Federal Bank said it has introduced an EMI facility for holders of Federal Bank debit cards to purchase 2 wheelers. Eligible customers of the bank can own their favorite 2-wheeler by making a payment of ₹ 1 at 947 showrooms of Hero MotoCorp, Honda Motorcycle and TVS Motor. The financing process involves no paperwork or bank visit and is done completely online. Unlike conventional 2-wheeler loans, hypothecation in favor of the bank is not required for vehicles purchased on debit card EMI. Customers can choose a repayment period of 3/6/9/12 months. There is no processing fee charged on loans under this scheme.
