हिंदी में पढ़े
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Federal Bank Personal Loan Highlights |
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| Interest rate | 11.49% p.a. onwards |
| Loan Amount | Up to Rs 25 lakh |
| Tenure | Up to 5 years |
| Processing Fees | Up to 3% of loan amount |
| Minimum Monthly Salary |
Rs 25,000 |
Note: Rates as of 7th December 2023
Apply for Personal Loan with Quick Disbursal Click Here
Table of Contents
Federal Bank Personal Loan Interest Rates
| Product Type | Interest Rate (p.a.) |
| FedPremia Personal Loan | 11.49% to 14.49% p.a. |
| Federal Bank Pre-approved Personal Loan | 11.99% to 17.99% p.a. |
| Federal Bank Digital Personal Loan | 11.99% to 17.49% p.a. |
Personal Loan Interest Rates offered by Top Lenders
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 10.49% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.75% onwards | Apply Now |
| HDFC Bank | 10.50% onwards | Apply Now |
| ICICI Bank | 10.65% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Federal Bank | 11.49% onwards | Apply Now |
| DMI Finance | 12.00% - 40.00% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 12.25% - 30.00% | Apply Now |
| MoneyTap | 13.00% onwards | Apply Now |
| Piramal Finance | 12.99% onwards | Apply Now |
| Aditya Birla | 13.00% onwards | Apply Now |
| Moneyview | 15.96% onwards | Apply Now |
| Cashe | 27.00% 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% of loan amount |
| 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
Apply for Personal Loan with Quick Disbursal Click Here
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% of loan amount
Federal Bank Pre-approved BYOM Personal Loan
- Purpose: Federal Bank offers Pre-approved BYOM Personal Loan to its existing customers to provide personal loan through end-to end digital and paperless process. BYOM (Be Your Own Master) is a digital platform introduced by Federal Bank for its existing customers to avail loans through digital process.
- Loan Amount: Up to Rs 7.5 lakh
- Tenure: Up to 4 years
- Processing Fees: Up to 2% of loan amount
Federal Bank Digital Personal Loan
- Purpose: Federal Bank offers Digital Personal Loans to salaried individuals with only e-sign of loan documents through Aadhaar OTP.
- Loan Amount: Rs 50,000 to Rs 5 lakh
- Tenure: Up to 5 years
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 at the time of loan maturation
- Minimum monthly salary- Rs 25,000
- Total experience in current job- 3 years
For Federal Bank Digital Personal Loan
- Age- 21 years to 55 years
- Job profile- Salaried
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:
For FedPremia Personal Loan
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
For Federal Bank Digital Personal Loan
- Aadhaar Card and PAN Card
- Mobile number linked to Aadhaar to receive OTP
- Salary account statement for 3 months (PDF/Netbanking)
Apply for Personal Loan with Quick Disbursal Click Here
EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Apply for Personal Loan with Quick Disbursal Click Here
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,
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.