Federal Bank Personal Loan Highlights – June 2022
|Interest rate||10.49%-17.99% p.a.|
|Loan Amount||Up to Rs 25 lakh|
|Tenure||Up to 4 years|
|Processing Fees||Up to 3%|
|Minimum Monthly Salary||Rs 25,000|
Note: Rates as of 23rd June 2022
Federal Bank Personal Loan Interest Rates
|Minimum Interest Rate||10.49% p.a.|
|Maximum Interest Rate||17.99% p.a.|
Apply for a Personal Loan online with minimal documentation Apply Now
Personal Loan Interest Rates: Federal Bank vs Other Lenders
|Banks/NBFCs||Interest Rates (per annum)|
|Federal Bank||10.49% – 17.99%|
|HDFC Bank||10.50% – 21%|
|ICICI Bank||10.50% onwards|
|Axis Bank||10.25% onwards|
|Kotak Mahindra Bank||10.99% onwards|
|IndusInd Bank||10.49% onwards|
|IDFC First Bank||10.49% – 25%|
|Bajaj Finserv||13.00% onwards|
|Tata Capital||10.99% onwards|
Click here to Compare interest rates & get the best personal loan from top banks/NBFCs
Federal Bank Personal Loan Fees and Charges
|Processing Fee||Up to 3%|
|Pre-payment/pre-closure charges||Floating Rate Scheme- NIL|
|Fixed Rate Scheme (including Byom Loans)- 3%|
|Penal Interest||2% per month|
|Switching charges from fixed to floating and vice-versa||0.25% of outstanding balance/drawing power, whichever is higher|
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:
- 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
- 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
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan at Attractive Interest Rates Apply Now
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 firstname.lastname@example.org
- For FedNet Internet Banking send email on: email@example.com
Q. What is the turnaround time for the disbursal of Federal Bank personal loan?
A. Federal Bank has not specified the turnaround time for personal loan disbursal. However, most banks/NBFCs take 2-7 working days for personal loan disbursal. Some lenders also offer pre-approved instant personal loans to select customers. To check your eligibility for pre-approved personal loans offered by various lenders, click on this link.
Q. Does Federal Bank offer pre-approved instant personal loans?
A. No, Federal Bank does not offer pre-approved instant personal loans.
Q. Can the borrowers foreclose the personal loan account?
A. Yes, the borrower can foreclose their personal loan accounts subject to prepayment charges of 3% of outstanding principal.
Q. What is the minimum credit score required to avail Federal Bank Personal Loan?
A. Federal Bank has not mentioned the cut-off credit score required to avail personal loan. However, a credit score of 750 and above increases the possibility of availing personal loan at lower interest rates.
Q. Can I choose between a fixed or floating rate of interest for personal loan?
A. Federal bank offers personal loans only at fixed interest rates.