Hyderabad: Federal Bank introduces EMI facility for holders of Federal Bank Debit Cards to purchase two wheelers. Eligible customers of Federal Bank can own their favorite two wheeler by making a payment of ₹ 1/- at 947 showrooms of Hero MotoCorp, Honda Motorcycle and TVS Motor. The financing process involves no paper work or bank visit and is done completely online. Unlike conventional two-wheeler loans, hypothecation in favor of the Bank is not required for vehicles purchased on Debit Card EMI from Federal Bank. Customers can choose a repayment period of 3/6/9/12 months. There is no processing fee charged on loans under this scheme.
Customers who purchase two wheelers from 793 Honda Motorcycle showrooms across the country availing EMI on Debit Card from Federal Bank will also get a cash back of 5% as festival offer. Customers can check their eligibility for EMI by sending an SMS in the format DC<space>EMI to 5676762 or giving a missed call to 7812900900.
With sale of passenger vehicles and two wheelers showing an upward trend on the back of demand spurred by festive season and social distancing protocols and a reduction in GST for two wheelers on the cards, this option of easy finance and cash back offer is expected to give further impetus for Federal Bank customers wishing to own brand-new two wheelers. The Bank offers EMI on Debit Cards for purchase of consumer durables at over 36,000+ stores PAN India. The Bank has recently started offering EMI for purchases on e-commerce portals Amazon and Flipkart too.