Federal Bank Personal Loan Interest Rates
Federal Bank, offers the FedPremia personal loan for salaried customers earning a minimum monthly salary of ₹25,000. Under this scheme, you can avail a loan up to ₹25 lakh, and repayment tenure can be as long as four years with an interest rate that starts at 11.49% per annum. You would have to pay applicable taxes along with a processing fee at 3% of the loan amount. This would make the personal loan provided by Federal Bank all the more appealing to those on salaries seeking flexibility in their finances.
Here we share more details on personal loan interest rate charged by Federal Bank:
Federal Bank Personal Loan Interest Rate Characteristics
- Federal Bank offers loans digitally and it follows a paperless process.
- The maximum loan tenure is 60 months.
- Just like other personal loans, Federal Bank — too — offers unsecured personal loans for an undefined purpose.
- You can prepay personal loan subject to payment of some charges.
- You can avail a personal loan for an amount up to ₹25 lakh.
Federal Bank Personal Loan Interest Rates 2024
Federal Bank charges interest rate in the range of 11.49 per cent to 14.49 per cent per annum (as on Sept 6, 2024).
Federal Bank Personal Loan Interest Rate Fees & Charges:
| Particulars | Charges |
|---|---|
| Processing Fees | 1.5%-2.5% of loan amount |
| Prepayment/Preclosure charges | NIL |
| NACH Bounce Charges | Charges applied by borrower’s savings account holding bank. |
| NeSL reporting charges | ₹29.50 |
(Source: Paisabazaar)
Federal Bank Personal Loan Eligibility
These are the eligibility criteria to apply for personal loan with Federal Bank:
- Resident individuals with monthly net salary ₹25,000 and above
- The maximum age is 60 years at the end of loan tenure.
- The number of years in the present Job should be three years.
Documents Required to Get Personal Loan
These are the KYC documents required:
- 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:
- Last three months’ salary slips
- Form 16/ Income Tax Returns (last 2 years)
- Last six months’ salary account statement
- Duly signed loan application form
Federal BANK Personal Loan EMI Calculator
You can calculate EMI on a Personal loan EMI calculator by entering these details: loan amount, tenure and rate of interest.
The personal loan EMI calculator helps you streamline your finances and you can keep yourself prepared to meet financial obligations that will arise from monthly installments.
You can access personal loan EMI calculator here:
https://www.livemint.com/loans/personal-loan-emi-calculator
Calculate EMI on Personal Loan
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
Other banks’ Personal Loan Interest Rates
The table below presents the interest rates provided by various banks, enabling you to compare and choose the most appropriate option for your needs. However, the rate you are offered will depend on the bank’s policies and your individual credit profile. Federal Bank offers personal loans with interest rates starting at 11.49% per annum, based on your credit profile.
Note: All the interest rates are as of January 2025. For latest interest rates, please refer to the bank’s website.
| Banks | Interest rates |
|---|---|
| HDFC Bank | 10.85% onwards |
| State Bank of India | 11.45% onwards |
| Axis Bank | 11.25% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| IndusInd Bank | 10.49% onwards |
| Bandhan Bank | 9.47% onwards |
| ICICI Bank | 10.85% onwards |
| IDFC Bank | 10.99% onwards |
| Canara Bank | 10.95% onwards |
| Punjab National Bank | 10.40% onwards |
| Union Bank of India | 11.35% onwards |
| Indian Bank | 10% onwards |
| Yes Bank | 11.25% onwards |
| Bank of India | 10.85% onwards |
| Bank of Baroda | 11.05% onwards |
| IDBI Bank | 11% onwards |
| AU Bank | Up to 30% |
Source: paisabazaar
Factors Affecting Federal Bank Personal Loan Interest Rate
There are several factors which influence the Federal bank personal loan interest rate, some of which are explained below:
- Loan Tenure : The tenure selected by the customers determines the interest rate that Federal Bank offers. In contrast to loans offered on longer tenures, the bank is likely to charge a higher interest rate if the consumer chooses a short loan tenure.
- Relationship with Federal Bank : There is no lack of trust when a customer and their bank get along well. The bank will therefore be able to lower the interest rates it offers to its most favored clients. A long-time bank customer may also be able to bargain for a lower interest rate if they meet all the requirements to be eligible for a personal loan.
- Repayment Capacity : Ability of a borrower to repay will have a difference. Banks grant personal loans at times tenfold to the customer's monthly income. To ascertain his repayment ability, banks will analyze his credit score.
- Details of Employment : The interest rates that Federal Bank offers are quite heavily influenced by a customer's profile and work history. The salaried people who are working in affluent companies may even get a very low interest rate compared to those who are self-employed and not having a guaranteed source of income.