Federal Bank Personal Loan

The following are the key details of a personal Federal Bank loan:

Here are some of the best features and attractive benefits of the Federal Bank Personal Loan:

• Federal Bank offers customised personal loans to suit your needs. 
• Federal Bank personal loans do not involve any security or mortgage commitments.
• You can get a loan of up to ₹25 Lakhs.
• Zero processing charges for floating interest rate loans.
• Low processing fees up to 3% of the loan amount + GST for fixed interest rate loans.
• Flexible repayment tenure of up to 60 months.
• No prepayment charges for a floating rate personal loan.
• If you need a Federal Bank personal loan apply online easily.

Federal Bank Personal Loans come with the following charges:

• Rate of interest: Federal Bank personal loan interest rate ranges from 11.49% to 14.49% per annum.
• Processing fee: Up to 3% of the loan amount + GST for fixed interest rate loans.
• Prepayment/ foreclosure charges: Nil for floating rate personal loans and 3% for fixed rate personal loans.
• Penalty for delayed repayment: 2% per month of the overdue portion.
• Charges for switching interest rate from fixed to floating & vice versa: 0.25% of the balance outstanding/ drawing power, whichever is higher.

Federal Bank offers the following three types of personal loan schemes, depending on the type and need of the customer:

1. FedPremia Personal Loan

It is a hassle-free personal loan scheme for salaried individuals with a minimum monthly salary of at least ₹25,000.

Key Features:

• Offered to the salaried individuals earning a minimum monthly salary of ₹25,000. 
• The maximum loan amount offered under this scheme is ₹25 Lakhs. 
• The loan can be repaid in a tenure of up to 60 months. 
• The loan comes at an attractive interest rate ranging from 11.49% to 14.49% p.a.

2. Digital Personal Loan

It is an online personal loan that requires no manual documentation. 

Key Features:

• The Federal Bank instant loan amount offered under this scheme ranges from ₹50,000 to ₹5 Lakhs, depending on the bureau data/ salary statement of the customer.
• Tenure ranges from 12 to 60 months, depending on the profile of the customer.
• Only the e-signature of the loan documents is required through Aadhar OTP.
• Interest rate ranges from 11.99% to 17.49%, and is fixed throughout the loan tenure.
• The processing fee is 2% of the loan amount + GST. 
• Pre-closure charges are 3% of the outstanding balance + GST.

3. Pre-approved BYOM Personal Loan

It is an end-to-end digital and paperless personal loan product through which you can get the funds credited to your account with just one click.

Key Features:

• Follow 4 simple steps to avail a pre-approved Federal Bank personal loan BYOM up to ₹7.5 Lakhs.
• No application, no manual documentation, no further processing, and no further underwriting.
• Instant credit to the savings account.
• Interest rate ranges from 11.99% to 17.49%, and is fixed throughout the loan tenure.
• The processing fee is 2% of the loan amount + GST. 
• The loan can be pre-closed at any time during the tenure without any foreclosure charges.

Tenure for Federal Bank pre approved personal loan ranges from 12 to 48 months, depending on the profile of the customer.

Below is a side‑by‑side comparison of personal loan interest rates offered by Federal Bank and other lenders:

Here are the Federal Bank personal loan eligibility criteria, depending on the loan type:

1. FedPremia:

• The applicant should be an Indian resident individual with a monthly net salary of ₹25000 and above.
• The maximum age should be 60 years at loan maturity for FedPremia Personal Loan
• At least 3 years should be served in the present job.

2. Digital Personal Loan:

• This loan is available to salaried individuals. 
• The age limit for this loan is 21 to 55 years.
• The maximum loan amount is arrived at via bureau data/ salary statement of the customer.

3. Pre-approved BYOM Personal Loan:

• Available to select eligible customers.
• The applicant must have a savings account.
• The final eligibility will be based on the credit score, income, and existing liabilities.
• Eligible customers are communicated with through email and SMS.

The following documents are required when a user applies for a Federal Bank personal loan:

• Identity Proof: Passport/ Voter's ID/ Driving License/ PAN Card.
• Residence Proof: Passport/ Electricity Bill/ Ration Card/ Telephone Bill/ Lease Agreement.
• PAN Card copy
• Duly signed loan application form with the 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.
• Documents for digital personal loan: Aadhaar Card, PAN Card, last 3 months’ Salary Account Statement (PDF/ Netbanking), mobile number linked to Aadhaar to receive OTP.

To apply for a Federal Bank personal loan, you can contact any of Federal Bank branches or submit your contact details in the enquiry form provided on the bnk’s portal. Alternatively you can apply for a personal loan online through our portal by providing some personal and occupational details. Once you fill in 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.

You can contact Federal Bank Customer Care in the following ways.

• PAN India toll-free contact center number: 1800 - 425 - 1199 or 1800 - 420 - 1199.
• Customers from abroad can dial: 0484 - 2630994, 0484-2630995, or 080-61991199.
• You can also contact them via email: contact@federalbank.co.in

Federal Bank executives will be available 24x7 to help you.