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.



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 making transactions, and not for depositing money.The operator has already start...
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 using its ID 'paytm@icici'.However, customers cannot simply transfer the mo...
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 ₹ 5000 into a bank account will be received for credit only once during the remain...
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. "FreeCharge’s partnership with ICICI Merchant Services, powered by First Data, will ea...
7 ILLOGICAL REASONS to oppose DEMONETIZATION The current demonetization move by the Narendra Modi government has seen a lot of accusations and counter-accusations being levelled by both the supporters and opponents of the move.While the government has tried to deal head on with the official accusations levelled by opposition political parties, a much more subtle misinformation campaign is going o...
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 others who had illegal funds to convert their old currency into new notes."The...
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 payments bank in the country to go live.Payments banks are similar to regul...
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 of Rs 21,000 cr of new currency has been sanctioned for district cooperative ban...
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 swipe their cards 3 or 4 times for the transaction to go through. Sometimes, it ...
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 entering details such as bank account number and IFSC code, Unified Payments Interface ...
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 dedicated to this for several days. Our own customers have been suffering," Rajee...
CASH SWAP: Axis Bank cuts interest rates by 0.15 percentage point Axis Bank, one of India's top two private banks, has cut its lending rates by 0.15 percentage points in the wake of the ongoing currency exchange program.With this, the bank's 'marginal cost-based lending rate' has been reduced to 9.05% for one year and 9.15% for three years.The change will come into effect from Nov 18.This would reduce the month...
CA explains why Modi banned 1000 note & issued 2000 rupee note It's a question that has plagued the best minds of the country and no one has yet been able to figure out why the government came up with a 2,000-rupee note when it had got rid of the Rs 1000 note to control black money.However, Mehul Shah, a chartered accountant from Surat has come up with a likely explanation for the move.The move to come up with a...
75% of our ATMs now working – Canara Bank Karnataka-based public sector bank Canara Bank said 75% of its ATMs have been supplied with cash and are up and working.The statement comes in the wake of widespread difficulty for people to access money via ATMs under the ongoing currency swap.India derecognized 500 and 1000 rupee notes in an effort to get everyone to declare their assets and pa...
Demonetization: Average deposit size is Rs 46,000 The average deposit size for people putting their money into banks under the cash demonetization drive is Rs 45,811, according to the data released by State Bank of India.A total of 76,000 cr has been deposited via SBI branches, and close to another 3 lakh cr has been deposited via other banks.QUESTIONSThe numbers raise the uncomfortable question...