Urban Money

Federal Bank Personal Loan

Federal Bank
4.5

Federal Bank is a leading Indian commercial banking institution in the private sector with more than 1,800 ATMs and 1,250 branches in the country. The bank is one of the pioneers in deploying technology across its operations and was one of the first Indian banks to fully digitize its branches.

  • Federal Bank
  • Personal Loan
Loan Amount:₹1L - ₹2.5Cr
Interest Rate:10.49% - 17.99%
Processing Fee: Up to 3%
Tenure:4 Years
BanksInterest RateProcessing FeeLoan Amount/Tenure
Federal Bank

10.49% - 17.99%

Up to 3%

₹1L - ₹2.5Cr

Tenure(1 - 4 Years)

Features and Benefits of Federal Bank Personal Loan

Check out the various attractive features and benefits of the Federal Bank Personal Loan below:

  • Optimum Loan Amount: Federal Bank offers the optimum loan amount that suits almost everybody's urgent needs. Neither too much nor too less, Federal Bank makes sure that even the maximum loan amount (INR 25 lakh) sanctioned not only meets ends but also can be repaid without the borrower being overburdened.
  • Ideal Repayment Tenure: Nobody likes a prolonged repayment period. Keeping this in mind, the Federal Bank offers a maximum tenure of 48 months (4 years) for the repayment of personal loans at affordable interest rates, ranging from 10.49% to 17.99% p.a.
  • Quick Processing and Minimal Documentation: With minimal document requirements and online and offline accessibility, the Federal Bank ensures that its loan processing is as fast as its application.
  • Easy Interest Rate Change: Even if you have taken a Federal Bank personal loan at a floating interest rate, you can easily change it into a fixed interest rate and vice versa.
  • No Hidden Costs and Admin Charges: Completely transparent and reliable, Federal Bank ensures that there are no hidden costs or unnecessary administration charges levied for a personal loan.

Federal Bank Personal Loan Eligibility Criteria

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
  • 21 years during loan application
  • Not more than 60 years on the date of maturity of the loan
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

Federal Bank Personal Loan Fees and Charges

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 Charges

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

Federal Bank Personal Loan Interest Rates

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.

Factors Affecting Federal Bank Personal Loan Interest Rates

The Federal Bank interest rates are determined based on various external and internal factors.

Loan Tenure

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.

CIBIL Score

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.

Relationship with the Bank

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.

Financial Standing

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 Personal Loan Repayment Instruments

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 Registration At Your Branch

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

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.

Automated Payment Through ECS

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.

Mobile Banking

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.

Documents Required for Federal Bank Personal Loan

Submit the following documents to apply for a Federal Bank Personal Loan.

Photograph 2 copies of latest passport sized photograph
Identity Proof
  • Aadhaar Card
  • Voter ID
  • Passport
  • Driving licence
Address Proof
  • Aadhaar Card
  • Voter ID
  • Passport
  • Driving licence
  • Ration card
  • Electricity bill
  • Lease agreement
Bank Statements
  • Past 3 months bank statements
  • Copy of past 6 months salary account statement
  • 2 years salary slips
  • Latest copy of Form 16
  • Signed loan application form

Federal Bank Personal Loan EMI Calculator

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.

Federal Bank Personal Loan Customer Care

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 [email protected]

FAQs

From refinancing to reducing your interest, we have the answers right here.

Is it worth it to go for a personal loan?

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.

What is the minimum salary for a Federal Bank personal loan?

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.

What is the interest rate of a personal loan with the Federal Bank?

Federal Bank offers personal loans at an interest rate ranging from 10.49% to 17.99% p.a.

What are the documents required in Federal Bank for a personal loan?

Federal Bank offers personal loans with a rapid documentation process. You must submit your identity proof, bank statement and address proof for loan verification.

How to check personal loan status in Federal Bank?

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.

What is the maximum amount that I can avail of from the Federal Bank personal loan?

You can avail a maximum amount of INR 25 lakhs to fund your financial needs with Federal Bank personal loans.

Get your latest Credit Score, FREE

Related Articles

Get in-depth knowledge about all things related to loans and your finances

Home Loan Interest Rates Spiked After RBI's Repo Hike
Shiv Kumar GuptaMay 12, 2022

Home Loan Interest Rates Spiked After RBI's Repo Hike

The Reserve Bank of India regulates the home loan criteria, which are constantly changing owing to numerous economic circumstances. Read the blog to learn more about the RBI and how its latest home loan guidelines wil

Read More
The Collateral World of Mortgaging Property
Satish PrajapatiJan 21, 2022

The Collateral World of Mortgaging Property

A mortgage is any immovable property that is given as a security or collateral against a loan for building a property. The party lending the money

Read More
The Definitive Guide: Acquire Home Loan From The Best Financial Banks
Satish PrajapatiJan 21, 2022

The Definitive Guide: Acquire Home Loan From The Best Financial Banks

The present year 2021 has been identified as a good year to invest in homes due to the lower interest rate on home loans as well as the reducti

Read More