Federal Bank Personal Loan
Max Tenure
nil*
Best Rate
11.75%
Processing Fee
nil*
Currently not available! for similar products
Quick Links To Handle Your Personal Loan
Federal Bank
The Federal Bank Limited is a major private sector commercial bank headquartered at Aluva, Kochi, Kerala. As on 31 March 2016, Federal Bank has 1252 branches and 1680 ATMs across the country. Its balance-sheet stood at Rs. 1.37 trillion as of end March 2016 and its Net Profit stood at Rs. 475 crores for the fiscal year.
How To Apply For Federal Bank Personal Loan?
What is a personal loan?
A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.
An Introduction to Federal Bank Personal Loans
Being one of the largest bank in India, Federal Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Federal Bank.
Advantages of Federal Bank
- Low interest rate
- No hidden costs and administrative charges
- Less paperwork
- Long tenure
- Minimum Income Requirement
- Pensioners get attractive offers
Documentation Required for Federal Bank Personal Loans
Important documents to be submitted while applying for personal loans with Federal Bank
- Completed loan application
- 3 Passport size photographs
- Statement of Bank Account/ Pass Book for last six months
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- IT returns for the three years for self-employed professionals
- Form 16/IT returns for the last two financial years for salaried employees
Federal Bank Personal Loans
Catering to the needs of various sections of people, tailor-made Federal Bank personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.
FedPremia
Hassle free personal loans for salaried individuals with minimum monthly salary of Rs. 50,000/-. FedPremia Personal Loans are offered at select locations - Bangalore, Chennai, New Delhi & NCR, Mumbai, Pune, Thiruvananthapuram & Kochi.
Features & Benefits
- Maximum Loan amount of Rs.10 Lakh
- Maximum Tenure of 48 Months
- Attractive rate of interest
- Faster processing
- Minimal paperwork
Eligibility
- Resident individuals* with monthly salary Rs.50,000/- and above
- Maximum age – 55 yrs
- Number of years in the present Job* – 3 years
- Individuals employed in the select cities.
Documents Required
KYC documents
- 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
- Latest salary certificate/Last 3 months salary slips
- Form 16/Income Tax Returns( last 2 years)
- Last 6 months salary account statement
- Loan application form duly signed
Repayment
Repayment of the loan is made as Equated Monthly Installments (EMI).
Any one of the following methods can be used to repay the loan:
- Standing instruction registration at your branch
- FedNet – Our Internet Banking solution
- Automated Payment through ECS (Electronic Clearing service)
- Fed Mobile- Our Mobile Banking App
Rate of Interest
Minimum 11.75% Maximum of 14.65%
Federal Easy Cash
When urgent expenses knock your door, meet them with instant funds. Whatever be your need, get the money you need without hassles.
Features & Benefits
- Hassle free processing
- Loan will be sanctioned against bank deposits, LIC Insurance policy, NSC, KVP, IVP, Govt. & RBI Non-cumulative bonds, Govt. & RBI cumulative bonds etc
- Affordable interest rates
- Simple Documentation
- Loan amount can be used for any personal/lawful needs
- Supported by over 1000 branches
Who can apply
- Individuals
- Firms
- Trusts
- Companies
Documents Required
- Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
- Recent Passport size photograph
- Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate)
Terms & Conditions
- Loan will be available only in the name of persons holding the securities. If the securities are jointly held, the loan shall be granted in joint names.
- Stock brokers will not be granted loan under the Scheme
- Margin will be 10%
- Maximum period of the loan will be 72 months
- Maximum period shall not exceed the remaining maturity period of the security.
Overview
| Minimum | Maximum | |
| Age at Entry | 21 | 55 |
| Loan Amount | Up to 10 lakh | |
| Tenure | Up to 72 months | |
| Rate of Interest | 11.75% | 14.65% |
Federal Bank Personal Loans Overview
Federal Bank provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with no hidden charges makes Federal Bank personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Federal Bank personal loans do not impose much burden on the customers.
Federal Bank Personal Loan FAQs
1. What are my loan limits?
Your personal loan limit would be determined by your income and repayment capacity.
2. Can my spouse income be included for calculating the loan amount?
Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.
3. Do I have to pledge some form of security?
No Security is Needed
4. What is the repayment schedule like?
The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.
5. What is EMI?
EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.
6. What is the processing fee? Are there any other charges?
There is no processing fee for Personal loan.
7. Do I have the option of choosing a fixed or floating rate for the loan?
You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).
8. How does Federal Bank Personal loan compare with those offered by other banks?
There is total transparency with regard to the rate of interest and the fees charged by us. Federal Bank offers personal loans at the cheapest rates of interest, with no security or collateral Federal Bank offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty. The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity. With an Federal Bank personal loan, you can choose between fixed rates of interest and floating interest rates.
9. How can I apply for the Federal Bank personal loan?
You can either apply online or visit the nearest Federal Bank loan centre for a personal loan.
10. Will there be any charges for prepayment towards my Federal Bank personal loan?
There are no pre-payment charges levied towards the personal loan.