Federal Bank starts e-credit facility for deposit holders

fenetFederal Bank said customers can now avail loans against fixed deposits through its online platform, and that the first 3,000 customers will get interest rate concessions.

“Fed-E-Credit is an online loan against deposit, and is the first in the series of online loan products planned by the Bank,” it said.

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, the online platform of the bank.

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.