Private sector bank Federal Bank has introduced Digital personal loans. This facility would enable customers to avail personal loan immediately without going through any tedious documentation procedure.
Customers will be able to directly avail personal loans from the bank’s website in a minute. On accepting the offers on personal loans provided by Federal Bank, the loan money will be credited to the customer’s account within few minutes. Manual signatures of the applicant won’t be required on any document. This facility can be availed anytime and on any day.
All the existing customers of Federal Bank will be benefitted by this facility. Bank’s officials have decided to roll out this facility through mobile phones and ATM kiosks. Digital personal loans rank third in the series of Be Your Own Master (BYOM) digital retail loans offered by banks across the country. First and second are mainly car loans and loans against property.
Federal Bank has already recorded 75% annualised customer growth in the usage of digital channels in this financial year. By launching such innovative digital products in the banking sector, Federal Bank aims to grow 200% in digital penetration by the end of this year.