Description

Being the prominent bank of India, the Federal Bank offers several kinds of financial products such as banking, investment, loans and more. Those who like to take personal loans for personal reasons can avail up to Rs 25 lakhs from Federal Bank. 

Features and Benefits of the Federal Bank Personal Loan

  • Higher loan amount:- The maximum loan amount one can get from the Federal Bank can go up to Rs 25 lakh. However, the loan amount can differ as the bank provides various kinds of personal loans.
  • Flexible repayment tenure:- To some personal loan schemes, the tenure could be 72 years. Hence, a borrower can plan his repayment as per his convenience.
  • Fast processing:- With a speedier application process, the Federal Bank ensures that you get instant approval on a loan application and quick loan disbursal.
  • Minimal paper-work:- Since there is a smaller number of documents required to apply for a personal loan, you save a lot of your valuable time when you apply for a Federal Bank personal loan.

Types of Federal Bank Personal Loans

FedPremia Personal Loan

FedPremia personal loan is a good option for salaried individuals. Under this scheme an individual can avail up to Rs 25 lakh for a repayment tenure up to 48 months.

FedPremia Personal Loan Interest Rate

Interest rate

Minimum 11.49%

Maximum 14.49%

FedPremia Personal Loan Eligibility Criteria

  • The applicant should be a salaried individual
  • The minimum salary to avail this loan is be Rs. 25,000.
  • The maximum age of the applicant should not be over 60 years at the end of loan tenure.
  • The individual should be working for at least 3 years at the same organization.

FedPremia Personal Loan Documents Required

  • Voter ID Card/Passport/PAN Card/Driving License
  • Electricity Bill/Ration Card/ Lease Agreement
  • Latest salary certificate/Last 3 months’ salary slip/Form 16/ITR(last 2 years)
  • Last 6 months bank statement
  • Signed loan application form
  • 2 passport size photographs

Federal Easy Cash Personal Loan

Under this personal loan scheme, the loan is given against LIC policy, Bank deposits, KVP, NSC, Government & RBI cumulative bonds, etc. This personal loan is good to meet urgent fund requirements.

Federal Easy Cash Personal Loan Interest Rate

Interest rate 

Minimum 12.75%

Maximum 13%

Federal Easy Cash Personal Loan Eligibility Criteria

  • Individuals, trusts, firms, and companies can avail this personal loan.

Federal Easy Cash Personal Loan Documents Required

  • Identity proofs (Passport/ Voters Id card/ Driving License/ PAN Card)
  • Address Proof (Ration card/ Electricity bill/ Lease agreement/ Passport/ Trade license/Sales Tax certificate)
  • Passport size photographs

Federal Shubh Yatra Loan (For Travelling)

This tailor-made personal loan is made for wanderers. If you have exhausted from your mind-numbing daily routine, then you should definitely try this loan to achieve your travel goals. Under this form of personal loan, an applicant can borrow up to Rs 3 lakh.

Federal Shubh Yatra Loan (For Travelling)–Interest Rate and Fees

Interest rate

Bank decides the interest rate on several factors

Processing Fees

0.5% or maximum Rs 500

Late payment fee

2% on the overdue amount per month

Federal Shubh Yatra Loan (For Travelling) Eligibility Criteria

  • The applicant must be a resident individual with sufficient income.
  • The applicant should be a salaried individual with a basic pay of Rs 2,000.

Federal Shubh Yatra Loan (For Travelling) Documents Required

  • Address proof (Ration card/ Utility bill/Lease agreement/Passport/Trade license).
  • Identity Proof (Passport/ Voter ID card/ Driving License/ PAN Card)
  • Passport size photographs.

Federal Bon Voyage Loan (For Moving Abroad for Work)

If you want to settle abroad to work, then you can avail Federal Bon Voyage Loan. This loan covers all the initial expenditure for the people who go abroad for work. By availing this loan, you can take up to Rs 5 lakh. The expenses covered under this loan are:

  • One-way air fare
  • Incidental charges to get passport
  • Visa endorsement
  • Expense incurred for getting medical fitness certificates and other related expenses
  • Emigration charges with government
  • Amount to be paid for the sponsoring agency
  • Dress expenses
  • Other expenses

Federal Bon Voyage Loan (For Moving Abroad for Work) Interest Rate and Fees

Interest Rate

Based on the lenders offering

Processing fee

0.5% 

Late payment fee

2% of the overdue amount per month

Federal Bon Voyage Loan (For Moving Abroad for Work) Eligibility Criteria

  • Any applicant having a letter of appointment from the overseas institution or organization can apply for this loan.
  • The person having other nationalities’ passport can’t apply for this loan.

Federal Bon Voyage Loan (For Moving Abroad for Work) Documents Required

  • Address proof (Ration card/ Utility bill/Lease agreement/Passport/Trade license).
  • Identity Proof (Passport/ Voter ID card/ Driving License/ PAN Card)
  • Passport size photographs.
  • Proof of educational qualifications–Marksheets/Certificates, etc.
  • Passport copy
  • Visa copy
  • Copy of appointment letter/offer letter from employer

Federal Bank Personal Loan Eligibility Calculator

You can calculate your EMIs with the help of EMI calculator. After entering the required information, the EMI calculator shows the amount of future EMIs, total interest rate, and total amount without even applying for the loan. This tool is free and simple tool which helps you to plan your repayment conveniently.

Comparison of Federal Bank Personal Loan with Other Lenders

Particulars

Federal Bank

HDFC Bank

Citi Bank

ICICI Bank

Bajaj Finserv

Interest rate

Starting from 11.49% p.a.

11.25% to 21.50%

Starting from 10.99%

11.50% to 19.25%

Starting from 12.99%

Processing fee

Up to 0.50% of the loan amount

Up to 2.50% of the loan amount

Up to 3% of the loan amount

Up to 2,25% of the loan amount

Up to 3.99% of the loan amount

Loan amount

Up to Rs 25 lakh

Up to Rs 40 lakh

Up to Rs 30 lakh

Up to Rs 20 lakh

Up to Rs 25 lakh

Tenure

Up to 72 months

12 to 60 months 

12 to 60 months

12 to 60 months

12 to 60 months


Why Choose Federal Bank Personal Loan at Afinoz?

  • Simple online process
  • Helps you find best lenders after comparing multiple lenders
  • You can get guaranteed cashback up to Rs 5,000.
  • All the services are free for its users
  • Complete security

Federal Bank Customer Care Helpline

For any enquiry related to personal loans can be solved by reaching the customer care of the Federal Bank.

  • 1800 420 1199
  • 1800 420 1199

FAQs

Q1What are the documents required to apply for Federal Bank personal loan?
You just need to submit your KYC documents like address proof, identity proof, and income proof along with recent passport size photographs. This is all you need to apply for Federal Bank personal loans.
Q2Can I check my eligibility before applying for the loan?
By using the eligibility calculator, you can check your eligibility for a personal loan. You can use Afinoz eligibility calculator to check your eligibility.
Q3Can I submit my documents online to get a personal loan from Federal Bank?
You can submit your documents online by clicking and uploading them on the official website.
Q4If my personal loan gets rejected, then what could be the possible reason for it?
There are several reasons that play a crucial role in loan rejection. Make sure you contact the lender and ask for the reason.