Federal Bank introduces an EMI facility for holders of its debit cards to purchase two-wheelers. Eligible customers of Federal Bank can own their favourite two-wheeler by making a payment of Rs 1 at 947 showrooms of Hero MotoCorp, Honda Motorcycle and TVS Motor.
The financing process, said a press release, involves no paper work or bank visit and is done completely online. Unlike conventional two-wheeler loans, hypothecation in favour 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, added the release.
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 a new two wheeler, the release added.