Federal Bank Personal Loan Interest Rates

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: 

• Processing fee: Up to 3% of the loan amount.
• Prepayment charges: Nil for floating rate schemes and 3% for fixed rate schemes. 
• Penalty for delayed payment: 2% per month of the overdue loan amount, due for more than 30 days.
• Charges for switching the loan from fixed rate to floating rate and vice versa: 0.25% of the outstanding balance.
• Charges for CIBIL report: Nil
• CERSAI registration/ modification charges: Nil

• Maximum loan amount: The maximum loan amount is Rs. 25 Lakhs.
• Repayment tenure: This loan can be availed for up to 48 months (4 years).
• Interest rates: The loan is issued at an attractive floating rate as influenced by the current repo Rate.
• Fast processing: This loan can be applied for and availed within a week because the Federal Bank has fast loan processes. It takes between 7-15 working days to process applications.
• Minimal documentation: The required documents to access this loan are quite few and easily obtainable. Your personal and income documents are all that is required.

Additional Reading: How to improve CIBIL score immediately?

Here are the criteria every applicant is expected to meet to qualify for a Personal Loan by Federal Bank:

• Only Indian residents may apply.
• The acceptable net monthly salary is Rs. 25,000 and above.
• The maximum age acceptable as at the time the loan will mature is 60 years.
• Applicants must have worked with their current employer for at least 3 years as at the time of submitting the application.

Below are the required documents to apply for a Personal Loan with Federal Bank:

• Proof of identity (any one): Voter Card/ Passport/ Driving License/ PAN Card. 
• Proof of address (any one): Telephone Bill/ Electricity Bill/ Lease Agreement/ Passport/ Ration Card.
• Important KYC documents: Loan application form duly signed, PAN Card copy and latest Passport size photo of the applicant (2 copies).
• Proof of income: Latest salary slips (3 months)/ salary certificate, Form 16/ ITR (2 years), salary account statement for last 6 months.  

If you want to apply for a Federal Bank Personal Loan through MyMoneyMantra, please follow these steps:

• Enter all the required details under the Personal Loan tab.
• Provide MyMoneyMantra with your phone number for future correspondence.
• After submitting the above information, MyMoneyMantra will provide you with a list of loan offers from various banks and NBFCs.
• Once they are displayed on your screen based on your requirements, you have the luxury to choose a suitable one.
• You will also be asked to provide relevant documents in the required fields and then submit them.
• MyMoneyMantra will forward your documents to Federal Bank on your behalf.

Here are some very important things to take note of when applying for a loan via MyMoneyMantra:

• Application on the platform is free.
• Make sure that you only upload authentic and valid documents.
• To complete the process, you will have to sign a loan agreement drawn up by the lender.
• Do not sign the agreement if you do not accept the terms and conditions.

Additional Reading: Top Credit Rating Agencies in India

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.