Federal Bank’s BYOM (Be Your Own Master) online loans
1. The Federal Bank Ltd (hence referred to as “Bank”) has the sole discretion to approve the loan. Your eligibility for the Loan may be determined by the Bank in accordance with its internal policies and procedures.
By applying for the Loan, you are deemed to have unconditionally accepted all of the Loan’s terms and conditions as set forth in this document and agree to be bound by them.
Upon fulfillment of the necessary procedures, the Loan will be disbursed straight to your operational account listed in this email.
By accepting the loan, you hereby irrevocably affirm, agree, declare, and undertake the following:
The Loan cannot be canceled after it has been processed and disbursed. It is not possible to modify the interest rate, processing fees, or loan term that were confirmed at the time the loan was requested.
Any point throughout the duration, the Loan may be prematurely closed.
For loans obtained on or before the fifth of the month, the EMI will begin on the fifth of the following month. (For loans opened between January 1 and January 5, the EMI date would be February 5) For loans obtained after the fifth of the month, the EMI will begin on the fifth of the following month. (For instance, the EMI date for loans opened between January 6 and January 31 will be March 5)
The GST rate is 18% as of July 1, 2017, but this is subject to change and will be based on government rules.
Kerala Flood Cess @1% or at such other rates as changed from time to time will be applied starting on August 1st, 2019 in accordance with government rules.
You will be responsible for paying additional/penal interest if you fail to repay the Loan along with all relevant interest, charges, taxes, and costs, or if you fail to abide by the terms and conditions set forth herein.
b. All sums owing on the Loan account must be paid immediately upon demand. However, subject to your payment of past-due sums, the Bank may, in its sole discretion, allow you to continue with the Loan.
c. The Bank has the right to submit your name for review by CIBIL/RBI or any other legislative, regulatory, or rating organizations.
d. In accordance with the Bank’s Loan/Debt Collection Policy, the Bank shall be entitled to take any additional legally permitted actions against you to recoup the amounts owing on the loan account.
The Bank maintains the right to add to, modify, change, or vary all of these terms and conditions at any time and without prior notice. The sole and exclusive jurisdiction of the relevant Courts/Tribunals in Kerala shall apply to any and all disputes, if any, arising out of, in connection with, or otherwise pertaining hereto.
You acknowledge and agree that the Bank shall have the unrestricted right to assign the Loan to any other Bank, Financial Institution, or NBFC of Bank’s choosing, without prior authorization or agreement from you.
If you decide to purchase the Sarv Suraksha Insurance Policy, the Bank will immediately deduct the necessary premium payment from the loan proceeds and credit the remaining loan amount to your operating account.
