Chennai: Tata Capital, the financial services arm of the Tata Group, has launched an exclusive digital automatic renewal process for select channel finance customers.
As an industry first, customers can now renew their loans upto Rs two crore instantly with a completely new digitised model.
According to a press note, the latest automatic renewal loan will provide this service with the help of a proprietary rule engine that consumes over 100 data points to enable instant sanction.
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 Rs two crore is a very simple and convenient process.”