Federal Bank Personal Loan for Lawyers

If you are a lawyer who needs a personal loan to buy a new car, renovate your home, pay for your child’s education, or grow your legal practice, you want a convenient, economical, and easy loan. That’s why Federal Bank presents FedPremia, a personal loan product tailored to salaried people like you.

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Written By
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.
Reviewed By
Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

FedPremia is a personal loan that offers up to Rs. 35 lakhs at competitive interest rates from 10.49% to 17.49% p.a. Depending on your repayment capacity, you can choose a loan tenure of 12 to 48 months. You don’t have to provide security or a guarantor. You also enjoy zero prepayment charges for floating-rate loans and low processing fees of up to 2% of the loan amount.

Federal Bank Personal Loan for Lawyers – Highlights

Federal Bank’s Personal Loan for Lawyers is designed to offer financial flexibility with competitive interest rates and a quick application process. Here are the key highlights:

Feature Detail
Loan Amount Up to ₹25 Lakhs
Interest Rate Ranges from 10.49% p.a. to 17.99% p.a.
Tenure Up to 60 months
Processing Fee Up to 3% of the loan amount

Compare Federal Bank Personal Loan for Lawyers from Other Banks

Here is a table that shows Federal Bank’s Personal Loan for Lawyers compared with other banks that offer loans for professionals, such as HDFC Bank, IndusInd Bank, and Bank of America, highlighting some of the key features and benefits of each loan option:

Loan Provider Loan Amount Interest Rate Tenure Processing Fee Collateral
Federal Bank Up to Rs. 35 lakhs Ranges from 10.49% p.a. to 17.49% p.a. 12 to 48 months Up to 2% of the loan amount No
HDFC Bank Up to Rs. 75 lakhs 10.75% – 11.75% p.a. 12 to 72 months Up to 2.5% of the loan amount No
IndusInd Bank Up to Rs. 35 lakhs 11.50% p.a. 12 to 48 months Up to 2% of the loan amount No
Bank of America Up to $5 million (approximately Rs. 37 crores) 3.25% – 4.25% p.a. (variable) 10 to 25 years (variable) 0.5% of loan amount (optional) Yes

Federal Bank Personal Loan for Lawyers – Fees and Charges 

Understanding the costs associated with a loan is crucial. Here’s a breakdown of the fees and charges for Federal Bank’s Personal Loan for Lawyers:

  • Processing Fee: Up to 3% of the loan amount.
  • Prepayment/Foreclosure Charges: Nil for floating-rate loans; 3% for fixed-rate loans.
  • Penalty for Delayed Repayment: 2% per month of the overdue amount.

Federal Bank Personal Loan for Lawyers – Documents Required 

The documentation process is straightforward, requiring the following:

  • Identity Proof: Passport, Voter’s ID, Driving License, or PAN Card.
  • Residence Proof: Passport, Electricity Bill, Ration Card, Telephone Bill, or Lease Agreement.
  • Income Proof: Latest salary certificate, last 3 months’ salary slips, or Income Tax Returns for the last 2 years.

Federal Bank Personal Loan for Lawyers – Eligibility Criteria 

To be eligible for this loan, applicants must meet the following criteria:

  • Age: Between 25 to 65 years.
  • Income: Annual income of more than ₹1 lakh.
  • Experience: 3 to 5 years as a working professional.
  • Professional Standing: Registered member of the Bar Council and assessed under Income Tax for at least the last 2 years.

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