Federal Bank Personal loan come with competitive interest rates and several other features that make them an attractive proposition for borrowers. In this article, we take a look at the interest rates, features and repayment options available on Federal Bank personal loans. We also provide an EMI calculator so that you can calculate your monthly repayments in advance.
Federal Bank Personal Loan Highlights
|Interest rate||10.49% p.a. onwards.|
|Loan Amount||Up to Rs 25 lakh|
|Tenure||Up to 4 years|
|Processing Fees||Up to 3%|
What is a Federal Bank Personal Loan?
Federal Bank offers personal loan interest rates starting from 10.49% p.a. Federal Bank Personal Loan is an unsecured loan that can be used for a variety of purposes, including travel, home improvement, or consolidating debt. You can avail of a loan amount up to a maximum of Rs 25 lakh for a maximum tenure of 4 years.
The interest rate on a Federal Bank Personal Loan is fixed, so you’ll know exactly how much your monthly payments will be. You can also use our personal loan EMI calculator to see how much your loan would cost each month. If you’re interested in applying for a Federal Bank Personal Loan, you can do so online or by visiting a branch.
Features of Federal Bank Personal Loan
Federal Bank’s personal loan comes with a host of features that make it a convenient and attractive option for borrowers. Some of the key features of the loan are:
- Competitive interest rates: Federal Bank offers some of the most competitive interest rates on personal loans in the market.
- Flexible repayment options: Borrowers can choose from a variety of repayment options depending on their convenience.
- No collateral required: Federal Bank’s personal loan is an unsecured loan, which means that no collateral is required to avail of the loan.
- Quick and easy approval: The bank has a quick and hassle-free approval process, making it easier for borrowers to get a loan.
Federal Bank Personal Loan Interest Rates
Federal Bank Personal Loan interest rates start from 10.49% p.a. and go up to 17.99% p.a. The interest rate is determined by many factors, including your credit score, income, and debt-to-income ratio.
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If you’re looking to take out a loan, one of the first things you’ll need to do is calculate your monthly instalments or EMIs. This can be a tricky process, but luckily, there are plenty of online tools to make things easier.
One such tool is our very own EMI Calculator. Simply enter in the loan amount, interest rate, and loan tenure, and our calculator will do the rest. You’ll instantly see your monthly EMI, as well as a repayment schedule.
Our EMI Calculator is a quick and easy way to get an estimate of your monthly repayments. However, it’s important to remember that this is only an estimate – your actual repayments may differ depending on the lender and other factors.
Types of Federal Bank Personal Loan
There are many different types of personal loans available from Federal Bank. You can choose the loan that best suits your needs and financial situation.
1. FedPremia Personal Loan
If you are a salaried individual with a minimum monthly salary of Rs. 25,000/-, then you can apply for a hassle-free FedPremia personal loan from Federal Bank. This loan can be used for any purpose, including travel, home renovation, medical expenses, or even wedding expenses.
- Loan Amount: Up to Rs 25 lakh
- Tenure: Up to 48 months
2. Easy Cash
If you are looking for an easy and convenient way to get a personal loan, then Federal Bank’s Cash Personal Loan is the perfect solution for you. This loan can be sanctioned against various types of collateral, such as bank deposits, LIC insurance policy, NSC, KVP, IVP, government and RBI bonds (both cumulative and non-cumulative). So no matter what your financial situation is, you can easily avail of this loan and meet your financial needs.
- Tenure: Maximum period of the loan will be 72 months
3. Loan Against Fixed Deposit
Federal Bank provides you with loans against your deposits with the bank to meet your urgent and unforeseen personal expenses.
You can obtain loans against deposits maintained with another branch too. While availing of the loan, the deposit receipts/ certificates shall be submitted to the branch disbursing the loan.
Keep in mind that only deposits which are free from liens, restraints, or encumbrances and are not in the name of minors are eligible for loans.
- Loan Amount: Up to 90% of the deposit amount
- Processing Fee: Nil
4. Loan Against Demat Shares
Now you can easily get a loan by pledging your Demat shares with Federal Bank. This is a great opportunity to use your investments to raise capital for your personal or business needs without having to provide any additional security or collateral.
- Loan Amount: Up to 50% of the value of the security pledged
- Minimum: Rs.1 lakhs.
- Maximum: Rs.20 lakhs.
- Tenure: Up to 12 months
Federal Bank offers personal loans to individuals who meet the following eligibility criteria:
- You should be between 21 and 60 years old.
- You should have a minimum monthly Salary of Rs 25,000
- You should be a salaried employee with a minimum work experience of 3 years.
- You should have a good credit history.
When you’re ready to apply for a personal loan from Federal Bank, be sure to have the following documents on hand:
- Proof of identity: You will need to submit a copy of your PAN card, Aadhar card, or passport to prove your identity.
- Proof of income: Federal Bank will require you to submit your salary slips for the last 3 months, Form 16, ITR for the last 2 years or Salary account statement for the last 6 months to prove your income.
- Proof of address: You will need to submit a copy of your utility bill or rent agreement to prove your current address.
- Photographs: You will need to submit two recent passport-sized photographs.
Federal Bank personal loan Apply Online
Here are the steps you need to follow to apply for a Federal Bank personal loan:
- Log on to the official website of Federal Bank and navigate to the ‘Personal Banking’ section.
- Under the ‘Loans’ tab, select ‘Personal Loans’.
- You will be directed to a page where you can check your eligibility for the loan by entering your basic details.
- If you are eligible for the loan, you can proceed with the online application by providing the required information and documents.
- Once your application is approved, the loan amount will be disbursed to your account within a few days.
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Q. What are the interest rates on Federal Bank Personal Loans?
Ans. The interest rates on Federal Bank Personal Loans start at 10.49%% per annum. However, the final rate of interest offered to the borrower will depend on factors such as the borrower’s credit score, loan amount, tenor, etc.
Q. What is the maximum loan amount that I can avail of under this scheme?
Ans. The maximum loan amount that can be availed under the Federal Bank Personal Loan scheme is Rs. 25 lakhs.
Q. How can I repay my Federal Bank Personal Loan?
Ans. Federal Bank offers multiple repayment options for personal loans including Equated Monthly Installments (EMIs), auto-debit facility, standing instructions, etc. Borrowers can choose a repayment option that best suits their needs and budget.