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The personal loan of the Federal Bank is known as FedPremia - Personal Loans. Given below are the details related to the eligibility and various features related to the personal loans of the bank.
As mentioned above, FedPremia Personal Loan is a general-purpose loan of the bank. The bank has set easy eligibility criteria to ensure that majority of the applicants can get the benefit of the loan. This loan is primarily to meet the needs of salaried individuals. The eligibility criteria for this loan are set based on many factors like the age of the applicant, income of the applicant, work experience, etc.
These factors for the eligibility of the loan are discussed in depth hereunder.
The residential status of the applicant is the first consideration while reviewing the eligibility for a personal loan of the bank. Federal Bank provides personal loans under FedPremia Personal Loan Category only to resident individuals.
FedPremia Personal Loans are available to meet the personal needs of persons who are in the employment of reputed organizations or Government entities.
Age of the Applicant
The age of the applicant is another important condition to be eligible for the loan. Federal Bank has set an age restriction for a person to be eligible for personal loans. As per the bank guidelines, the maximum age of an applicant to be eligible for the loan is 60 years at the end of the loan tenure.
The income of the Applicant
The income of the applicant is also considered while sanctioning the loan. This criterion ensures that the applicant has sufficient capacity to repay the loan taken. The minimum income required by an individual to be eligible for the loan is a net monthly income of Rs.25,000.
Another criterion of Federal Bank also requires the applicants to have minimum work experience to be eligible for the personal loans of the bank. The minimum work experience required by a person to be eligible is 3 years in the present employment.
The documents required for FedPremia Personal Loans are twofold. The applicant needs to provide KYC documents as well as documents related to the income proof of the applicant. The details of the same are mentioned below.
The following documents can be provided for identity proof of the applicant
The documents for income proof of the applicant are mentioned below,
Bank statement for the past 6 months
Recent Passport Size Photographs
These documents mentioned above have to be submitted along with the duly filled and signed application form to complete the application process.
The personal loans of the bank are available at quite affordable interest rates for eligible applicants. These loans are available through quick processing and faster approval based on the documents submitted as per the guidelines stated above.
The various features of the personal loan of the bank are mentioned below.
Quantum of loan
The loan amount that can be sanctioned as personal loans depends on various factors like the credit score of the applicant, repayment capacity of the applicant, etc. The maximum amount of loan that can be sanctioned by the bank under its personal loan scheme is Rs. 25,00,000.
Rate of interest
The rate of interest for the personal loan of the bank varies based on many factors like the credit profile of the applicant, loan amount, tenure for the loan among others. The rate of interest for the personal loans of the bank ranges from 10.49% to 17.99% per annum.
The tenure of the loan is the period within which the loan has to be repaid by the borrower. Federal Bank requires the borrower to repay the loan taken in a maximum of 48 months or 4 years.
The processing fees are part of every loan sanctioned. The processing fees are charged at the time of sanction of the loan. Federal Bank charges up to 3% of the loan amount.
Personal loans are among the most common loans that can be availed by a person. These loans are considered quick loans and can be availed with minimum documentation and instant eligibility approval. Personal loans are also known as general purpose loans and can be availed for any purpose like meeting the personal expenses of the borrower. These personal expenses include expenses like wedding, travel, home renovation, education expenses of self or dependent family members etc.
The personal loan eligibility calculator is a tool available on the website of the bank. This tool enables the applicant to get an estimate of the loan amount. The inputs needed to get the estimate are,
Federal Bank is one of the oldest banks in our country has its presence even in the remotest parts of the country. The bank offers many banking solutions for its customers within the country as well as overseas. Federal Bank provides many types of loans at competitive rates along with flexible repayment options. These loan products include personal loans which can be availed by any person to meet their personal needs.
1. Who can apply for a Personal Loan from the Federal Bank?
A. Personal Loan of Federal Bank can be applied by salaried persons who are employed with reputed organizations whether in Government or Private Sector.
2. What is the maximum eligible amount of loan available as a personal loan of the Federal Bank?
A. The maximum amount of loan available as a personal loan of Federal Bank is Rs. 25,00,000.
3. What is the applicable rate of interest on the personal loans of the Federal Bank?
A. The applicable rate of interest on the personal loan of Federal Bank is starting from 10.49% up to a maximum of 17.99%.
4. Can a non-resident apply for the personal loans of the bank?
A. No. Personal loans of Federal Bank cannot be applied by a non-resident.
5. Can a self-employed person apply for a personal loan from Federal Bank?
A. No. self-employed persons or professionals cannot apply for the personal loan of the Federal Bank.
6. What is the minimum years of experience needed for a personal loan from the Federal Bank?
A. Federal Bank requires the applicant to have a minimum work experience of 3 years to be eligible for the loan.
7. What are the various options to repay the personal loan taken from the bank?
A. The personal loan taken of Federal Bank can be repaid in Equated Monthly Installments (EMIs) through any of the following modes.
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