Federal Bank Personal Loan of 6 Lakh

Federal Bank personal loan of 6 lakh is an appealing credit option. Ideally, you can apply and secure the funds for nearly any financial need that applies to personal and professional requirements. The bank further enables you to secure the loan amount without needing to pledge any of your assets as collateral, making it a borrower-friendly credit option. However, before finalising your decision, you should consider certain factors, including the applicable interest rate, eligibility criteria, documentation, and associated fees. To empower you to make more informed decisions, keep scrolling down. We present a detailed overview of an instant 6 lakh loan from the Federal Bank. 

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Kirti Bansal
Kirti Bansal
Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.
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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 6 Lakh in Federal Bank

Federal Bank personal loan of 6 lakh is a multi-purpose credit option, allowing you to apply any of your personal needs, such as : 

  • Debt Consolidation: Combining multiple debts into one loan to manage payments more effectively.
  • Home Renovation: Funding improvements or repairs in your home for comfort or value enhancement.
  • Medical Emergencies: Covering unexpected healthcare costs for you or your family.
  • Education Expenses: Investing in education for yourself or your children.
  • Wedding Costs: Financing for marriage-related expenses.
  • Travel: Funding a dream vacation or important travel.

Features of Federal Bank 6 Lakh Personal Loan

Following are the expected features of a 6 Lakh personal loan instant fund disbursement:

  • Collateral-free finance 
  • Higher Loan Amount
  • Compitative interest rates  
  • Digital application process 
  • Minimal documentation 
  • Quick fund disbursement 

Can I Get a 6 Lakh Personal Loan Instantly From Federal Bank?

You can get an instant 6 Lakh loan from Federal Bank when you apply via Urban Money. We ideally operate as an online platform hosting over 50 leading lenders throughout India, enabling you to compare all available options and apply for the one that best suits your needs. After you submit the loan application, our loan specialist will contact you regarding your chosen lender. They will also address any concerns or queries and guide you until the loan amount is deposited into your respective bank account. 

What Is the EMI for a 6 Lakh Loan?

Below are the applicable 6 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
6 Lakh 11.99% p.a. 1 year ₹53,306 ₹39,672 ₹6,39,672
6 Lakh 11.99% p.a. 2 years ₹28,241 ₹77,784 ₹6,77,784
6 Lakh 11.99% p.a. 3 years ₹19,926 ₹1,17,336 ₹7,17,336
6 Lakh 11.99% p.a. 4 years ₹15,797 ₹1,58,256 ₹7,58,256
6 Lakh 11.99% p.a. 5 years ₹13,344 ₹2,00,640 ₹8,00,640

Eligibility Criteria 6 Lakh Loan in Federal Bank

6 lakh personal loan eligibility Federal Bank is as follows: 

Age Limit 21 to 55 years
Employment Status Salaried/Self-employed
Income requirement  ₹25,000 per month
Credit Score Typically, 700 or higher 
Nationality  Indian 

Documents Required 6 Lakh Federal Bank Loan

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

Proof of Identity PAN card, Driving license, Passport, or Aadhaar card
Proof of Residence 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 6 Lakh Personal Loan From Urban Money?

You can apply for a Federal Bank personal loan of 6 lahks as you follow these simple steps given 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 6 lakh personal loan?

The fund disbursement typically occurs in as little as 2 to 7 days.

What are the interest rate ranges for 6 lakh personal loans?

The interest rate, based on your creditworthiness and income profile, can be between 11.99% and 17.49% p.a.

Can I apply for a 6 lakh personal loan online?

You can apply for a 6 lakh personal loan online via the official website of Urban Money.

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

In addition to the interest rates, a Federal Bank personal loan has certain fees, such as processing fees, loan prepayment charges, and late payment penalties. Hence, it’s advisable to carefully review the terms and conditions of the specific loan before finalising the loan agreement.

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