Car loan nowadays is more than a necessity for any car buyer. As if you want to purchase a car then the first thing which is your lack is fund. And to raise the fund you need to take a loan from any financial institutes.
This financial institution can be any private or government sector bank. For approval of funds by such institutions, you are supposed to visit the branch and do the loan applicant formality. Once it is approved you are supposed to visit the bank and get the sanctioned loan amount.
These whole processes require any set of documents and lot of time. In order to overcome this problem, the Federal bank has launched an online application process. And through this process, the loan would be approved without visiting any branch of the Federal bank. Thus, in this way, you would be getting the loan approved without visiting at the branch.
Afterward, you only need to visit the car dealer and take your car. The name of this scheme is BYOM.
BYOM car loan scheme by Federal Bank
BYOM is an online car loan scheme. And this is launched by the federal bank. Through this scheme, the customer need not have to visit the bank branch office and get the loan approved by applying for the loan through online mode. Once the person applied for the car loan through this online process. The will verify it and approve the loan. Once it is approved the person has to visit the car dealer and get his dream car.
The process to get the car loan under BYOM scheme
- In the first step, the client has to visit the bank official website.
- Once the client has visited the bank official website. The client has to do the login through net banking account.
- In the next step, the customer has to select the car, car dealer from which he/she wants to purchase the car and enter the loan amount.
- Once all the details are entered the customer has to submit it.
- The bank will process the application and once it processes the customer is supposed to visit the car dealer and get the car.
- The type of loan is only approved by the pre-approved customers.
- In the initial stage, the type of car loan would be available for the Mumbai and Ernakulam pre-approved customers.
- The online link for this loan is :
Reason for the launch of BYOM scheme
According to the federal bank official, the reason to launch this scheme is to connect their customers with Digital product. In this way, the bank customer would not face any problem to get the car loan.
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