Federal Bank introduces EMI facility for holders of Federal Bank Debit Cards to purchase two wheelers.
Federal Bank Offers EMI on Debit Cards to Customers for Purchase of Two Wheelers
- Introduced at 947 showrooms of HeroMotocorp, Honda Motorcycle and TVS Motors
- No-Bank visit, No-processing charge, complete online
- Flexible Repayment period option of 3/6/9/12 months
Chennai, Sep 22, 2020: Federal Bank introduces EMI facility for holders of Federal Bank Debit Cards to purchase two wheelers. Eligible customers of Federal Bank can own their favorite two wheeler by making a payment of ₹ 1/- at 947 showrooms of Hero MotoCorp, Honda Motorcycle and TVS Motor. The financing process involves no paper work or bank visit and is done completely online. Unlike conventional two-wheeler loans, hypothecation in favor of the Bank is not required for vehicles purchased on Debit Card EMI from Federal Bank. Customers can choose a repayment period of 3/6/9/12 months. There is no processing fee charged on loans under this scheme.
Customers who purchase two wheelers from 793 Honda Motorcycle showrooms across the country availing EMI on Debit Card from Federal Bank will also get a cash back of 5% as festival offer. Customers can check their eligibility for EMI by sending an SMS in the format DC<space>EMI to 5676762 or giving a missed call to 78129 00900.
With sale of passenger vehicles and two wheelers showing an upward trend on the back of demand spurred by festive season and social distancing protocols and a reduction in GST for two wheelers on the cards, this option of easy finance and cash back offer is expected to give further impetus for Federal Bank customers wishing to own brand-new two wheelers. The Bank offers EMI on Debit Cards for purchase of consumer durables at over 36,000+ stores PAN India. The Bank has recently started offering EMI for purchases on e-commerce portals Amazon and Flipkart too
About Federal Bank
Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of 1,263 branches and 1,937 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ₹ 2.76 Lakh Crore as at March 31, 2020 and it has earned a net profit of ₹ 1,543 Crore for FY20. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.35%. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for Non Resident Indian 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.
