Federal Bank launches quick car loan services

Mumbai, August 19, 2019: Federal Bank launched a new facility for quick sanction of auto loans on 17th August 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.

Shalini Warrier, Chief Operating Officer, Federal Bank, formally launched the solution. Delivery of the first vehicle financed using the solution was done jointly by her and Rahul Jain, State Head, Hyundai Motor India Ltd. Jose K Mathew, Executive Vice President and Kerala Head, Federal Bank, Jithesh PV, Deputy Vice President and Head Digital, Federal Bank, other officials of Federal Bank and Popular Hyundai attended the function.