Federal Bank Personal Loan Details

Loan amountUp to Rs. 25 Lakhs
Rate of interest10.49% to 17.99% p.a.
Tenure6 - 48 months
Lowest EMI Per LakhRs. 2,560 
Processing feeUp to 3% of the loan amount + GST
Prepayment chargesUp to 3% 
Minimum monthly incomeRs. 25,000

Types of Federal Bank Personal Loan

Federal Bank offers the following three types of Personal Loan schemes depending on the type and need of the customer:

Fed Premia Personal Loan

These hassle-free Personal Loans are offered to the salaried individuals earning a minimum monthly salary of Rs. 25,000 to help them fund their instant needs. The maximum loan amount offered under this scheme is Rs. 25 Lakhs which can be repaid in the tenure of up to 48 months. The loan comes at an attractive interest rate, faster processing timeline, and minimal paperwork.

Federal Easy Cash (OD against approved securities)

This loan is offered to individuals, trusts, firms, and companies in the case of an emergency to avail easy cash. This loan is sanctioned against bank deposits, NSC, KVP, LIC Insurance policy, IVP, Government and RBI Non-cumulative bonds, Government and RBI cumulative bonds, etc. The total loan amount that can be availed under this scheme is a maximum of Rs. 10 Lakhs. This is a great option to pick if you are faced with a medical or any other sudden emergency and are in need of cash.

Aashray Loan

It is a Personal Loan scheme for senior citizens of India to provide them an additional source of income. The loan can be availed for any personal use other than any speculative trading or business. A monthly payout of Rs. 2,000 to Rs. 25,000 is extended to the customers for a period of 10-15 years. The loan is offered against an Equitable Mortgage of the house property, value of which should not be less than 60% of qualifying loan amount.

Features of Federal Bank Personal Loan

Here is what makes Federal Bank Personal Loan different:

  • High level of customization: Federal Bank offers Personal Loans to suit your needs. Whether you want to plan a holiday, clear a debt, buy a new phone, the bank offers a high degree of customisation according to your suitability.
  • Collateral-free: Federal Bank Personal Loans do not involve any security and mortgage commitments, thus helping you clear any debts you have peacefully.
  • Competitive interest rates: Low-interest rates varying from 10.49% to 17.99% p.a. for salaried people that ensure you emerge debt-free by the end of your loan repayment.
  • Loan amount: Get a loan of up to Rs. 25 Lakhs without any collateral, guarantor or security.
  • Low processing fees: Processing fee charges up to 3% of the loan amount + GST.
  • Flexible repayment tenure: You can repay your loan within the tenure of 6 to 48 months.
  • No prepayment charges: The bank charges zero fee for prepayment of a floating rate personal loan. For fixed rate personal loan schemes, prepayment penalty of 3% is levied.

Why Apply for a Federal Bank Personal Loan?

  • Hassle free personal loans available for salaried individuals. 
  • FedPremia Personal Loans are offered at all branches.
  • Attractive interest rate on personal loans.
  • Faster processing of loan.
  • Minimal paperwork required.
  • Repayment of the loan can be made easily with Equated Monthly Instalments (EMI).
  • Multiple repayment methods available, including standing instruction registration at your branch, FedNet (Internet Banking solution), Automated Payment through ECS (Electronic Clearing Service), or Fed Mobile (Mobile Banking App).

Federal Bank Personal Loan Customer Care

You can contact Federal Bank Customer Care at the following Toll-Free numbers where executives will be available 24*7 to help you.

1800 - 425 - 1199 or 1800 - 420 - 1199 

For general queries, you can write to:

contact@federalbank.co.in

Federal Bank also offers an IVR (Interactive Voice Response) and Telebanking is provided at the Contact Center. A customer needs to register through IVR for availing Telebanking facility. The customer will be provided with a four-digit TPIN (Telebanking Personal Identification Number - similar to the PIN used in ATMs). This facility can be availed from any landline/mobile connection. The Contact Center Executives will help the customers in registering TPIN.

For any queries related to FedNet Internet Banking, you can contact the bank via email to: fednetinfo@federalbank.co.in.

Federal Bank Personal Loan EMI Calculation

You can calculate your equated monthly instalment (EMI) for Federal Bank Personal Loan using our Personal Loan EMI Calculator. EMI is calculated on the basis of the loan amount, the duration of repayment or loan tenure, and the interest rate charged on the amount borrowed.  EMI can start for as low as Rs. 2,560 on a borrowed amount of  1 Lakh at 10.49% interest rate for repayment tenure of 48 months.

Apart from calculating the EMI, the Calculator also displays the complete amortization schedule for the entire loan repayment. 

Here’s an example:

Personal loan amount required: Rs. 20 Lakhs

Applicable rate of interest: 10.49% p.a.

Tenure: 4 years

EMI to be paid each month till the tenure ends: Rs. 51,197

Total interest to be paid: Rs. 4,57,461

Total amount to be paid to the lender: Rs. 24,57,461

Below is the amortization schedule for the above example:

YearOpening balanceAmount paid (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing balance
1Rs. 20,00,000Rs. 2,55,986Rs. 84,444Rs. 1,71,542Rs. 18,28,458
2Rs. 18,28,458Rs. 6,14,365Rs. 1,70,885Rs. 4,43,480Rs. 13,84,978
3Rs. 13,84,978Rs. 6,14,365Rs. 1,22,061Rs. 4,92,304Rs. 8,92,674
4Rs. 8,92,674Rs. 6,14,365Rs. 67,861Rs. 5,46,504Rs. 3,46,170
5Rs. 3,46,170Rs. 3,58,380Rs. 12,210Rs. 3,46,170Rs. 0

Comparison of Federal Bank Personal Loan with Other Lenders

Name of LenderRate of Interest (per annum)Processing FeeMaximum Loan Limit
Federal Bank10.49% - 17.99%Up to 3% + GSTRs. 25 Lakhs
Citibank9.99% - 16%Up to 2% + GSTRs. 30 Lakhs
HSBC Bank9.75% - 15%Up to 1%Rs. 30 Lakhs
Deutsche Bank9.99% - 11.49%Up to 2%Rs. 15 Lakhs
ICICI Bank10.50% - 19%Up to 2.25%Rs. 25 Lakhs

Documents Required for Federal Bank Personal Loan

The following documents are required when a user applies for a Federal Bank Personal Loan online:

Documents Required for Fed Premia

  • Identity Proof: Passport/ Voter's ID/ Driving License/ PAN Card. 
  • Residence Proof: Passport/ Electricity Bill/ Ration Card/ Telephone Bill/ Lease Agreement.
  • PAN Card copy
  • Latest passport size photographs of the applicant (2 copies).
  • Income Documents:
    • Last 3 months salary slips/ Latest salary certificate.
    • Last 2 years' Form 16/ Income Tax Returns.
    • Last 6 months' salary account bank statement.
    • Duly signed loan application form.

Documents Required for Federal Easy Cash

  • Identity Proof: Passport/ Voter's ID/ Driving License/ PAN Card.
  • Latest passport size photographs of the applicant.
  • Residence Proof: Passport/ Electricity Bill/ Ration Card/ Telephone Bill/ Lease Agreement/ Trade License/ Sales Tax certificate).

Federal Bank Personal Loan Eligibility Criteria

Here are the eligibility criteria for Federal Bank Personal Loans depending on the scheme:

Fed Premia Personal LoanFederal Easy CashAshray Loan
Maximum age at loan maturity: 60 yearsWho can apply: Individuals, Firms, Trusts, CompaniesWho can apply: Indian senior citizens who own a self-acquired property in India
Minimum monthly income:  Rs. 25,000
  • The applicant must provide the equitable mortgage of the house property against which the loan is offered
  • Borrower must have property in their own name
  • The value of the property to be mortgaged should be minimum 60% of qualifying loan amount
  • The remaining life of the property to be mortgaged should be minimum 20 years
Who can apply: Salaried individuals
  • Minimum age of applicant: 60 years
  • Minimum age of the spouse of applicant: 58 years
Number of years in the current job: 3 yearsSpouse can be co-applicant if they own a property jointly

Federal Bank Personal Loan Charges

Federal Bank Personal Loans come with with the following charges:

  • Processing fee: Up to 3% of the loan amount + GST.
  • Prepayment/ foreclosure charges: Nil for floating rate personal loans and 3% for fixed rate personal loans.
  • Penalty for delayed repayment: 2% p.m. of the overdue portion.
  • Charges for switching from fixed to floating rates & vice versa: 0.25% of the balance outstanding or drawing power, whichever is higher.

How to Apply for Federal Bank Personal Loan on MyMoneyMantra?

Personal Loans by Federal Bank are a great option if you are considering home renovation, purchasing consumer goods or planning a wedding.

At MyMoneyMantra, we will help you assess your profile, determine your eligibility and repayment capacity without any confusion. All information will be provided by industry level experts who have spent decades assessing the products and solutions to provide the best offers for you.

The process of applying for a Personal Loan through MyMoneyMantra can be taken care completely only by providing the following details:

  • Indicate whether you are a salaried person or self-employed.
  • Name and email address.
  • The residential city needs to be picked from options given.
  • Details of current employer.
  • Loan amount requirement.
  • A contact number and email ID, so that MyMoneyMantra can contact and advise you on how to proceed.

Once you fill all the required details, and choose the preferred lending partner, our personal loan experts will get in touch with you to complete the application process.

View and improve your credit score - for free.

Know how good your score is

Get insights on how to improve it

Unlock offers as per your score

chart_15f235bf64 (1).svg

The best offers from India’s most
trusted banks

HDFC-Bank.png
IDFC.png
Kotak.png
Bajaj-Finserv.png

Best Rewards Credit Cards

Earn max rewards & redeem for cash back, value back offers, discounts & exclusive deals.

Federal Bank Personal Loan FAQs

What is a Personal Loan?

A Personal Loan is an unsecured loan that is usually provided by banking or non-banking financial companies to customers who can provide a few details such as the continued state of employment, salary, credit score and employment history. Usually, these loans do not require collateral such as property, gold, and so on.

Is there a minimum amount that needs to be borrowed for a Personal Loan?

A Personal Loan completely depends on the individual's needs. For example, a purchase, planning a wedding may need a little more than a person who wants to buy a new phone.  It also varies from bank to bank. The Federal Bank does not have a lower limit or a minimum amount for Personal Loans.

Is there a maximum amount that can be borrowed under a Personal Loan?

The maximum amount that can be borrowed by an individual depends on the individual's needs. It also depends on the person's repayment capacity and income. Federal Bank provides a Personal Loan of up to Rs. 25 Lakhs for a salaried or non-salaried individual.

What is the time given for repayment of the loan or what is the tenure of the loan?

A Personal Loan from the Federal Bank can generally have a repayment period of 6 to 48 months depending on the bank's policy. In the case of Federal Bank, you can even repay the loan before the tenure ends without any penalty for pre-closure of the loan.

What age do I have to be to avail a Personal Loan?

Anyone who is a minimum age of 21 years and a maximum of 60 years can avail a Personal Loan from the Federal Bank. The biggest criterion, however, is a person has to have an income whether salaried or own.

What are the documents required for a Personal Loan?

To avail, a Personal Loan one must provide the following documents:

  • PAN Card
  • Proof of Residence (Aadhaar/Driving License/Voter ID/Passport)
  • Latest salary certificate/Last 3 months salary slips
  • Income Tax Returns (2 years)
  • Last 6 months salary account statement
  • Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)

What are the charges on a Personal Loan?

There are a few basic charges which are levied on a Personal Loan apart from the interest rate. For the Federal Bank, the interest rate is one of the lowest in the country, starting at 10.49% p.a. At the time of application of loan, there is also a one-time processing fee of up to 3% of the sanctioned loan amount + GST.

Is it possible to prepay a loan?

Most banks provide an option to close your loan before the tenure ends if you have got the money to pay it off. In the case of Federal Bank, you do not have to pay any pre-closure fee while closing your loan account (for a floating rate scheme).

How much time does it take for the loan to get approved and disbursed?

Typically, it does not take very long for a Personal Loan to get approved through MyMoneyMantra as the team of experts will guide you with the documents required. Most banks typically take between 3-4 days for the document to be approved and disbursed to an individual.

What happens when I default on a Personal Loan payment?

If you have availed a Personal Loan, it is ideal to never default on your monthly payments which are systematic and disciplined. It is generally not advisable to not pay your loan as it will have a damaging impact on your Credit or CIBIL score. When your CIBIL score goes low, the chances of you availing a loan in the future may become difficult. Sometimes banks even blacklist customers who have defaulted on their loan payments.