Federal Insta Loans Platform
A Federal Bank online platform that gives micro, small and medium businesses an in-principle business loan approval in under 30 minutes using GST, income tax and bank statement data.
Last updated on
- Status
- Open
- Run by
- The Federal Bank Limited
What you get
- In-principle sanction in under 30 minutes, worked out automatically from GST data, income tax returns, bank statements and credit bureau records
- In-principle sanctions for business loans up to ₹2 crore, according to the current product page
- No payment is needed to get the in-principle sanction
- Businesses in the GST composition scheme can type in basic details and 12 months of sales instead
Who can apply
- Businesses that are already running.
- Micro, small and medium enterprises.
- The most on offer is ₹2 crore.
- The business needs GST and income tax return details, without them the platform cannot give an in-principle sanction
How to apply
- Start the application online and give GST login with OTP, upload income tax returns and 12 months of bank statements
- Receive an in-principle sanction letter online
- Take the letter to the branch you chose to finish the formal sanction
In person, the Federal Bank branch chosen during the online application
In Kerala, online, then the Federal Bank branch you choose during the online journey
Documents to keep ready
- GSTIN, GST username and OTP
- Income tax returns, ITR 3, 5 and 6 in XML format or ITR 4 as PDF
- Bank statements for the last 12 months as PDFs downloaded from internet banking, for up to 3 accounts
Figures you may see elsewhere
The product page gives in-principle sanctions up to ₹2 crore, while the older FAQ PDF from about October 2021 gives ₹1 lakh to ₹50 lakh. The product page figure is used.
Where we found this
An independent guide by The Company of Four, not a government website. Schemes change often, so check every detail on the official website before you apply. Links marked ↗ open external websites that we do not run, and we are not responsible for their content. Seen something out of date? Tell us and we will look into it.