Federal Bank extends FedPremia Personal Loans to eligible customers through salaries exceeding Rs. 25,000 each month. Federal Bank provides borrowers with personal need loans that enable up to five years of payment duration and a maximum funding limit of Rs. 25 lakh. Customers benefit from low-interest rates starting at 11.49% per annum when seeking bank loans at Federal Bank. All customers must pay processing fees that incorporate tax on 3% of their taken loan sum.
Categories of loans offered:
The Federal Bank offers three types of personal loans to borrowers. These are the following:
FedPremia: It is the perfect financial solution tailored for salaried individuals. This loan category promises to offer competitive interest rates and a seamless application process.
Pre-approved personal loans: This is an end-to-end digital and paperless product. One can get the loan funds credited to a bank account at the click of a mouse.
Digital Personal loans: Digital Personal Loan offers a seamless borrowing experience, which is completely online. These have features such as instant approval, paperless documentation, and quick disbursal.
The loan requires minimal paperwork.
The maximum tenure of loan is 60 months.
The loan offers an attractive rate of interest.
The loan is available at all bank branches.
The loan can be processed faster.
Federal Bank charges interest rates in the range of 11.49 percent to 14.49 per annum.
PF/ Admin fee | Up to 3 per cent |
Prepayment /pre closure charges: | Floating Rate Schemes – Nil |
Fixed Rate schemes- (Excluding Byom Loans) 3% | |
Charge for CIBIL report | NIL |
Failure to Pay Due Amount | 4% p.a. for the amount due, effective from the due date |
Federal Bank grants personal loans to salaried individuals who have a minimum monthly salary of ₹25,000 and above.
These are the eligibility criteria of Federal Bank personal loan:
Resident individuals with monthly net salary ₹25,000 and above.
Maximum age is 60 years at the end of loan tenure
The applicant must have spent a minimum of three years in the present job.
To apply for a personal loan, one can contact any of the branches or submit your contact details in the enquiry form provided on the website.
Link to Personal Loan Eligibility Landing Page:
https://www.federalbank.co.in/personal-loans
What are the documents required?
KYC documents:
Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport)
Copy of PAN Card
Latest Passport size photo of the applicant (2 copies)
Income documents:
Latest salary certificate/Last three months’ salary slips
Form 16/Income Tax Returns (last two years)
Last six months’ salary account statement
The application form
You can calculate personal loan EMI by entering three key details. These are the following:
Principal: The principal is the loan amount that you avail from the Bank. Lower principal will lower your EMI and vice versa.
Rate of Interest: The rate of interest is the rate at which the bank offers you the car loan. It is also directly proportional to your car loan EMI.
Tenure: The tenure or the period is the time within which you repay your loan. It is inversely proportional to EMI. It means longer tenure makes EMIs cheaper and vice versa.
Link to the EMI calculator: https://www.federalbank.co.in/emi-calculator
₹
%
Months
Bank | Interest rate |
---|---|
State Bank of India | 11.45% onwards |
HDFC Bank | 10.85% onwards |
Bank of Baroda | 11.15% onwards |
Axis Bank | 11.1% onwards |
ICICI Bank | 10.85% onwards |
IDFC Bank | 10.99% onwards |
IndusInd Bank | 10.49% onwards |
PNB Bank | 11.15% onwards |
Union Bank of India | 11.50% onwards |
Yes Bank | 11.25% onwards |
Bank of India | 10.85% onwards |
Canara Bank | 10.70% onwards |
Kotak Mahindra Bank | 10.99% onwards |
Federal Bank | 11.49% onwards |
Indian Bank | 10.75% onwards |
IDBI Bank | 11.00% onwards |
AU Bank | Based on customer’s profile |
Source: Bank’s website