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1. What is BYOM?
BYOM (Be Your Own Master) is a platform introduced by Federal Bank for our customers to provide loans on digital platform.
2. What is the interest rate for BYOM pre-approved personal loan?
Interest rates ranges between 11.99% to 17.99%, fixed through out the tenure of the loan.
3. Does BYOM Personal loan require a cobligant?
BYOM Personal loan does not need a co-obligant.
4. Is there processing fee for BYOM Personal loan?
Processing Fee collected is 2% of the loan amount plus GST.
5. I got an SMS about my eligibility for pre-approved personal loan. When can I avail it?
Loan can be availed within 30 days from the date of the offer until unless specifically mentioned.
6. What is the Maximum loan amount that I can avail under BYOM pre-approved personal loan?
You can avail up to Rs. 7.5 Lacs under BYOM pre-approved personal loan.
7. Are there any Prepayment / Pre-closure charges for BYOM pre-approved personal loan?
8. What is the process of digitally signing the loan document?
The customers who are availing pre-approved Personal loans through BYOM portal will have to do
the Aadhar based e-sign process to complete the loan disbursement. Digital signature of the customer will be obtained on all the loan documents through Aadhar OTP based signature. Digitally signed loan documents will be sent to the registered email id / phone number of the customers from the Bank’s end post loan disbursement.