Federal Bank has launched a new facility for quick sanction of auto loans on August 17, 2019. This is a platform where loan application and other supporting documents are collected, verified, transmitted and sanctioned online in a few hours. The solution has several tools which help real-time verification of documents and credit history of customers. This helps the Bank to reduce the transit time thereby making the loan sanction quicker and accurate.
All the verifications like analyzing loan application and creditworthiness of the customer, which were previously done offline, are now done in the platform using artificial intelligence. This solution is available currently in Mumbai and Ernakulam, which will later be extended to other locations.
Federal Bank is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having more than thousand branches and ATMs spread across different States in India. It offers personal, corporate, NRI, SME banking, online banking services to its customers.
