Under the scheme, salaried borrowers can avail personal loan up to Rs.10 Lakh with repayment period extending up to 48 months.
It will offer “competitive interest rate and the quick processing time,” the private sector bank said.
“Individuals who are not maintaining accounts with the Bank can also avail the loan after submitting the required KYC and income documents,” Federal Bank said.
In the launch phase, Fed Premia will be available at branches in 7 select cities, namely Mumbai, New Delhi, Pune, Chennai, Bangalore, Ernakulam and Thiruvananthapuram.
“Bank is focusing on making the bouquet of offers to the young, salaried class attractive and convenient. Fedpremia is our latest offer in this range. The loan can be used for personal financial requirements, meeting education needs or even for a family trip. It is offered at a very competitive interest rate.” said Babu K A, Head – Retail Business.