Federal Bank Personal Loan Apply Online

The federal bank offers personal loans to salaried individuals for loan amounts up to Rs.25 Lakhs at an interest rate of 10.49% per annum onwards and for loan tenure of up to 4 years. Read the below details to know more about Federal Bank Personal Loan.

Federal Bank Personal Loans Key Highlights

Loan Amount	Up to Rs.25,00,000
Loan Tenure	Up to 4 years (48 months)
Interest Rates	10.49% to 17.99% per annum
Processing Fees	Up to 3% of the loan amount
Minimum Monthly Income	Rs.25000

Features of Federal Bank Personal Loan

The various benefits to avail loan from Federal Bank are as follows:-

• Loan amount- Borrowers can easily avail of a maximum loan amount of Rs.25 Lakhs. It is sufficient to fulfill various necessities.
• Repayment tenure- The maximum repayment tenure of the federal bank for 4 years of the federal bank is quite flexible and you can pay your timely EMIs.
• Reasonable interest rates- They offer loans for attractive and reasonable interest rates. Their interest rates may vary between 10.49% to 17.99% p.a.
• Quick application processing- It will take less time for loan processing.
• Less paperwork- Less paperwork and documentation are involved because you can apply with the digital platform.
• Personal loan availability- The personal loan provided by the federal bank is available at all branches.
   

Federal Bank Personal Loan Eligibility Criteria

To apply for a FedPremia Personal Loan borrowers need to meet the following eligibility criteria.

• Resident individuals whose monthly net salary of Rs.25000/- and above.
• Maximum age limit is 60 years at the end of the loan tenure.
• Number of years in the present Job should not be less than 3 years.
• Individuals who have a good credit history.
   

Check Now For Personal Loan Eligibility

Documents Required for Federal Bank Personal Loan

The following is the indicative list of documents for all applicants who are applying for a personal loan from Federal Bank.

KYC documents	Income Documents
Proof of Identity- Passport or Voters ID card or Driving’s License, or PAN Card Proof of Address- Ration card/Electricity Bill/ Lease agreement/ Passport. PAN Card Copy 2 copies of the latest passport-size photo of the applicant	Latest salary certificate or Last 3 month’s salary slips are required Form 16 or Income Tax Returns( for the last 2 previous years) Last 6 month’s present salary account statement Duly signed loan application form is acceptable

Federal Bank Personal Loan Interest Rate, Fees, and Other Charges

Following are the details of federal bank maximum and minimum interest rates, fees, and other charges applicable to avail personal loan.

Maximum Interest Rate	10.49% per annum
Minimum Interest Rate	17.99% per annum
Processing Fees	Up to 3% of the loan value
Prepayment/ Foreclosure charges	Floating rate scheme- NIL Fixed rate scheme (Byom loans included)- 3%
Late Payment Charges/Penalty	2% p.m.
Swapping charges from fixed to floating or vice-versa	0.25% of the outstanding balance amount or drawing power, whichever is higher
Charges for CIBIL	NIL
CERSAI charges	NIL

Illustration- Aaradhya avails a personal loan for Rs.20 Lakhs, the interest rate is 10.49% and the repayment period is 48 months. Calculate EMIs, total interest payable, and the total amount.

• Monthly EMIs of Rs.51197.10, the total interest payable will be Rs.457460.86 and the total amount repayable in 4 years will be Rs.24,57,461 (principal + interest).

Comparison of Federal Bank with Other Banks

Compare the below Federal bank with other lenders.

Banks Name	Maximum Loan Amount	Interest Rates (p.a.)	Processing Fees on loan amount + GST
Federal Bank	Up to 25,00,000	10.49%-17.99%	Up to 3.5%
HDFC Bank	Up to 40 Lakhs	10.50%-21%	Up to 2.5%
ICICI Bank	Up to 50 Lakhs	10.75%-19%	Up to 2.50% of loan value
Axis Bank	Up to 40 Lakhs	10.25%-21%	1.5% to 2%
IDFC First Bank	Up to 1 Crore	Starts at 10.75%	Up to 3.5% of loan value
IndusInd Bank	Up to 50 Lakhs	10.49%-29.5%	Up to 3% of the principal loan amount

 

Additional Reading : What is the Lowest Personal Loan Interest Rate in India?

Federal Bank Ratings & Review

• Rating given by the customers for the federal bank app is average on google playstore, limited users download their app. Customers are facing quite a difficulty in managing app.

Google Playstore Rating	4.4*
App Downloads	50 Lakhs+
Review by No. of Users	95,176
Content rating	3+
App Size	82 MB

Pros and Cons of Federal Bank Personal Loan

As per the review of the applicants you need to check below the pros and cons of availing of a loan from Federal Bank.

PROS	CONS
Less paperwork is involved	Product is not widely available
Loan processing is faster	Delay in service
Satisfactory product	Comparatively higher interest rate
The large loan amount and long loan tenure

 

Additional Reading: Review of HDFC Bank Personal Loan

FAQs for Federal Bank Personal Loan

1. What repayment methods can be used to repay a Federal bank personal loan?

Standing instruction registration at your near branch, internet banking, and automated payment through ECS or mobile banking.

2. What is the purpose of the FedPremia Personal Loan?

It is a regular personal loan scheme offered by Federal Bank for meeting the personal requirements of salaried individuals having a minimum salary of Rs.25,000 per month.

3. What is the turnaround time for the disbursement of a Federal Bank personal loan?

The Federal Bank has not specified the turnaround time for personal loan applications. But, most lenders take 2 to 7 working days for personal loan disbursal.

4. Does Federal Bank offer pre-approved personal loan offers to their customers?

No, Federal Bank does not offer any pre-approved offers for instant personal loans.

5. Can borrowers foreclose their existing federal bank personal loan?

Yes, the borrowers can prepay their personal loan with prepayment charges of 3% of the outstanding principal amount.

6. What is the minimum CIBIL score required to avail personal loan from Federal Bank?

Federal Bank has not mentioned the minimum credit score required to avail of a personal loan. But, a credit score of 750 and above increases the possibility of availing personal loan at reasonable interest rates.

7. Federal bank offers a fixed or floating rate of interest for a personal loan?

The Federal bank only offers fixed interest rates for a personal loan.

8. What is the Federal Bank customer care number?

• You can dial the pan India toll-free number 1800 - 425 - 1199 or 1800 - 420 - 1199 to avail of the contact center services. Assisting executive will be available 24 x 7 to help you.
• Email id for general queries- contact@federalbank.co.in
• Email for internet banking- fednetinfo@federalbank.co.in
   

Conclusion- Federal bank offers FedPremia personal loans up to Rs25 lakhs for the tenure of 4 years to salaried individuals whose monthly income is 25000 or above. Their interest rates start at 10.49% per annum. It is recommended to make complete research with different lenders to make a decision.

An average number of customers avail of loans from them because their products are not widely available. But customers are satisfied with the product but facing some difficulty in service delivery.