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Federal Bank Personal Loan Highlights |
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| Interest rate | 11.49%-14.49% p.a. |
| Loan Amount | Up to Rs 25 lakh |
| Tenure | Up to 5 years |
| Processing Fees | Up to 3% |
| Minimum Monthly Salary |
Rs 25,000 |
Note: Rates as of 5th June 2023
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Table of Contents
Federal Bank Personal Loan Interest Rates
| Minimum Interest Rate | 11.49% p.a. |
| Maximum Interest Rate | 14.49% p.a. |
Personal Loan Interest Rates offered by Top Lenders
| Banks/NBFCs | Interest Rates(p.a.) | |
| HDFC Bank | 10.50% onwards | Apply Now |
| SBI | 11.00%-15.00% | |
| ICICI Bank | 10.50% onwards | Apply Now |
| Axis Bank | 10.49% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
Also know the personal loan interest rates offered by other lenders
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 |
| CIBIL Charges | NIL |
| CERSAI charges | NIL |
Also Read: Personal Loan Processing Fees charged by various lenders
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Types of Federal Bank Personal Loan
FedPremia Personal Loan
- Purpose: Regular personal loan scheme from Federal Bank offered for meeting personal requirements of salaried individuals having minimum monthly salary of Rs 25,000
- Loan Amount: Up to Rs 25 lakh
- Tenure: Up to 5 years
- Processing Fee: Up to 3%
Also know about personal loan for salaried employees in detail
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
Federal Bank may also consider the credit scores of its personal loan applicants, just like other lenders do while evaluating their 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
- 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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EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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FAQs
1. What is the turnaround time for the disbursal of Federal Bank personal loan?
Ans. 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.
2. Does Federal Bank offer pre-approved instant personal loans?
Ans. No, Federal Bank does not offer pre-approved instant personal loans.
3. Can the borrowers foreclose the personal loan account?
Ans. Yes, the borrower can foreclose their personal loan accounts subject to prepayment charges of 3% of outstanding principal.
4. What is the minimum credit score required to avail Federal Bank Personal Loan?
Ans. 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.
Also Read: How can Step UP Credit Card Co-branded with SBM Bank India Ltd. help you build/improve your credit score
5. Can I choose between a fixed or floating rate of interest for personal loan?
Ans. Federal bank offers personal loans only at fixed interest rates.