Mumbai: The festive season is around the corner, the automobile companies as well as banks are coming up with new offers to lure customers. One such offered is launched by Federal Bank. This means by just paying Rs.1, one can purchase the bike and take it home. Under this offer one can buy vehicle from Hero Moto Corp, Honda or TVS for 1 Rs and continue with EMI.
This facility is available in 947 showrooms across the country. No other hidden charges as well as processing fee is applicable and can cashback by 5%.
The bank released a statement in which it said, “The customers do not need to go to the bank branch. EMI facility will be available on debit card”. “The bank will require no paper in the entire matter. It will be completely online. You can do this work from your home.”, further added.
The Federal Bank says that the customer can choose the time period of repayment, it can be 3, 6, 9 or 12 months. Federal Bank says, “The customers can choose a repayment period of 3, 6, 9 or 12 months. No processing charges will be taken on the loan under this scheme. Customers can avail 5% cash back on Honda Motorcycle’s 793 showrooms across the country. The customers can apply for the schemes by just sending a SMS on the number 5676762 or a missed call to 7812900900.
Federal Bank provides EMI payment on debit cards in 36,000 stores across the country. The bank has recently introduced EMI facility for shopping on e-commerce portal Amazon and Flipkart. Meanwhile, an official of the lending NBFC Shriram City says that demand for two-wheelers has suddenly increased this time.