Federal Bank’s BYOM (Be Your Own Master) Online Loans
- Approval and Eligibility:
- The Federal Bank Ltd (hereafter referred to as “Bank”) retains sole discretion over loan approval. Your eligibility for the loan will be determined according to the Bank’s internal policies and procedures.
- By applying for the loan, you unconditionally accept all terms and conditions specified in this document and agree to be bound by them.
- Loan Disbursement:
- Upon completion of the necessary procedures, the loan amount will be disbursed directly into the operational account listed in this email.
- Terms and Conditions:
- Once the loan is processed and disbursed, it cannot be canceled. The interest rate, processing fees, and loan term confirmed at the time of the loan request cannot be modified.
- The loan can be closed prematurely at any point during its tenure.
- For loans obtained on or before the 5th of the month, EMI payments will begin on the 5th of the following month. For example, for loans opened between January 1 and January 5, the first EMI date will be February 5. For loans obtained after the 5th, EMI payments will start on the 5th of the second following month. For example, for loans opened between January 6 and January 31, the EMI date will be March 5.
- The GST rate is 18% as of July 1, 2017, but this is subject to change based on government regulations.
- Starting August 1, 2019, a Kerala Flood Cess @1% or any updated rate per government regulations will be applied.
- Responsibilities and Penalties:
- You are responsible for repaying the loan along with all relevant interest, charges, taxes, and costs. Failure to comply with these terms may result in additional or penal interest charges.
- All outstanding amounts on the loan account must be paid upon demand. However, the Bank may, at its sole discretion, allow you to continue with the loan subject to the payment of past-due amounts.
- The Bank reserves the right to report your name to CIBIL/RBI or any other legislative, regulatory, or rating organizations.
- The Bank is entitled to take any legally permitted actions to recover amounts owed on the loan account in accordance with its Loan/Debt Collection Policy.
- Changes and Disputes:
- The Bank reserves the right to amend, modify, or change these terms and conditions at any time without prior notice.
- Any disputes arising out of or in connection with these terms and conditions will be subject to the exclusive jurisdiction of the relevant Courts/Tribunals in Kerala.
- Assignment and Insurance:
- The Bank has the unrestricted right to assign the loan to any other bank, financial institution, or NBFC of its choosing without your prior authorization or consent.
- If you purchase the Sarv Suraksha Insurance Policy, the Bank will deduct the necessary premium payment from the loan proceeds and credit the remaining loan amount to your operational account.
Apply Online for Loan
You can apply online for the BYOM loan through the Bank’s official website.
Comments are closed.