Federal Bank Launches BYOM Personal Loan, Digital Personal Loan Facility

In line with the Banks vision for Digital innovation, Federal bank has come out with yet another innovative product - Digital Personal Loans. Customers can log into Bank’s website (www.federalbank.co.in) and avail personal loans in a minute.  Upon the acceptance of the offer by the customer, the loan money is credited to his account immediately.  This facility neither requires the customer to visit the Branch nor does he have to put his manual signature on any document.  The facility can be accessed round the clock.

Digital personal loans comes as third in the series of BYOM (Be Your Own Master) digital retail loans the bank has rolled out, previous offerings being digital car loans and loan against term deposit. Speaking on the occasion, Mr. K A Babu, Head – Digital Banking, said:  “We remain committed to the vision that Banking should be a joyful experience.  Digital Personal Loans is an end to end paperless product. The first phase of the launch will see this product being rolled out to our existing select customers pan India.  We will roll out this product to all our customers with the product being available on mobile and ATM platforms.  Bank has already seen 75% annualized growth in digital channels usage this financial year.  With such convenient products and a host of other digital innovations in the pipeline, we expect 200% growth in digital penetration this year.”

About Federal Bank

Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,524 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.

For more information, please visit www.federalbank.co.in .