Federal Bank Personal Loan Overview

The federal bank provided personal loans to salaried individuals to meet all unplanned emergencies like weddings, medical, house maintenance, etc. for loan amounts up to Rs.25 Lakh at a starting interest rate of 10.49% p.a.

Federal bank personal loan

Federal Bank Personal Loan Important Highlights

·       Borrower can avail of the loan amount up to Rs.25 lakhs from Bank of Baroda.

·       Maximum loan repayment tenure is 4 years or 48 months.

·       Federalbank personal loan interest rates may vary from 10.49% to 17.99% per annum.

·       Processing fee is up to 3% of the loan amount.

·       Minimum monthly income required to avail loan from Bank of Baroda is Rs.25000.

·       Late payment charges or penalty is 2% per month.

·       Foreclosure or prepayment charges- floating rate scheme- NIL, fixed-rate scheme (Byom loans included)- 3%

Key Features of Federal Bank Personal Loan

The various benefits to avail Federal Bank personal loan are as follows:-

·       Maximum loan amount- Borrowers can avail of a maximum loan amount of Rs.25 Lakhs. That is sufficient to fulfill various personal necessities.

·       Loan tenure- The maximum loan repayment tenure of the federal bank is 4 years. It is quite flexible to pay your EMIs on time.

·       Affordable interest rates- Federal banks offer personal loans at attractive and reasonable interest rates. Their interest rates may vary between 10.49% p.a. to 17.99% p.a.

·       Fast application processing- It will take less time for completing the loan process.

·       Less paperwork is required- Less paperwork and a few documents are needed because you can apply with the digital platform.

·       Availability of personal loan- The personal loan provided by the federal bank is available at all their branches.

Eligibility Criteria of Federal Bank Personal Loan

To apply for a FedPremia Personal Loan individuals need to meet the following eligibility criteria.

·       Resident individuals whose net salary of Rs.25000/- per month and above.

·       Age limit must be less than 60 years at the end of the loan tenure.

·       Number of years in the current Job should not be less than 3 years.

·       High chances of approval for individuals having a good credit score.

Federal Bank Personal Loan Documents

The following is the indicative list of federal bank personal loan documents for all borrowers.

List of KYC documents

•                Identity Proof- Passport /Voters ID card/Driving License, or PAN Card.

•                Address Proof- Ration card/Electricity Bill/ Lease agreement, or Passport.

•                PAN Card Copy is required.

•                2 copies of the latest passport-size photo of the applicant are required.

List of Income documents

•                Latest salary certificate or the last 3 month’s salary slips is needed.

•                Form 16 or Income Tax Returns for the 2 previous years.

•                Provide the last 6 month’s present salary account statement.

•                Duly signed loan application form is acceptable by federal bank.

Federal Bank Personal Loan Interest Rate

Here is the maximum and minimum interest rate of a federal bank personal loan at which you can avail of the loan.

•                Maximum Interest Rate- 10.49% p.a.

•                Minimum Interest Rate- 17.99% p.a.

Example – Loan amount is Rs.20 Lakhs, the interest rate is 10.49% and the repayment period is 4 years. Calculate EMIs, interest payable, and loan amount.

Monthly EMIs are Rs.51197.10, the total interest payable is Rs.457460.86 and the total amount repayable including principal and interest is Rs.24,57,461.

Federal Bank Personal Loan FAQs

1. What loan repayment methods can be used to pay a Federal bank personal loan?

Standing instruction registration at your nearest branch, internet banking, and automated payment through ECS, or mobile banking.

2. Does Federal Bank offer pre-approved personal loans to their existing customers?

No, Federal Bank does not offer any pre-approved offers for instant personal loans to their existing customers.

3. Federal bank offers a fixed or floating rate of interest for availing a personal loan?

The Federal bank only offers fixed interest rates for availing a personal loan.

4. What is the Federal Bank customer care phone number?

You can dial 1800 - 425 - 1199 or 1800 - 420 - 1199 (24 x 7 ) to avail of the contact center services.


Comments

  1. Mahesh Bane4 December 2023 at 04:02

    Personal Loans can be a valuable financial tool when used wisely. As with any financial decision, conducting thorough research, comparing options, and understanding the terms are key to making informed choices. When approached with responsibility, a personal loan can provide the financial flexibility needed to navigate life's unpredictable twists and turns.

    ReplyDelete

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