Federal Bank, a Kerala-based private sector bank, has launched a new feature-rich personal loan product namely ‘Fed Premia’ for salaried class. Under this new scheme, salaried borrowers can get personal loan up to Rs 10 Lakh with repayment period extending up to 48 months. The other important highlights of the scheme are the competitive interest rate and the quick processing time. People who are not maintaining accounts with the Bank can also avail the loan after submitting the required KYC and income documents. This new scheme will be available at branches in 7 select cities, namely Mumbai, New Delhi, Pune, Chennai, Bangalore, Ernakulam and Thiruvananthapuram
The bank has posted a rise of 1.17% in its net profit at Rs 280.53 crore for the quarter ended March 31, 2015 as compared to Rs 277.29 crore for the same quarter in the previous year. Total income of the bank has increased by 9.77% at Rs 2214.28 crore for quarter under review as compared to Rs 2017.12 crore for the quarter ended March 31, 2014.
