Federal Bank Personal Loan
If you ever happen to face a shortage of money at any given point of time, you can apply for a personal loan. Just like other commercial banks, Federal Bank, too, offers personal loan to borrowers for a range of purposes.
One could raise a personal loan for a purpose such as for renovation of house, repair of vehicle, wedding expenses, education, emergency expenses or repayment of any existing loan. Personal loans are given to salaried individuals who are drawing a minimum monthly salary of ₹25,000.
Here, we share in detail different nuances of Federal Bank personal loan:
Categories of loans offered:
Federal Bank offers three types of personal loans to borrowers. These are the following:
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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.
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Pre-approved personal loans: This is an end-to-end digital and paperless product. One can get the loan funds credited to bank account at the click of a mouse.
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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:
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The loan requires minimal paperwork.
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The maximum tenure of loan is 60 months.
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The loan offers an attractive rate of interest.
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The loan is available at all bank branches.
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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 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 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:
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Resident individuals with monthly net salary ₹25,000 and above.
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Maximum age is 60 years at the end of loan tenure
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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 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:
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Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
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Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport)
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Copy of PAN Card
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Latest Passport size photo of the applicant (2 copies)
Income documents:
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Latest salary certificate/Last three months’ salary slips
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Form 16/Income Tax Returns (last two years)
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Last six months’ salary account statement
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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 Bank. Lower principal will lower your EMI and vice versa.
Rate of Interest: The rate of interest is the rate at which 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
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
Other banks’ Personal Loan Interest Rates
| Banks/NBFCs | Rates (p.a.) |
|---|---|
| IDFC First Bank | 10.99% onwards |
| IndusInd Bank | 10.49% onwards |
| Axis Bank | 10.40% onwards |
| HDFC Bank | 10.50% onwards |
| ICICI Bank | 10.80% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| Tata Capital | 10.99% onwards |
| Federal Bank | 12.00% onwards |
| DMI Finance | 12.00% - 40.00% |
| L&T Finance | 12.00% onwards |
| Kreditbee | 16.00% - 29.95% |
| MoneyTap | 13.00% onwards |
| Piramal Finance | 12.99% onwards |
| Aditya Birla | 10.99% onwards |
| Moneyview | 15.96% onwards |
| Cashe | 27.00% onwards |
Federal Bank Personal Bank FAQs
Personal loans are given to salaried individuals with minimum monthly salary of ₹25,000. To apply for a personal loan, one can contact any of our branches or submit your contact details in the enquiry form.
Personal loans have a maximum tenure of 60 months
Interest rates for Federal Bank Personal loans ranges from 10.49 per cent per annum to 17.99 per cent per annum. Personal loan interest rate will change subject to the changes made by Bank/RBI from time to time.
Repayment of personal loans are to be made in equated monthly instalments (EMI).
EMI includes repayment of the principal amount and payment of the interest on the outstanding amount of Federal Bank personal loan. EMIs comprise both interest and principal amount of a loan in a way that over a specific number of years, the total loan is repaid to the bank along with interest.
Fixed rate of interest means interest rate remains constant during the entire tenure of the loan.
Floating rate of interest means interest rate fluctuates based on the changes in RBI’s Repo Rate.
Amortization is a tabular schedule with details of interest payment and periodic principal of a loan along with the amount outstanding after each payment and the decrease of loan balance till zero.
Yes, you can make your prepayment in either part or full.