Federal Bank Personal Loan of 4 Lakh

Federal Bank personal loan of 4 lakh is a collateral-free credit option. I.e., you require no collateral to secure the necessary funds, making it ideal for those without assets to pledge as collateral. As it falls under the multi-purpose loan, you can use the loan amount at your own discretion. Whether you need money to renovate your home, consolidate debts, cover medical emergencies, conduct a marriage, or even make big purchases, the bank has options and resources to offer the funds on time. However, there are certain things you should be aware of before finalising your decision. These can include factors such as the Federal Bank's 4 lakh loan interest rate, applicable eligibility criteria, required documents, and other pertinent fees. Continue to scroll down to learn more. 

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Hepson Franklin
Hepson Franklin
Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.
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Piyush Bothra
Piyush Bothra
Chief Financial Officer, Square Yards
Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Personal Loan Options for 4 Lakh in Federal Bank

Here are the popular options or reasons that people opt for a Federal Bank personal loan of 4 lakh: 

  • Home Improvement
  • Debt Consolidation
  • Medical Emergency 
  • Marriage Expenses  
  • Big Purchases 
  • Take a Holiday

Features of Federal Bank 4 Lakh Personal Loan

Following are the applicable features of an instant 4 lakh loan from Federal Bank:

  • Collateral-free credit option 
  • Higher loan amount 
  • Lower interest rates
  • Flexible repayment 
  • Quick fund disbursement

Can I Get a 4 Lakh Personal Loan Instantly From Federal Bank?

Urban Money lets you secure a 4 Lakh personal loan with instant fund disbursement. As India’s foremost fintech platform, Urban Money offers an extensive array of loan and credit products from over 50 lenders, including Federal Bank. It allows you to compare various credit options, assess your eligibility, estimate your expected monthly instalments, and choose the option that best fits your needs. Afterwards, a personal loan expert from our team will assist you through the application process until the loan amount is credited to your account. The funds are usually transferred within 24 business hours.

What Is the EMI for a 4 Lakh Loan?

Following are the 4 lakh personal loan EMI, with loan tenures ranging from 1 year to 5 years: 

Loan Amount Interest Rate Loan Tenure EMI Amount Interest Payable Total Amount Payable
4 Lakh 11.99% p.a. 1 year ₹35,538 ₹26,456 ₹4,26,456
4 Lakh 11.99% p.a. 2 years ₹18,828 ₹51,872 ₹4,51,872
4 Lakh 11.99% p.a. 3 years ₹13,284 ₹78,224 ₹4,78,224
4 Lakh 11.99% p.a. 4 years ₹10,532 ₹1,05,536 ₹5,05,536
4 Lakh 11.99% p.a. 5 years ₹8,896 ₹1,33,760 ₹5,33,760

Eligibility Criteria 4 Lakh Loan in Federal Bank

4 lakh personal loan eligibility in Federal Bank is as follows: 

  • Age: You must be between 21 and 55 years old.
  • Income: You must have a regular income source covering the loan EMI. 
  • Credit Score: You must have a positive repayment history and a good credit score. 
  • Nationality: You must be a citizen of India.

Documents Required 4 Lakh Federal Bank Loan

4 Lakh personal loan documents in Federal Bank are as follows:

  • Proof of Identity: PAN card, Driving license, Passport, or Aadhaar card.  
  • Proof of Address: Utility Bills, Ration Card, or Voter’s ID.
  • Proof of Income: Salary Slip, Form 16/Income Tax Returns, or Bank Statement. 

How to Apply for a 4 Lakh Personal Loan From Urban Money

The application process for a Federal Bank personal loan of 4 lakh is outlined below:

  • Visit the Urban Money website.
  • Select “Personal Loan” from the “Loan” menu on the homepage.
  • You’ll be redirected to a page titled “Personal Loan.”
  • Scroll down to locate a list of leading banks/NBFCs in India.
  • Find “Federal Bank” and click the “Apply Now” button.
  • A short online form will appear on your screen.
  • Fill in your name, mobile number, and city.
  • You’ll receive a 6-digit OTP on your phone.
  • Enter the OTP and hit the “Submit” button.
  • A loan specialist from our team will contact you shortly.

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Frequently Asked Question (FAQs)

How long does it take to approve a 4 lakh personal loan?

You can expect the fund disbursement within 2 to 7 days.

What are the interest rate ranges for 4 lakh personal loans?

The interest rate for Federal Bank’s personal loan can range from 11.99% to 17.49% per annum.

Can I apply for a 4 lakh personal loan online?

You can apply for a 4 lakh personal loan online via the Urban Money website.

Are there any hidden charges in Federal Bank's personal loan agreements?

Apart from the interest rates, certain charges are associated with the Federal Bank’s personal loan. These can include Foreclosure Charges, Late Payment Charges, Cheque Swapping Charges, Loan Cancellation Charges, etc. Thus, it’s advisable to carefully review the terms and conditions before signing the agreement.

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