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Federal Bank 5 Lakh Personal Loan

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee₹ 6,500
Axis Bank
Low Processing fee
Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
Kotak Mahindra Bank
Lowest Income requirement100% Digital Process*
Max Loan Amt.Upto ₹25L
Rate of Interest9.98% - 17.2%
Tenure upto1-5 Years
Processing Fee1.1% - 1.5%

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Features of 5 Lakh Federal Bank Personal Loan

Here are some of the key features of a personal loan of Rs. 5 lakh from Federal Bank:

  • Interest rate ranges between 12% p.a. - 19.5% p.a.
  • Repayment can be made within a flexible tenure between 12 to 60 months
  • Minimal documentation requirement
  • Requires no collateral or security and offers flexible end usage

Interest Rates for 5 Lakh Federal Bank Personal Loan

Federal Bank personal loan interest rate ranges between 12% p.a. to 19.5% p.a. for applicants availing a loan amount of Rs. 5 lakh. However, the interest rate offered may vary based on the credit profile of the applicant, relationship with the bank, income and employment stability, loan amount and tenure desired, etc.

Eligibility Criteria for 5 Lakh Federal Bank Personal Loan

Given below are the key eligibility criteria that must be taken into consideration when applying for a personal loan of Rs. 5 lakh from Federal Bank:

  • Should be a resident individual
  • Should have a minimum net monthly salary of Rs. 25,000
  • Maximum age at the end of the loan tenure should not be more than 60 years
  • Should have been working for at least 3 years in the current organisation

Documents Required for Federal Bank Personal Loan of 5 Lakh

Here are the key documents needed to avail a personal loan of Rs. 5 lakh from Federal Bank: Duly filled and signed loan application form KYC Documents

  • Proof of Identity (Driving License/Passport/Voters ID card/PAN Card)
  • Proof of Address (Ration card/Electricity Bill/Telephone Bill/Passport/Lease agreement)
  • Copy of PAN Card
  • 2 Copies of latest passport size photograph of the applicant

Income Documents

  • Latest salary certificate or last 3 months’ salary slips
  • Income Tax Returns for past 2 years/Form 16
  • Past 6 months’ salary account statements

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Fees and Charges for 5 Lakh Federal Bank Personal Loan

Here are the some of the key fees and charges associated with a personal loan of Rs. 5 lakh from Federal Bank:

Charge Type Applicable Amount
Processing Fees 2% of the loan amount
Pre-closure/Prepayment Charges Floating Rate Schemes – Nil

Fixed Rate schemes- 3% (Excluding Byom Loans)
Charge for CIBIL Report Nil
CERSAI Registration/Modification Charges Nil

How to Apply for Personal Loan through Paisabazaar

You can apply for a personal loan online by following the steps mentioned below:

  1. Go to the Paisabazaar app or website
  2. Enter your mobile number
  3. Fill in other necessary details
  4. Fill in the OTP that you receive on your mobile number
  5. Browse through the various offers available and select the one that suits your requirement

Other Types of Federal Bank Personal Loans

The following are some other types of Federal Bank personal loan options available:

Pre-Approved Personal Loan:

  • Requires no application, documentation, processing or underwriting
  • Credited instantly to your savings account
  • Available up to Rs. 7.5 lakh
  • Repayment can be made between 12 to 48 months
  • Maybe pre-closed anytime without any pre-closure charges

Digital Personal Loan:

  • Needs no manual documentation. Just e-sign the loan documents using Aadhaar OTP.
  • Offered for amounts running between Rs. 50,000 to Rs. 5 lakh
  • Repayment tenure can range between 12 to 60 months

How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Explore Our Personal Loan Lenders

HDFC BANKHDFC BANKAxis BankAxis BankKotak Mahindra BankKotak Mahindra BankICICI BankICICI BankFederal BankFederal BankIDFC First BankIDFC First BankIndusind BankIndusind BankRBL BankRBL BankTata CapitalTata Capital
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FAQs

The total interest cost of Rs.5 lakh personal loan at 12% p.a. for a tenure of 2 years is Rs. 64,882.

At present, a personal loan of Rs.5 lakh from Federal Bank is offered at an interest rate ranging between 12% p.a. to 19.5%  p.a. The interest rate offered may vary based on the credit profile of the applicant, loan amount and tenure desired, etc. 

A Federal Bank personal loan of Rs.5 lakh comes with a repayment tenure that can range between 12 months to 60 months. 

You are required to pay a processing fee of 2% on your Federal Bank personal loan. This processing fee will be deducted from the disbursal amount payable to you. 

No, personal loans are unsecured loans and therefore do not require any collateral or security.

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I always used to think that the paperless loan is a myth. But on Paisabazaar, I applied for the pre approved loan from IDFC Bank and all documentation was already done. I just filled the form, did kyc and my loan was approved and disbuursed one the same day.

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