Federal Bank Personal Loan

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.

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Features of Federal Bank Personal Loan

  • Flexible tenure: Convenient EMI options with a repayment length of up to five years.
  • Minimal documentation: Simple documentation requirements and speedy processing.
  • Quick disbursement: After loan application approval the funds become ready almost immediately for borrowing purposes.
  • Fees & charges: The processing fee represents both 3% of the loan value along with required debt taxes.
  • No collateral: Without any security collateral or guarantors the loan program allows financing operations.
  • Easy for salaried individuals: The online platform makes bank loans available to people whose monthly salary exceeds Rs. 25,000.

Here, we share in detail different nuances of Federal Bank personal loan:

Categories of loans offered:


The Federal Bank offers three types of personal loans to borrowers. These are the following:


  1. 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.

  2. 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.

  3. 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.

Federal Bank personal loan interest rate characteristics:

  1. The loan requires minimal paperwork.

  2. The maximum tenure of loan is 60 months.

  3. The loan offers an attractive rate of interest.

  4. The loan is available at all bank branches.

  5. The loan can be processed faster.


Federal Bank Personal Loan Interest Rates 2024:

Federal Bank charges interest rates in the range of 11.49 percent to 14.49 per annum.

https://www.federalbank.co.in/personal-loan-interest-rates

Federal Bank Personal Loan Interest Rate fees and charges:

PF/ Admin feeUp to 3 per cent
Prepayment /pre closure charges:
Floating Rate Schemes – Nil
 
Fixed Rate schemes- (Excluding Byom Loans) 3%
Charge for CIBIL reportNIL
Failure to Pay Due Amount
4% p.a. for the amount due, effective from the due date

Federal Bank Personal Loan Eligibility:

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:


  1. Resident individuals with monthly net salary 25,000 and above.

  2. Maximum age is 60 years at the end of loan tenure

  3. 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:


  1. Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)

  2. Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport)

  3. Copy of PAN Card

  4. Latest Passport size photo of the applicant (2 copies)


Income documents:


  1. Latest salary certificate/Last three months’ salary slips

  2. Form 16/Income Tax Returns (last two years)

  3. Last six months’ salary account statement

  4. The application form


Federal Bank Personal Loan EMI Calculator:

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


Calculate EMI on Personal Loan

Loan Amount

₹10k
₹20 Lakh

Rate of Interest

%

1%
30%

Loan Duration

Months

3 Months
72 Months
Monthly EMI
₹0
Loan Amount:
₹10,000
Total Interest:
₹0
Total amount:
₹0
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EMI Payment Schedule

Month
Principal Paid
Interest Charged
Total EMI Payment
Loan Balance

Other banks’ Personal Loan Interest Rates

BankInterest 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 BankBased on customer’s profile

 

Source: Bank’s website

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