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Federal Bank personal loan fund various purposes, including medical emergencies, tuition, weddings, home renovations, etc. Customers can meet their financial needs without problems because the Federal Bank offers flexible repayment terms, competitive interest rates, and fast loan processing. In addition, customers who meet the eligibility standards set by the bank can apply for a Federal Bank loan online or offline without difficulty. Moreover, the bank offers customised plans for select customers with excellent credit scores.
Check out the various attractive features and benefits of the Federal Bank Personal Loan below:
Federal Bank offers affordable and economical unsecured loans to salaried individuals. Any individual working in public sector undertakings (state or central government) or private limited companies can apply for this loan.
| Age |
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| Experience | A minimum experience of 3 year with the current employer |
| Minimum income | Minimum of INR 25,000 per month |
| CIBIL score | Above 750 |
| Residential status | Indian |
To avail of an unsecured personal loan with Federal Bank, you will be required to pay specific fees and charges over the course of the loan tenure.
| 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 allows the borrower to repay his outstanding principal quickly when he has surplus money. The Federal Bank charges a nominal percentage of interest if you opt for such a facility.
| Fixed rate of interest | Upto 3% |
| Floating rate of interest | NIL |
Submit the following documents to apply for a Federal Bank Personal Loan.
| Photograph | 2 copies of latest passport sized photograph |
| Identity Proof |
|
| Address Proof |
|
| Bank Statements |
|
Interest rates differ from individual to individual according to their financial standing. Federal Bank offers economical interest rates for salaried individuals, ranging from 10.49% to 17.99% p.a.
The Federal Bank interest rates are determined based on various external and internal factors.
The loan tenure is a significant deciding factor for interest rates. A short-term loan is directly proportional to higher interest rates, whereas a long-term loan attracts lower interest rates and lower EMI payable.
The applicant’s repayment capacity and financial standing are evaluated before sanctioning the interest rates. A positive CIBIL score above 750 can fetch nominal interest rates compared to a lower CIBIL score. A lower credit score can also lead to an individual’s loan request being denied.
An existing customer of Federal Bank can attract economical interest rates compared to others. It offers tailor-made personal loans to customers who have maintained a good rapport with their bank. The bank provides discounts on processing fees and reduces interest rates for customers who have made all the repayments on time.
Federal Bank offers low-interest rates to salaried individuals with a steady income in a reputed organisation compared to an applicant with an unsteady financial background.
Federal Bank allows its customers to repay their loans through various repayment instruments according to their convenience. Check out the repayment options offered by the bank.
Standing instruction is a facility provided by the banks that facilitates periodic scheduled payments. You can register yourself with standing instructions on your savings or current account. Here, the borrower gives access to the bank to automatically withdraw the EMI payable to them periodically.
Internet Banking is an electronic fund transfer system that enables individuals to make inter and intra-financial transactions virtually. Federal Bank allows you to repay your loan through the internet banking services they provide. You must log in to your internet banking account and make the payment of your EMIs and principal outstanding as and when required.
The electronic clearing service is a facility provided by financial institutions for monthly repayment transactions. It automates the repayments of your loan on the due date so that you don’t miss your payment. Federal Bank allows its customers to repay their loans through ECS. It uses this facility to debit EMIs payable on a fixed date from the borrower’s bank account.
The service of mobile banking is provided by the financial institution to allow customers access to their accounts remotely via their mobiles. Federal Bank allows its customers to repay their loans through the FedMobile application, designed particularly to make all financial transactions easy. By using the FedMobile app, you can apply for personal loans from any corner of the country. The application also provides you with the facility to avail of loans against your deposits.
The Federal Bank Personal Loan EMI Calculator assists you in calculating the equated monthly instalments payable on your loan. EMI is a crucial component of your loan that determines the loan amount and the tenure. Hence, it is necessary to have a roughly estimated figure in your mind before applying for the loan.
To calculate the EMI, you must drag the sliders provided in the calculator to enter the loan amount, interest rate, tenure, and additional monthly payments (if applicable). By clicking on the ‘calculate’ button, a line graph representation and an amortisation table will be displayed on your screen, reflecting your EMIs and interest payable over the loan tenure.
For any queries regarding the Federal Bank personal loan, you can contact the customer care service or drop an email, and they’ll reach out to you.
| Toll-free number | 1800-420-1199 / 1800-425-1199 |
| Email ID | contact@federalbank.co.in |
Yes, a personal loan is an unsecured loan that assists you in finding all your financial needs. Federal Bank offers personal loans to salaried individuals at nominal interest rates and attractive offers.
The salary of a borrower reflects his borrowing capacity. To avail of a personal loan with Federal Bank, you must earn a minimum salary of INR 25,000 per month.
Federal Bank offers personal loans at an interest rate ranging from 10.49% to 17.99% p.a.
Federal Bank offers personal loans with a rapid documentation process. You must submit your identity proof, bank statement and address proof for loan verification.
You can check your personal loan status in the FedMobile application. You are required to download the application from your preferred app store and register yourself with your loan account details.
You can avail a maximum amount of INR 25 lakhs to fund your financial needs with Federal Bank personal loans.