Kotak Mahindra Bank has launched a new digital feature that allows companies to take loans instantly with just one click. Earlier, if a company wanted a working capital loan (called WCDL), it could take up to 24 hours or more because of paperwork and approvals. Now, with this new system, the money can come within seconds.
This feature works on Kotak’s digital platform called fyn. Companies just need to enter three basic details — how much loan they want, for how long, and their account details. After that, the system does everything on its own. It calculates the interest, checks all the required rules, and quickly sends the money to the company’s account. This makes the whole loan process fast and hassle-free.
Why this is important?
This is important because it makes things much easier for companies. They can get money very quickly, even later in the day when banks usually take time. There is no need to wait for manual approvals, so delays are reduced. The whole banking process becomes simple and smooth, and businesses can manage their daily expenses without stress.
So basically, what used to be a long, manual process is now fast, simple, and fully digital. Around 70% of corporate loans are of this type, so this change is huge. Also, the bank has already given loans worth about ₹7,500 crore through this system, which shows that many companies are already using and benefiting from it.
