Federal Bank Personal Loan of 1 Lakh

Are you looking for a quick and easy way to get a personal loan of 1 Lakh? Do you need extra cash to meet your urgent expenses or achieve your goals? If so, consider applying for a personal loan from Federal Bank. Among the various products offered by Federal Bank, personal loans for salaried individuals stand out with attractive interest rates, flexible repayment options, and minimal documentation. This guide will tell you everything you need to know about Federal Bank personal loan 1 Lakh, including the features, benefits, eligibility criteria, documents required, and how to apply online.

Personal Loan Options for 1 Lakh in Federal Bank

Federal Bank offers three types of personal loans for different purposes and needs. They are:

Features of Federal Bank 1 Lakh Personal Loan

Some of the key features of a Federal Bank personal loan of 1 Lakh are:

• Easy and fast application process: You can apply for a personal loan from Federal Bank online through the bank’s website or mobile app. 
• Competitive interest rates: Federal Bank offers personal loans at attractive interest rates lower than many other lenders in the market.
• Flexible repayment options: You can choose a repayment tenure that suits your budget and convenience.
• Minimal documentation: You don’t need to submit many documents to get a personal loan from Federal Bank. 
• No collateral or guarantor required: You don’t need to pledge any asset or property as security or bring any co-applicant or guarantor to get a personal loan from Federal Bank.

Can I get a 1 Lakh Personal Loan Instantly from Federal Bank?

Yes, you can get a 1 Lakh personal loan instantly from Federal Bank if you meet the following conditions:

• You are an existing customer of Federal Bank with a good repayment history and credit score.
• Based on your relationship and credit profile, you have a pre-approved personal loan offer from the bank.
• You have a valid mobile number and email ID registered with the bank.
• You have a savings or current account with the bank where the loan amount can be disbursed.

What is the EMI for 1 Lakh loan?

The EMI calculator is a simple and convenient tool for planning loan repayment. You can use the Federal Bank personal loan EMI calculator to find out the EMI for a 1 Lakh loan. You enter the loan amount, interest rate, and tenure and click on calculate. The calculator will show you the EMI, total interest payable, and total payment for your loan.

For example, if you take a 1 Lakh personal loan from Federal Bank at an interest rate of 12% per annum for a tenure of 36 months, your EMI will be Rs. 3,321. The total interest payable will be Rs. 19,562, and the total payment will be Rs. 1,19,562.

Eligibility Criteria for 1 Lakh loan in Federal Bank

The eligibility criteria for a 1 Lakh personal loan in Federal Bank are:

• You must be a resident Indian citizen.
• You must be a salaried individual working in a reputed organisation.
• You must have a minimum monthly income of Rs. 25,000.
• You must have a minimum age of 21 and a maximum age of 60 at the time of loan maturity.
• You must have a good credit score of 650 or above.
• You must have a stable employment history and income source.

Documents Required for 1 Lakh Federal Bank loan

The documents required for a 1 Lakh personal loan in Federal Bank are:

• Identity proof: PAN card, Aadhaar card, passport, voter ID, driving license, etc.
• Address proof: Aadhaar card, passport, voter ID, driving license, utility bills, rent agreement, etc.
• Income proof: Salary slips for the last 3 months, bank statements for the last 6 months, Form 16, IT returns, etc.
• Photograph: Passport size color photograph.

How Do You Apply for a 1 Lakh Personal Loan from a Federal Bank?

You can apply for a 1 Lakh personal loan from Federal Bank online or offline. The online process is faster and easier than the offline process. Here are the steps to apply online:

• Visit the Urban Money website.
• Go to the personal loan section and select the type of loan you want to apply for.
• Fill in your personal details.
• Get your email and phone number verified via OTP authentication. 
• Once approved, Urban Money representatives will contact you to assist you in getting a fast and hassle-free loan sanction.