Federal Bank personal loan interest rates are fixed in nature and vary from 10.49% to 17.99% per annum. The rates are linked to the RBI Repo Rate, which is currently 4% p.a.
The interest rates attached to Federal Bank personal loans are subject to change because the Reserve Bank of India (RBI) directives and the current Repo Rate influence how much you will have to pay for a Personal Loan. Currently, this loan is offered at interest rates of 10.49% to 17.99%, depending on the borrower’s eligibility.
The interest rates for different kinds of Federal Bank personal loans are as mentioned below:
|Personal Loan Scheme||Interest Rate (Per Annum)|
|FedPremia - Personal Loans||10.49% to 17.99%|
|Gold Loan||8.50% onwards|
|Loan Against Fixed Deposits (Fed-E-Credit) – Term Loan / Easy Cash (Overdraft)||12.50% or Deposit Rate + 2%, whichever is higher|
|Loan Against Approved Securities (NSC,IVP, KVP and LIC Policies)||12.50% to 13%|
|Fed Rise - Loan Against Recurring Deposits||10.75% to 12.50%|
|Property Power Loan (LAP)||10.10% onwards|
Also Check: CIBIL Score Required for Personal Loan
|Interest Rate||10.49% - 17.99% p.a.|
|Processing Fee||Up to 3% of the loan amount|
|Loan Tenure||Up to 48 months|
|Lowest EMI Per Lakh||Rs. 2,560|
|Prepayment Charges||Up to 3%|
|Loan Amount||Up to Rs. 25 Lakhs|
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Here are the criteria every applicant is expected to meet to qualify for a Personal Loan by Federal Bank:
Below are the required documents to apply for a Personal Loan with Federal Bank:
If you want to apply for a Federal Bank Personal Loan through MyMoneyMantra, please follow these steps:
Here are some very important things to take note of when applying for a loan via MyMoneyMantra:
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One fear which discourages many people from applying for a Personal Loan is the potential cost of the loan. What is even more worrisome for borrowers is how to ascertain the entire loan cost. Many have borrowed loans, which they could not pay back so easily because they had little or no idea about the monthly payments they were expected to make.
In light of these challenges, MyMoneyMantra has simplified the entire process for applicants so that they can apply for this loan without fear. When applying for a loan, the figures you have to concern yourself with is the loan amount you wish to borrow, which is also known as the Principal sum, the interest rate at which the loan is offered and the time period at which the loan will run for. The data for the principal sum, interest rate, and loan tenure is what will be used to calculate the EMI.
Federal Bank Personal Loan Customer Care
For further inquiries about Federal Bank's Personal Loan, please visit any branch near you or call their Customer Care number - 1800 425 1199, 1800 420 1199 to know more.
Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.9% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.
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The maximum amount you can borrow as a Personal Loan is Rs. 25 Lakhs. Do bear in mind that you will have to be eligible for this amount based on your income before you can apply.
The maximum tenure for this loan is 48 months.
The minimum loan tenure for this loan is 12 months.
No, you are not allowed to repay this loan in cash. However, you can pay back the loan by multiple repayment options. You may choose to issue standing order to Federal Bank to debit your account every month, issue a post-dated cheque for the EMI sum or utilize the Electronic Clearance System.
Yes, the Federal Bank allows joint application if you so wish. A joint application is an arrangement in which two individuals combine their personal income together to qualify one party for a specific loan amount.
A joint application may be necessary if you review your income eligibility only to discover that you do not qualify for the principal amount you actually need. To increase your chances of getting the actual sum, you can combine your income with that of a third party to qualify.
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You can jointly apply with your spouse only. Joint application between friends, work colleagues or business partners is not allowed.
Federal Bank will process your application between 7 to 15 working days after submission. To avoid unnecessary delays and potential rejection make sure you only attach valid documents to your loan application.
No, this loan is an Unsecured Loan.
No, this loan does not require collateral because it is an Unsecured Loan. This type of loan is issued to you based on your ability to pay and not based on the value of any asset brought forward by you. Oftentimes, Unsecured Loans are smaller than Secured Loans.