Federal Bank rolls out the first digital car loan, BYOM Car. Without making a single visit to the Bank branch, customers can avail themselves a car loan through this online platform. A Customer can now select the car online, decide the dealer, decide the loan amount, get the loan sanctioned online and take delivery of the car directly from the dealer. This product is launched under the Digital initiative of the Bank, ‘BYOM’ (Be Your Own Master). In the first phase, the facility is made available to pre-approved customers of the Bank at Ernakulam & Mumbai.
Online Car loan is second in the series of digital offering from the Bank under BYOM, the earlier one being Fed-E-Credit, which is an online loan against deposit.
“We at Federal Bank are committed to deliver unmatched experience to our customers through our host of digital products and seamless processes, and BYOM is a significant step in this direction. As there is no need to visit the branch to avail a car loan, BYOM Car is sure to excite our customers. We will be extending this facility Pan India soon. The Bank will also be launching its paper less Online Personal loans shortly” said Babu K A, Head – Digital Banking.
About Federal Bank
Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,516 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.37 Lakh Crore as at March 31, 2016 and it has earned a net profit of Rs 475.65 Crore. Bank’s Capital to Risk weighted Ratio (CRAR) stood at 13.93% at the end of March 31, 2016. Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City).Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress.
Federal Bank Launches BYOM Car Loan