Catering to various personal needs of different individuals, Federal Bank offers 4 types of loan under the personal loan category and they are FedPremia, Federal Easy Cash, Federal Shubh Yatra Loan and Federal Bon Voyage Loan. With disbursals of up to Rs. 25 lakh, these loans ensure that emergency situations like a medical condition, wedding, vacation, home renovation, debt consolidation, etc. are handled without any inconvenience.
Federal Bank Personal Loan Eligibility Criteria
The eligibility criteria for Federal Bank Personal Loan differs slightly depending upon the type of personal loan opted for. Key details are as follows:
1. For FedPremia Personal Loan
- You should be a salaried individual
- Your minimum monthly income should be at least Rs. 25,000
- Your maximum age when the tenure ends should be 60 years
- You should be working in your current organisation for at least 3 years
2. For Fed-E-Credit Personal Loan
You should either be a resident, non- resident or PIO (Person of Indian Origin).
3. For Federal Shubh Yatra Loan (For Travelling)
- You must be a resident individual
- You should be a salaried individual and your minimum basic pay should be at least Rs. 2000
- You must provide adequate security acceptable to Federal Bank
4. For Federal Bon Voyage Loan (For Relocating to Abroad For Work)
- You should be an Indian citizen
- You must have a letter of appointment from a renowned overseas institution or recruitment agent
Federal Bank Personal Loan Eligibility Calculator
At Paisabazaar.com, an individual can check if he is eligible to apply for a personal loan at Federal Bank using the Personal Loan Eligibility Calculator. All you need to do is to fill out a form a form asking basic details like required loan amount, income, employer, etc. and click on ‘proceed’. Knowing your eligibility before you apply for a loan not only saves your application from facing rejection but also protects your credit score from being adversely impacted.
How to Improve your Federal Bank Personal Loan Eligibility?
- Maintain a good credit score: A credit score that is a reflection of your past repayments can affect your personal loan eligibility. If you have a healthy credit score, you have more chances of being eligible for a personal loan. Ensure you have a good repayment track record and pay your credit card bills/loan EMIs on time to maintain a good credit score and improve your chances of Federal Bank personal loan eligibility.
- Clean your existing loans and credit card bills: Your debt-to-income ratio also impacts your personal loan eligibility. Therefore, to keep your debt-to-income ratio below 60%, it is important to pay some of your existing loans and credit card bills before you apply for a new loan. The lender would feel more confident in offering you a loan if your monthly loan EMI and credit card payment is lower.
- Do not apply for multiple loans at the same time: Whenever you apply for a personal loan with a lender, it gets registered as a ‘hard enquiry’ in your credit report and applying for multiple loans simultaneously can lead to multiple ‘hard enquiries’. These enquiries can potentially bring your credit score down and make you look like a credit hungry borrower making it difficult to get approved for personal loans in the future.
Q1. What is the interest rate of Federal Bank Personal Loan?
The interest rate of Federal Bank Personal Loan starts from 11.49% p.a.
Q2. What are the expenses covered under Federal Bank Bon Voyage Loan?
The expenses covered under Federal Bon Voyage Loan are:
- One way air fare for journey abroad (if it is to be met by the borrower)
- Endorsement of Visa
- Incidental charges for obtaining passport and cost of travel in India
- Amount payable to sponsoring agency
- Expenses incurred for obtaining medical fitness certificate and other related expenses
- Permissible basic travel quota
- Emigration deposit with government
- Other miscellaneous local expenses
Q3. How can I repay Federal Bank Personal Loan?
You can repay Federal Bank Personal Loan through the following ways:
- Standing instruction registration at your branch
- FedNet Internet Banking solution
- Automated Payment through ECS (Electronic Clearing Service)
- Fed Mobile Banking App
Q4. Can I prepay Federal Bank Personal Loan?
Yes, you can prepay/foreclose your Federal Bank personal loan by paying the outstanding loan principal amount along with applicable prepayment charges. Prepayment charges are usually up to 3% of principal amount prepaid.
Q5. I am a self- employed individual. Can I apply for Federal Bank Personal Loan?
No, Federal Bank Personal Loan is only available for salaried individuals. Self-employed can opt for various business loans as long as the applicable eligibility criteria are fulfilled.
Q6. How do I get in touch with customer care team of Federal Bank?
- You can call on toll- free numbers 1800-425-1199 or 1800-420-1199
- NRIs can call on 080-61991199
- You can send an email on firstname.lastname@example.org