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The Federal Bank Limited is a major Indian commercial bank in the private sector, headquartered at Aluva, Kochi. Initially known as the Travancore Federal Bank, it gradually transformed into a full-fledged banking institution under the dynamic leadership of its Founder, Mr. K.P. Hormis. The name Federal Bank Limited was officially announced in the year 1947. It has 1252 branches spread across 24 States and 1516 ATMs across the country. It became a scheduled commercial bank in 1970 and came out with its initial public offering in 1994.
About Federal Bank
In January 2008, Federal Bank opened its first overseas representative office in Abu Dhabi. In August 2013, Federal Bank services introduced FedBook, the first electronic passbook launched by any bank in India. Through this mobile app, the customers can view their passbook details.
In May 2015, the Bank reached yet another milestone by launching two co-branded Visa Credit cards, namely Platinum and Gold ‘N’ More. Further, in July 2015, Federal Bank banking services introduced automated chat facility, a first of its kind by an Indian bank. Customer can avail this fast, efficient and round the clock service wherein they can chat with the Virtual Relationship Officer/Agent regarding the Bank’s products and services. The Bank yet again created history by launching India’s first Mobile App for Bank Account Opening. With this unique facility, anyone with an Aadhaar Card and PAN Card, from rural or urban centres, can now open a Savings Bank Account and get their Account Number instantly using a mobile from anywhere at any time.
Vision and Mission
The Bank aspires to be a customer centric organization setting a high benchmark for customer experience. It aims to be the trusted partner of choice for target (SME, Retail, NRI) customers. The Bank endeavours to emerge as the numero uno bank in Kerala and a leading player in its chosen segments/markets.
The Bank’s mission is to offer innovative yet simple products supported by state-of-the-art technology and Federal Bank financial services online. Federal Bank financial services lays immense emphasis on having a dynamic and energized workforce with a strong sense of belongingness in them. The priority of Federal Bank is to deliver top tier financial performance and superior value to stakeholders. It aims to be a role model for corporate governance and social responsibility. The mission statement also lays down that the Bank will devote balanced attention to the interests and expectations of stakeholders, employees, and customers.
Federal Bank Loans
Federal Bank Home Loan: This scheme assists borrowers for construction of house, acquisition of land for construction thereon, repairs/renovation/remodeling/extension of house, reimbursement of debt incurred for construction/purchase/furnishing/beautification/purchase of flat/villa/house plots, etc. with speedy loan approval and minimal paperwork, the applicants can get loans up to 85% of the project cost. The maximum quantum of finance is Rs. 1500 lakhs. Federal Bank loan details states that the repayment period can be up to 30 years. For purchase of plot (for subsequent construction of house), however, the maximum loan amount is Rs. 25 lakhs, and the repayment period is 60 months.
Under the House Warming Loan Scheme, the customers (both existing and new) can get financial aid for meeting house warming and other related expenses. One is eligible to avail this loan only after the acquisition or completion of the house/flat. The repayment tenor is up to 60 months, and there is no lock in period.
Federal Bank Loan Against Property: This loan is offered against residential premises, a plot of land, or commercial properties as per the borrower’s convenience. The customers are promised a number of Federal Bank loan advantage, such as quick loan processing, long repayment period that goes up to 15 years, lower Federal Bank Loan Against Property rate of interest and EMIs, a maximum loan amount of Rs. 5 crores, minimal paperwork, and balance transfer programs with additional finance. Further, there is also a surrogate scheme available for Self Employed Category. This loan can be availed as overdraft as well as Term Loan. Through this scheme, the property held by the borrower takes care of his/her personal, business, or family needs.
Federal Bank Business Loan: The Bank has a SME Parameterised Scheme to help a customer start a new manufacturing/processing/trading/service related business or to expand an existing unit. It is accompanied by benefits like, speedy loan processing, flexible repayment options, simple assessment, and attractive pricing. It has features like – Asset Power Scheme, Federal Goldsmiths Loan Scheme, General Credit Card Scheme, Commercial Vehicle Finance Scheme, and loan to mobile/DTH/other electronic recharge vendors. One can also get SME loan against property from Federal Bank and loan against rent receivables. For export of goods/services from India, the Bank provides post-shipment credit and pre-shipment credit.
Federal Bank Personal Loan: Fed Premia is the Bank’s scheme of providing hassle-free personal loans for salaried individuals with a minimum monthly salary of Rs. 50,000. These are available at select locations. With Federal Bank finance, an applicant can get a loan of up to Rs. 10 lakhs, and the maximum tenure is 48 months. The borrowers are promised attractive benefits like, competitive Federal Bank personal loan interest rates, faster processing, and minimal paperwork.