the local grocery store or supermarket is supposed to be the best way to beat the demonetization blues, but going by social media feedback, these networks are getting overloaded as well.In fact, our own staff have found that they have had to ...
SBI starts accepting UPI payments State Bank of India, India's largest bank, has started accepting UPI payments from customers of other banks.However, outgoing payments are yet to be enabled from an SBI account to other accounts.UPI refers to a new way of making instant payments.Instead of enterin...
No Note Exchange, only Account Withdrawals Tomorrow as banks take a breather There will no over the counter exchange of currency tomorrow (Saturday) as banks have requested for a one-day break from the heavy workload.The only exception will be for senior citizens.Deposits and withdrawals will continue."The entire staff of the banks have been d...