Federal Bank is now facilitating its customers to avail of loans against fixed deposits through its online platform. The bank said the first 3,000 customers who make use of the facility will get interest rate concessions. The facility, called Fed-E-Credit, is an online loan against deposit, and is the first in the series of online loan products planned by the bank, the bank said. Through Fed-E-Credit, customers can apply for loans against their fixed deposits online through FedNet, the bank’s internet banking facility, and avail an amount up to 90% of the deposit value. Loans availed under Fed-E-Credit can also be closed online through FedNet.
