Federal Bank Personal Loan – Eligibility, Charges, and How to Apply

Federal Bank Personal Loan

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Federal Bank is an Indian private sector bank which provides various banking facilities to its customers. The bank has 1,336 branches spread across different states in India. It also has representative offices abroad in Abu Dhabi, Kuwait, Oman, and Dubai. Federal Bank provides loans to its retail as well as corporate customers. Retail loans include many loan products like home loans, car loans, personal loans etc.

Federal Bank Personal Loan

Federal Bank offers personal loan to both salaried and self-employed individuals. Federal Bank offers loan up to 5 lakh for a tenure of 4 years at a competitive interest rate ranging from 10.49% p.a.

Also Read: YES BANK Personal Loan

Features and Benefits of Yes Bank Personal Loan

• Quick processing and fastest loan processing
• Minimal paperwork
• Flexible loan repayment tenure
• Attractive rate of interest
• No guarantor required

Interest Rate, Loan Amount and Other Charges

Federal Bank Personal Loan Application Process

You can either apply online or can visit the nearest bank branch to apply for the personal loan at Federal Bank. You need to fill up the loan application form along with your personal details including email, PAN number, Aadhar number, phone number etc. After filling up the form you will have to submit your loan application with the required application form and also have to submit your essential and required documents as suggested by the bank. After verifying your application form and documents your loan will be disbursed withing 2 to 3 days.

Eligibility

• Minimum 21 years of age
• Maximum age limit should be 55 years at the time of loan maturity
• Salaried individuals with minimum salary of Rs 50,000
• Good CIBL score

Documents Required

• Dully filled application form
• ID proof
• Address Proof
• Passport sized photographs
• Bank statement
• Signature proof
• KYC documents
• Other essential documents

Factors Affecting Federal Bank Personal Loan Interest Rate

• One must choose a shorter loan tenure for higher interest rates
• One can get a higher interest rate for the repayment capacity. Federal Bank offers attractive interest rates to a loan applicant with a regular income.
• If you have a good credit history, the bank will offer you an attractive interest rate
• One must have a good CIBL score. Banks checks the CIBL score of an applicant to determine his repayment capacity

Federal Bank EMI Calculator

EMI Calculator is the monthly payment you will have to pay towards your loan amount. To check your eligibility you can use Federal Bank’s Personal Loan EMI Calculator. You can easily calculate the EMIs, the processing fee, and total loan payable interest amount on your personal loan by using Federal Bank’s online EMI Calculator. To calculate your EMI is very easy and simple all you need is to fill in the required details such as loan amount, tenure, interest rate, processing fee and you will get the result instantly.

FAQs

1. What is a Personal Loan?

Ans: Personal loan is a loan that is used for your personal use. You can use it to fund any expense including education, a wedding, a trip, home renovation, medical expense etc.

2. Why should one choose personal loan from Federal Bank?

Ans: There are various advantages of choosing personal loan from Federal Bank. Some of the advantages are –

• Quick approval and fastest loan processing
• Minimal paperwork
• One can get loan amount up to Rs 25 lakh
• Attractive rate of interest
• Flexible loan repayment tenure

3. What is the interest rate for Federal Bank personal loan?

Ans: Federal Bank personal loan interest rate ranges between10.49% to 17.99% p.a.

4. What is the minimum age criteria to apply for Personal Loan?

Ans: The applicant must be between the age of 21 to 60 to apply for a personal loan.

5. What are the documents required to apply for personal loan?

Ans: Certain documents are required to apply for personal loan –

• Dully filled application form
• ID proof
• Address Proof
• Passport sized photographs
• Bank statement
• Signature proof
• KYC documents
• Other essential documents

Dev Kirtonia

Hi, I’m Dev Kirtonia, Founder & CEO of Dev Library. A website that provides all SCERT, NCERT 3 to 12, and BA, B.com, B.Sc, and Computer Science with Post Graduate Notes & Suggestions, Novel, eBooks, Biography, Quotes, Study Materials, and more.