Federal Bank offers personal loan to to meet any of your expenses. From a medical emergency to a long- due vacation to a wedding to home renovation, each and every thing can be taken care of with Federal Bank. The bank offers various loans under the personal loan category like FedPremia, Federal Easy Cash, Federal Shubh Yatra Loan (for travelling) and Federal Bon Voyage Loan (for relocating to abroad for work).
Federal Bank Personal Loan - Features and Benefits
- Loan amount: The maximum loan amount offered by Federal Bank is Rs. 25 lakh. The loan amount differs as per the types of personal loans offered by the bank
- Flexible tenure:Going up to 72 months, the tenure for Federal Bank Personal Loan is flexible and allows you to choose the desired one as per your convenience
- Fast processing:Federal Bank offers fast processing of a personal loan 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 processes the loan application further without any inconvenience.
FedPremia Personal Loan
FedPremia personal loan is offered only to the salaried individuals. The loan can be availed for up to Rs. 25 lakh and can be repaid maximum by 48 months. The FedPremia is a perfect option to meet all your personal finance needs with a single loan.
FedPremia Personal Loan - Interest Rate
| Interest Rates | |
| Minimum: 11.49% | Maximum: 14.49% |
FedPremia Personal Loan - Eligibility Criteria
- 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 be 60 years
- You should be working in your present job for at least 3 years
FedPremia Personal Loan - Documents Required
- KYC documents: 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)
- Income documents: 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
Federal Easy Cash Personal Loan
Federal Easy Cash quenches the need of urgent requirement of money. If you require money urgently for a medical emergency, home renovation, vacation or for any other reason, you can apply for a Federal easy cash to satisfy the purpose. The loan is sanctioned against LIC Insurance policy, bank deposits, KVP, NSC, Govt. & RBI cumulative bonds, etc.
Federal Easy Cash Personal Loan - Interest Rates
| Interest Rates | |
| Minimum: 12.75% | Maximum: 13.00% |
Federal Easy Cash Personal Loan - Eligibility Criteria
Individuals, trusts, firms and companies can apply for Federal Easy Cash Personal Loan.
Federal Easy Cash Personal Loan - Documents Required
- Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
- Recent Passport size photograph
- Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate)
Federal Shubh Yatra Loan (For Travelling)
Shubh Yatra Loan that can be availed for up to Rs. 3 lakh is for all those times when you are exhausted from your 9 to 6 job and wish to relax and rejuvenate yourself. It is a tailor made loan product offered by Federal Bank and meets all the travel related expenses(including accommodation, vehicle/tickets, shopping, food, etc.) of an individual and his family members.
Federal Shubh Yatra Loan (For Travelling) - Interest Rate and Fees
| Interest Rate | As offered by the bank (depends on your credit score, age, repayment history, employer, etc.) |
| Processing fee and admin fee | 0.50% (subject to a minimum of Rs. 500/-) |
| Late payment penalty | 2% of overdue amount per month (if delayed more than 30 days) |
Federal Shubh Yatra Loan (For Travelling) - Eligibility Criteria
- You should be a resident individual with adequate income
- You should be a salaried person with a minimum basic pay of Rs. 2000/-
Federal Shubh Yatra Loan (For Travelling) - Documents Required
- Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate)
- Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
- Recent Passport size photograph
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 passportCost 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
Federal Bon Voyage Loan (For Relocating to Abroad For Work) - Interest Rate and Fees
| Interest Rate | As offered by the bank (depends on your credit score, age, repayment history, employer, etc.) |
| Processing fee and admin fee | 0.50% (subject to a minimum of Rs. 500/-) |
| Late payment penalty | 2% of overdue amount per month (if delayed more than 30 days) |
Federal Bon Voyage Loan (For Relocating to Abroad For Work) - Eligibility Criteria
- 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
Federal Bon Voyage Loan (For Relocating to Abroad For Work) - Documents Required
- Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
- Recent Passport size photograph
- Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate)
- Proof of Educational Qualifications – Marksheets/Certificates, etc.
- Copy of Passport
- Copy of Visa
- Copy of Appointment Letter / Offer Letter from Employer
Federal Bank Personal Loan - EMI Calculator
One can check the EMI of Federal Bank Personal Loan at Paisabazaar.com and plan his future expense. Not only this, the EMI calculator also allows you borrow a loan amount as per your repayment ability. All you need to do is select the desired loan amount, tenure and interest rate of your personal loan and your EMI will be calculated accordingly. Paisabazaar allows anyone to compare different interest rates of the Personal Loan and other products, giving detailed information about the fees and charges and features of the Product and the Bank.
Compare Federal Bank Personal Loan VS Other Lenders
| Particulars | Federal Bank | HDFC Bank | Citi Bank | Axis Bank | ICICI Bank | Bajaj Finserv |
| Interest Rate | Starting from 11.49% | 11.25% to 21.50% | Starting from 10.99% | 15.75% to 24% | 11.50% to 19.25% | Starting from 12.99% |
| Tenure | Upto 72 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
| Loan amount | Upto Rs. 25 lakh | Upto Rs. 40 lakh | Upto Rs. 30 lakh | Rs. 50,000 to Rs. 15 lakh | Upto Rs. 20 lakh | Upto Rs. 25 lakh |
| Processing Fee | 0.50% (subject to a minimum of Rs. 500/-) | Upto 2.50% of the loan amount | Upto 3% of the loan amount | 2% of loan amount plus GST | Upto 2.25% of loan amount plus GST | Up to 3.99% of the loan amount |
Federal Bank - Customer Care
- 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
FAQs
What is the maximum loan amount that I can borrow from Federal Bank?
The maximum loan amount that can be borrowed from Federal Bank is Rs. 25 lakh.
Is there any processing fee for Federal Bank personal loan?
Yes, Federal Bank charges a processing fee of 0.50% (subject to a minimum of Rs. 500/-)
Are there any prepayment charges on Federal Bank personal loan?
No, there are no prepayment charges on Federal Bank personal loan.
