Fi is a money management platform that re-imagines the banking experience in India. The Federal Bank Account offered through our App, is a digital bank account that gives you the fastest way to open a bank account online.
You can do everything from the Fi App, including p2p payments, fund transfers, bill payments, and more, with features to automate every action. You also get a Debit Card, spends insights and tools to grow your investment and earn rewards.
There are 2 repayment amounts for every month of your loan tenure.
Minimum monthly due (only the interest)
Recommended EMI (principal component)
For example, you take a loan of ₹1,00,000 for 12 months at an interest rate of 10.5% p.a.
Your recommended EMI will be around ₹8815 { ₹7940 (principal) + ₹875 (minimum monthly due)}
If you choose to pay only the min. monthly due of ₹875 every month, you'll need to repay the entire principal of ₹1,00,000 in the 12th month.