Federal Bank Personal Loan Interest Rates
Federal Bank is one of India's largest private sector banks, and it offers the FedPremia personal loan to salaried individuals earning INR.25,000 or more per month. You can borrow up to INR 25 lakh for a period of four years at interest rates starting at 10.49% p.a. A processing fee of 3% of the loan amount plus applicable taxes is charged.
Latest Personal Loan Interest Rate of Federal Bank 2024
Federal Bank Personal Loan Rate Comparison with Other Banks
Before applying for a Federal Bank personal loan, the applicant must compare the offered interest rate with the other lenders. Here’s how Federal Bank personal loan interest rates compare with other lenders:
- Starting Interest Rate (p.a)
- Processing Fee
- Min. Loan Amount
HDFC Bank PL Interest Rate
10.5% - 24%
₹4,999 One time fee
₹50K - ₹40L
Tenure(1 - 5 Years)
ICICI Bank PL Interest Rate
10.5% - 16%
Upto 2.50% of loan amount plus applicable taxes
₹2.5L - ₹50L
Tenure(1 - 6 Years)
Axis Bank PL Interest Rate
10.49% - 22%
up to 2% of the loan amount + GST as applicable
₹50K - ₹40L
Tenure(1 - 7 Years)
IDFC FIRST Bank PL Interest Rate
10.49% - 36%
Up to 3.5% of the loan amount
₹20K - ₹1Cr
Tenure(0 - 5 Years)
Federal Bank offers personal loans at competitive interest rates. The interest rate for personal loans from Federal Bank starts from 11.49% per annum onwards. The personal loan rate of interest in Federal Bank depends upon various factors such as the applicant's credit score, income, existing debts, etc. The interest rate may also vary from one customer to another. The best way to get the lowest interest rate on a personal loan from the Federal Bank is to maintain a good credit score and steady income. Federal Bank also offers pre-approved personal loans with attractive interest rates and offers. Customers can easily avail of the loan with minimum paperwork.
Federal Bank Personal Loan Interest Rates for Salaried and Self-Employed
The interest rate for a Federal Bank Personal Loan for salaried individuals is 11.49% - 14.49%, depending on the customer's profile and creditworthiness. The interest rate for a Federal Bank Personal Loan for self-employed individuals starts from 11.49% onwards, depending on the annual income and credit profile.
|Personal Loan Interest Rate
Federal Bank Personal Loan Interest Rate for Salary Account Holders
Individuals having a salary account in Federal Bank get the opportunity to avail of a personal loan with minimal documentation.
Additionally, the personal loan interest rate for salary account holders falls from 11.49% to 14.49%.
The most significant benefit of having a Federal Bank salary account is your personal loan application will be processed in the minimum possible time.
Federal Bank Pre-Approved Personal Loan Interest Rate
The interest rate for a pre-approved personal loan from Federal Bank depends on the customer’s credit score and other factors. Generally, the interest rate for a pre-approved personal loan from the Federal Bank can range from 11.49% to 14.49%. However, the pre-approved personal loan offers are only available for a limited time. Thus, you must apply for them within the given frame.
Federal Bank Personal Loan Balance Transfer Interest RatesThe interest rate on Federal Bank Personal Loan Balance Transfer ranges from 11.49% to 14.49%. This variable rate depends on the customer’s credit score and financial profile. Additionally, the bank considers the previous repayments towards the loan to understand the borrower's credibility. Customers need to check their eligibility and interest rate before applying for a loan.
Federal Bank Personal Loan Interest Rates and ChargesTo avail of an unsecured personal loan with Federal Bank, you will be required to pay specific fees and charges for the loan tenure.
|Up to 3% on the loan amount sanctioned
|Up to INR 10,000 (based on the loan amount)
|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)
|Fixed-rate of interest
|Up to 3%
|Floating rate of interest
Factors Affecting Federal Bank Personal Loan Interest RatesThe 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.
How to Calculate Federal Bank Personal Loan EMIThe formula for calculating the monthly instalment of a personal loan is as follows: EMI = [P x R x (1+R)^N]/[(1+R)^N-1] Where, P = Principal Loan Amount R = Rate of Interest N = Number of Monthly Instalments
How to Get Low Interest Rates on Federal Bank Personal Loan?Borrowers must rely on the following pointers to get low-interest rates on Federal Bank personal loan: Improve Your Credit Score: Your credit score is one of the most important factors in determining your personal loan interest rate. Generally, the higher your credit score, the lower your interest rate. Taking steps to improve your credit score is one of the best ways to get a lower interest rate. Shop Around for Lenders: Different lenders offer different interest rates. Shopping around can help you find the best available rate. Consider both traditional banks and online lenders, and compare their offers before making a decision. Negotiate With Your Lender: Once you have found the lender offering the best interest rate, you can try to negotiate for an even lower rate. If you have a good credit score and a history of on-time payments, you may be able to negotiate a better rate. Get a Co-Signer: If you don’t have a good credit score or a long history of on-time payments, you may want to get a co-signer on your loan. A co-signer with a good credit score and a history of on-time payments can help you qualify for a lower interest rate.
Keynotes of Federal Bank Personal Loan Interest RatesCheck 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 no hidden costs or unnecessary administration charges are levied for a personal loan.
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