Federal Bank Personal Loan: Eligibility, Interest Rate & Apply Online

Federal Bank offers various types of personal loans designed to meet the needs of various groups of customers. These unsecured loans are easy to avail due to their fast processing times and minimal documentation requirements. Some key types of loans offered by Federal Bank in this category include FedPremia, Federal Easy Cash, Fed-E-Credit and Federal Bon Voyage Loan.

Features of Federal Bank Personal Loan

• Loan amount: The maximum loan amount offered by Federal Bank is Rs. 25 lakh. The loan amount differs as per the type of personal loan category you select
• Flexible tenure: Going up to 72 months, the tenure for Federal Bank Personal Loan is flexible and allows you to choose the desired time period one as per your convenience
• Fast processing: Federal Bank offers fast processing of personal loans so that funds get disbursed within a few days
• Minimal paperwork: The minimal paperwork involved in the personal loan process saves a lot of time and allows processing of the loan application further without any inconvenience

Federal Bank Personal Loan Interest Rates

Types of Federal Bank Personal Loan Products

1. FedPremia Personal Loan

FedPremia personal loan is offered only to the salaried individuals. Key features include:

• The loan can be availed up to Rs. 25 lakh
• Maximum repayment period allowed is 48 months
• Minimum monthly salary required to apply for this loan is Rs. 25,000

2. Fed-E-Credit

Fed-E-Credit is a completely online personal loan that features flexible end-use. Features of this digital loan include:

• Maximum loan amount under this scheme is Rs. 5 lakh
• This personal loan can be availed either as a term loan or an overdraft
• Maximum repayment tenure is 30 months (for term loan) and 72 months (for overdraft).

3. Federal Shubh Yatra Loan (For Travelling)

Shubh Yatra Loan that is a secured personal loan can be availed to pay for various travel expenses such as accommodation, vehicle/tickets, shopping and food. Noteworthy scheme features are:

• Loan sanctioned up to Rs. 3 lakh
• Repayment tenure of the loan varies from 12 to 33 months.
• Collateral accepted by Federal Bank for granting this personal loan include property (land/building), gold ornaments, NSC (National Savings Certificate)/KVP (Kisan Vikas Patra), LIC (Life Insurance Corporation of India) policy, shares and bank fixed deposits.

4. Federal Bon Voyage Loan (For Relocating to Abroad For Work)

If you are planning to travel overseas for work, Federal Bon Voyage Loan is an ideal choice to make as it is a tailor made loan scheme that helps in meeting the initial expenditure for going abroad. The loan would be sanctioned as per the expenditure involved in going abroad and maximum loan amount would be Rs. 5 lakh. The expenses covered under this loan are:

• One way air fare for journey abroad (if it is to be met by the borrower)
• Incidental charges for obtaining passport and cost of travel in India
• Endorsement of Visa
• Permissible basic travel quota
• Expenses incurred for obtaining medical fitness certificate and other related expenses
• Emigration deposit with government
• Amount payable to sponsoring agency
• Expenses for dress
• Other miscellaneous local expenses

Eligibility Criteria

1. FedPremia Personal Loan

• You should be a salaried individual
• Your minimum monthly salary should be Rs. 25,000
• Your maximum age at the end of loan tenure should not exceed 60 years
• You should be working at your present job for at least the past 3 years

2. Fed-E-Credit Personal Loan

Only available to individuals – residents, non-residents and PIOs (persons of Indian origin)

3. Federal Shubh Yatra Loan (For Travelling)

• You should be a resident individual
• You should be a salaried person with a minimum basic pay of Rs. 2000 to qualify
• Provide adequate security acceptable to Federal Bank

4. Federal Bon Voyage Loan (For Relocating to Abroad For Work)

• Any individual (Indian) who has a letter of appointment or a letter from a renowned overseas institution or recruitment agent establishing that a firm offer of employment abroad has been secured
• Foreign nationals (Persons of Indian origin or other holding foreign passports) are not eligible for the loan

Get to Know more about Federal Bank Personal Loan Eligibility

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 for Personal Loan

• Proof of Identity – Voter ID Card/Passport/ PAN Card/Driving License
• Address Proof – Electricity Bill/Ration Card/Passport/Lease Agreement
• Copy of PAN Card
• Latest Passport size photo (2 copies)

For Salaried:

Income proof documents may include – Latest salary certificate/Last 3 months’ salary slip, Form 16/Income Tax Returns(last 2 years), Last 6 months salary account statement, loan application form duly signed

Documents Specific to Federal Bon Voyage Loan

The following documents are required specifically for the Federal Bon Voyage Loan:

• Proof of Educational Qualifications – Copies of marksheets/certificates, etc.
• Copy of Passport
• Copy of Visa
• Copy of Appointment Letter/Offer Letter from employer

How to Apply for Federal Bank Personal Loan with Paisabazaar?

• Fill out the online form asking your details like monthly income, occupation type, required loan amount, mobile number, current city, and company name and click “Proceed”
• As per the chances of approval, you will be redirected to a list of personal loan offers provided by various banks. Either select one of the offers available, click on ‘apply’ or call Paisabazaar for assistance
• Your personal loan application will be forwarded to the bank for further formalities. And meanwhile, Paisabazaar’s customer care team will guide you until your loan is disbursed

Personal Loan Verification Process

• Once you have applied for a personal loan on the Paisabazaar website, your application is forwarded to the lender
• After that, the bank’s representative would call you for verification and will also schedule a document pickup (like ID, address and salary proof) with you
• Once the documents are verified, your loan gets approved and the bank calls you with final offer regarding the loan amount, interest rate and tenure
• When you agree with the proposal offered by the bank, loan disbursement is initiated from bank’s side

Check Federal Bank Personal Loan Application Status

Federal Bank does not offer a separate personal loan application status checking portal hence, the following are the key steps that an existing customer can use to check the application status onlie

• Go the FedNet Internet Bank and login using your user ID and password
• Once logged in, you can check the status of your personal loan application

In case you do not have a prior relationship with Federal Bank, you can check the status of the personal loan offline by either calling the bank’s customer care department or by making an in-person visit to the nearby Federal Bank branch.

Fees and Other Charges

How to Login on Federal Bank Portal?

• Go to Federal Bank FedNet Internet Banking Portal by clicking on the Net Banking link on the homepage.
• Enter your User ID and Password, then click on ‘Login’.

Federal Bank Personal Loan Statement

The following is a step-by-step guide to register for Federal Bank personal loan statement so that you can view the details online:

• Go to the Customer Portal for e-Statement on the Federal Bank website
• Click on ‘Activate’
• Enter your account number and captcha

• Click to receive OTP and complete registration for e-statements

Federal Bank Personal Loan EMI Calculation

The following is a snapshot of different EMI (equated monthly instalment) amounts calculated for different loan amounts, tenure and 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:

Federal Bank Customer Care

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

• You can call on PAN India toll free number 1800 – 425 – 1199 or 1800 – 420 – 1199
• Individuals from abroad can call on 080-61991199
• You can send an email on contact@federalbank.co.in
• You can request a call back

Benefits of Applying for Personal Loan at Paisabazaar

• Single platform to compare multiple loan offers: You can easily check offers and interest rates offered by various banks on one platform. This makes your decision of choosing a desired personal loan quick and hassle- free
• Calculate your EMIs: Before you apply for a personal loan, you can calculate the EMIs with the help of Paisabazaar’s Personal Loan EMI Calculator. This way, you can plan ahead and manage your monthly expenses properly
• Convenient: Without visiting the bank, you can apply for a personal loan online at Paisabazaar. Everything from processing your personal loan application to document submission and disbursal happens as per your convenience
• Get instant e-approval: At Paisabazaar, you get an instant conditional e-approval as soon as you submit the online application

Important Aspects

• Maintain a good credit score. In case you have a low credit score, you can improve it over time by paying your loans and credit card bills in a timely manner
• Check your eligibility for a personal loan offered by your lender
• Do not apply for multiple loans with different lenders at the same time as you might come across as a credit hungry individual which can decrease your chances of loan approval
• Check your debt-to-income ratio and ensure that all your current loan/credit card repayment obligations do not account for more than 50% of your monthly salary

FAQs

Q1. How can I repay Federal Bank Personal Loan?

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

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

Q2. What is the maximum loan amount that I can borrow from Federal Bank?

Ans: The maximum loan amount that can be borrowed from Federal Bank is Rs. 25 lakh.

Q3. Is there any processing fee for Federal Bank personal loan?

Ans: 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.

Q4. Are there any prepayment charges on Federal Bank personal loan?

Ans: Yes. Prepayment charges of up to 3% of 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.

Q5. What is Federal Bank’s turn-around-time for disbursal of personal loans?

Ans: Typically, the bank responds to personal loan applications within 2 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 profile.

Q6. Can I get a top-up loan from Federal Bank?

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

Q7. Can self-employed get personal loan from Federal Bank?

Ans: 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.