Federal Bank Personal Loan

Federal Bank Personal Loan Interest Rates

Comparison of Federal Bank PL VS Other Lenders

The table shown below compares various features of Federal Bank personal loan against those of other banks:

Click here to Compare interest rates & get the best personal loan from top banks/NBFCs

Federal Bank Personal Loan Fees and Charges

Types of Federal Bank Personal Loan

FedPremia Personal Loan

• Purpose: To meet the personal requirements of salaried individuals having minimum monthly salary of Rs 25,000
• Loan Amount: Up to Rs 25 lakh
• Tenure: Up to 4 years
• Processing Fee: Up to 3%

Eligibility Criteria for Federal Bank Personal Loan

For Fed Premia Personal Loan

• Maximum age should be 60 years
• Minimum monthly salary- Rs 25,000
• Total experience in current job- 3 years

Documents Required for Federal Bank Personal Loan

The following documents are common for all individuals applying for a personal loan from Federal Bank:

KYC Documents

• ID Proof (Passport/Voter ID/PAN Card/Driving License)
• PAN Card copy
• Address Proof (Passport/Ration Card/Lease Agreement/Electricity Bill)
• 2 passport size photographs of the applicant

Income Documents

• Application form with signatures
• Salary account statement for last 6 months
• Salary slips/salary certificate for last 3 months
• Form 16/ITR for last 2 years

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Customer Care

The following are the phone numbers and email id to contact the customer care department of Federal Bank:

• Toll-Free numbers: 1800-420-1199 / 1800-425-1199
• Individuals from abroad can call on +91 484 2630994 / 080-61991199
• You can send an email on contact@federalbank.co.in
• For FedNet Internet Banking send email on: fednetinfo@federalbank.co.in

FAQs

Q. How can I repay Federal Bank Personal Loan?

You can repay your Federal Bank personal loan by following methods:

• Standing Instruction (SI) registration at your branch
• FedNet Internet Banking solution
• Automated Payment through ECS (Electronic Clearing Service)
• Fed Mobile Banking App

Q. Is there any processing fee for Federal Bank personal loan?

Yes, Federal Bank charges a processing fee of up to 3% of the loan amount sanctioned. Lower processing fees may be applicable to specific personal loan variants.

Q. Are there any prepayment charges on Federal Bank personal loan?

Yes, Prepayment charges of up to 3% of the principal amount prepaid may be applicable to term personal loans offered by Federal Bank. However, no such charges are applicable to overdraft-type personal loans.

Q. What is Federal Bank’s turn-around-time for disbursal of personal loans?

Typically, the bank responds to personal loan applications within 2 working days of receiving the application and disbursal typically takes up to 5 working days subsequent to that. That said, a longer or shorter period may be applicable to personal loan disbursal depending on factors, such as loan amount and applicant’s profile.

Q. Can I get a Top-up loan from Federal Bank?

Existing personal loan customers may get the option of opting for a Top-up loan from the Federal Bank. However, the limits, rates and tenure of these Top-up loans would vary from one applicant to another.

Also Check: Which is the best bank to get a Top up loan?

Q. Can self-employed get personal loan from Federal Bank?

Currently, unsecured personal loans offered by Federal Bank are primarily available to salaried individuals. However, self-employed individuals can opt for secured personal loans or business loans based on their requirement and meeting the applicable qualifying criteria.