Funds are available for various uses through Federal Bank Personal Loan, such as emergency medical care, education, marriage, home care, etc. Federal Bank offers customers flexible repayment options, reasonable interest rates, and quick loan processing so that they can quickly meet their financial needs.
Additionally, customers who meet the eligibility requirements set by the bank can easily apply for a Federal Bank loan online or offline. Additionally, the bank offers special schemes to a limited number of exceptionally credit-worthy customers. Check out the Bank of Baroda Personal Loan.
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Features and Benefits of Federal Bank Personal Loan
| Optimum Loan Amount | Federal Bank offers loans up to INR 25 lakh, ensuring the amount meets urgent needs without being overwhelming. |
| Ideal Repayment Tenure | Loans can be repaid over a maximum tenure of 48 months (4 years) at affordable interest rates ranging from 10.49% to 17.99% p.a. |
| Quick Processing and Minimal Documentation | The bank ensures fast processing with minimal documentation, which is available for online and offline applications. |
| Easy Interest Rate Change | Borrowers can easily switch between floating and fixed interest rates, providing flexibility. |
| No Hidden Costs and Admin Charges | Federal Bank guarantees transparency, with no hidden costs or unnecessary administration charges for personal loans. |
Federal Bank Personal Loan Eligibility Criteria
| Age | A minimum experience of 3 years with the current employer |
| Experience | A minimum experience of 3 years with the current employer |
| Minimum income | Minimum of INR 25,000 per month |
| CIBIL score | Above 750 |
| Residential status | Indian |
Federal Bank Personal Loan Fees & Charges
| Processing fees | Upto 3% on the loan amount sanctioned |
| Documentation charges | Upto INR 10,000 (based on the loan amount) |
| Penal Interest | 2% per month |
| Switching Interest rate charges (fixed to floating and vice versa) | 0.25% of the outstanding principal or drawing power (whichever is higher) |
| CIBIL charges | NIL |
| CERSAI charges | NIL |
Part-Payment Charges
| Fixed-rate of interest | Upto 3% |
| Floating rate of interest | NIL |
Interest Rates for Personal Loans from Federal Bank
Interest rates vary depending on the specific financial situation of each individual. For salaried individuals, Federal Bank offers reasonable interest rates that range from 10.49% to 17.99% per annum.
Factors Affecting Federal Bank Personal Loan Interest Rates
| Loan Tenure | Short-term loans generally have higher interest rates, while long-term loans attract lower rates and EMIs. |
| CIBIL Score | A positive CIBIL score above 750 can lead to lower interest rates. Lower scores may result in higher rates or loan denial. |
| Relationship with the Bank | Existing customers with a good history may receive better interest rates and discounts on processing fees. |
| Financial Standing | Salaried individuals with stable income from reputable organizations may be offered lower interest rates compared to those with unstable financial backgrounds. |
Federal Bank Personal Loan Repayment Instruments
| Standing Instruction Registration at Your Branch | A facility that allows the bank to automatically deduct EMIs from your savings or current account on scheduled dates. You register your standing instructions, and the bank ensures timely payments without manual intervention. |
| Internet Banking | An online platform where borrowers can repay their loan through the internet banking services provided by Federal Bank. You can log in to your account and make EMI and principal payments online, offering convenience and flexibility. |
| Automated Payment through ECS (Electronic Clearing Service) | ECS is a service that automates loan repayments by directly debiting EMIs from your account on the due date. This ensures that you never miss a payment, providing convenience and peace of mind. |
| Mobile Banking | Using the FedMobile app, borrowers can manage their loan repayments remotely. The app allows easy access to financial transactions, including paying EMIs and applying for personal loans or loans against deposits anytime, anywhere. |
Documents Required for Federal Bank Personal Loan
| Photograph | Voter ID Aadhaar CardPassport Driving licence Ration card electricity bill please agreement |
| Identity Proof | Voter ID Aadhaar Card Passport Driving licence |
| Address Proof | Voter ID Aadhaar Card Passport Driving licence Ration card electricity bill please agreement |
| Bank Statements | Past three months’ bank statements Copy of past six months’ salary account statement Two years salary slipsLatest copy of Form 16Signed loan application form |
Calculator for Federal Bank Personal Loan EMI
You can estimate your loan’s monthly payment with the help of the EMI calculator. By modifying the slider, you can enter the loan amount, interest rate, and tenure. The calculator then displays your interest payable and your monthly installments. You can view the findings in graphs and amortization tables that provide a comprehensive image of your payback timeline before you apply.
Federal Bank Personal Loan Customer Care
If you have any questions about the Federal Bank personal loan, send an email or get in touch with customer support, and they will get back to you.
| Toll-free number | 1800-420-1199 / 1800-425-1199 |
| Email ID | [email protected] |
