Federal Bank Launches Fed-E-Credit – First Digital Loan from the Bank

Federal Bank launched Fed-E-Credit, the Bank’s first digital loan. Fed-E-Credit is an online loan against deposit, and is the first in the series of online loan products planned by the Bank. 

Through Fed-E-Credit, customers can apply for loans against their fixed deposits online through FedNet (Internet banking facility), and avail an amount up to 90% of the deposit value. Loans availed under Fed-E-Credit can also be closed online through FedNet. As an introductory offer, the first 1000 customers to avail Fed-E-Credit will be eligible for interest rate concessions.

“We are committed to deliver unmatched experience to our customers through digital products and processes. As there is no need to visit the branch to avail the loan nor is there any manual paper work involved, Fed-E-Credit will surely excite our customers, especially NRIs. We will be coming out with more digital offerings in the coming days” said Babu K A, Head – Retail Business.

About Federal Bank:

Federal Bank is a leading Private Sector Bank with a branch network of 1,248 branches and 1509 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.22  Lakh  Crore as at March 31, 2015 and it has earned a net profit of Rs 1005.75 Crore.  Bank’s Capital to Risk weighted Ratio (CRAR) stood at 15.46% at the end of March 31, 2015.  Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. 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.