Federal Bank has introduced a National Auto Loan Hub at Marine Drive, Kochi. In this hub, the bank has a single window for processing and sanctioning of auto loans on fast track. It has reduced the interest rates on car loans to 10.45%. Through this initiative, the bank aims speedy loan processing, which will enable the bank to reduce turn-around-time to less than a day.
The bank has reported 4.41% rise in its net profit at Rs 210.78 crore for the quarter as compared to Rs 201.87 crore for the same quarter in the previous year. Total income of the bank has increased by 7.53% at Rs 1725.62 crore for quarter under review as compared to Rs 1604.76 crore for the quarter ended December 31, 2011.
