|Loan amount||Up to Rs. 25 Lakhs|
|Rate of interest||10.49% to 17.99% p.a.|
|Tenure||6 - 48 months|
|Lowest EMI Per Lakh||Rs. 2,560|
|Processing fee||Up to 3% of the loan amount + GST|
|Prepayment charges||Up to 3%|
|Minimum monthly income||Rs. 25,000|
Federal Bank offers the following three types of Personal Loan schemes depending on the type and need of the customer:
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.
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.
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.
Also Check: Cibil score required for personal loan
Here is what makes Federal Bank Personal Loan different:
Additional Reading: Cibil score check free online by pan number
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:
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: firstname.lastname@example.org.
You can calculate your equated monthly instalment (EMI) using Federal Bank 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:
|Year||Opening balance||Amount paid (EMI*12)||Interest paid during the year||Principal paid during the year||Closing balance|
|1||Rs. 20,00,000||Rs. 2,55,986||Rs. 84,444||Rs. 1,71,542||Rs. 18,28,458|
|2||Rs. 18,28,458||Rs. 6,14,365||Rs. 1,70,885||Rs. 4,43,480||Rs. 13,84,978|
|3||Rs. 13,84,978||Rs. 6,14,365||Rs. 1,22,061||Rs. 4,92,304||Rs. 8,92,674|
|4||Rs. 8,92,674||Rs. 6,14,365||Rs. 67,861||Rs. 5,46,504||Rs. 3,46,170|
|5||Rs. 3,46,170||Rs. 3,58,380||Rs. 12,210||Rs. 3,46,170||Rs. 0|
Additional Reading: How to check cibil defaulters list?
|Name of Lender||Rate of Interest (per annum)||Processing Fee||Maximum Loan Limit|
|Federal Bank||10.49% - 17.99%||Up to 3% + GST||Rs. 25 Lakhs|
|Citibank||9.99% - 16%||Up to 2% + GST||Rs. 30 Lakhs|
|HSBC Bank||9.75% - 15%||Up to 1%||Rs. 30 Lakhs|
|Deutsche Bank||9.99% - 11.49%||Up to 2%||Rs. 15 Lakhs|
|ICICI Bank||10.50% - 19%||Up to 2.25%||Rs. 25 Lakhs|
The following documents are required when a user applies for a Federal Bank Personal Loan online:
Additional Reading: How to read cibil report?
Here are the eligibility criteria for Federal Bank Personal Loans depending on the scheme:
|Fed Premia Personal Loan||Federal Easy Cash||Ashray Loan|
|Maximum age at loan maturity: 60 years||Who can apply: Individuals, Firms, Trusts, Companies||Who can apply: Indian senior citizens who own a self-acquired property in India|
|Minimum monthly income: Rs. 25,000|
|Who can apply: Salaried individuals|
|Number of years in the current job: 3 years||Spouse can be co-applicant if they own a property jointly|
Federal Bank Personal Loans come with with the following charges:
Also Check: Credit Policy of Banks
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:
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.
Know how good your score is
Get insights on how to improve it
Unlock offers as per your score
Earn max rewards & redeem for cash back, value back offers, discounts & exclusive deals.
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.
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.
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.
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.
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.
To avail, a Personal Loan one must provide the following documents:
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.
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).
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.
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.