Tata Group’s financial services arm Tata Capital on Monday announced the launch of its digital renewal process for existing Channel Finance customers.
Existing customers of Channel Finance with a proven track record can now renew loans of up to ₹2 crore instantly with a completely new digitised model.
The automatic renewal loan system will utilise a proprietary rule engine that consumes over 100 data points to enable instant sanction.
No pre-sanction documentation is required under this process, the company said. A customer’s eligibility will be calculated as per their past payment records. The objective of the new offering is “to enable faster credit decisions, bring efficiency to the entire login to sanction process and offer more value to an eligible customer.”
Abonty Banerjee, Chief Digital Officer, Tata Capital, said, “One of the main advantages of an automatic — renewal sanction is that our eligible customers can now have access to funds instantly. This enables them to focus on their business as sanctions for loans up to ₹2 crore is a very simple and convenient process. Our aim is to offer our channel finance customers compelling digital propositions that helps them meet their funding goals.”
As part of Tata Capital, customers can avail themselves of loans across various categories including working capital for SMEs, channel finance and sales invoice discounting amongst others.
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