Here are some of the key features of a personal loan of Rs. 5 lakh from Federal Bank:
Federal Bank 5 Lakh Personal Loan
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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
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:
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
Income Documents
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:
- Go to the Paisabazaar app or website
- Enter your mobile number
- Fill in other necessary details
- Fill in the OTP that you receive on your mobile number
- 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:
Digital Personal Loan:
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
FAQs
What is the total interest cost of Rs. 5 lakh personal loan at 12% p.a. and tenure of 2 years from Federal Bank?
The total interest cost of Rs.5 lakh personal loan at 12% p.a. for a tenure of 2 years is Rs. 64,882.
What is the interest rate of Federal Bank Rs. 5 lakh personal loan?
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.
What are the tenure options available to applicants wanting a personal loan of Rs. 5 Lakh from Federal Bank?
A Federal Bank personal loan of Rs.5 lakh comes with a repayment tenure that can range between 12 months to 60 months.
Do I have to pay any additional fees/charges for Rs. 5 lakh personal loan from Federal Bank?
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.
Should I need to provide any collateral or security to get a personal loan of Rs. 5 lakh from Federal Bank?
No, personal loans are unsecured loans and therefore do not require any collateral or security.
Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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