BYOM – Be Your Own Master – Online Loans from Federal Bank
1. The Loan is sanctioned at the sole discretion of The Federal Bank Ltd (hereinafter referred to as “Bank”). The Bank reserves the right to decide your eligibility for the Loan as per its internal policies and guidelines.
a. That you shall utilize the loan only for your genuine lawful personal needs and not otherwise.
b. That under no circumstances the proceeds of the loan shall be used for speculative purposes.
c. That Loan shall carry Interest at the rate specified in this e-mail. The Interest shall be applied to the Loan on daily diminishing method.
d. That you shall repay the Loan as per the Repayment Terms specified in this e-mail. You shall keep sufficient credit balance in your Operative Account for servicing the Loan.
e. That Processing Fees at the rates specified in this e-mail, shall be paid up front.
f. Broken period interest will be collected upfront.
I. If the account is opened before 5th of a month, the period from the date of account opening to 5th of the same month will be the broken period and the interest for this period will be collected upfront.
II. If the account is opened after 5th of a month, the period from the date of account opening to 5th of the next month will be the broken period and the interest for this period will be collected upfront.
a. You shall be liable to pay additional/penal interest.
b. The entire amounts outstanding in the Loan account shall be payable forthwith on demand. However, the Bank may at its sole discretion permit you to continue with the Loan subject to your payment of overdue amounts.
c. The Bank shall be entitled to report your name to CIBIL/RBI or any other statutory, regulatory or rating agencies.
d. The Bank shall be entitled to initiate such other legally permissible measures against you for recovering the amounts outstanding under the loan account, in terms of the Bank`s Loan/Debt Collection Policy.
