Federal Bank Personal Loan Eligibility Criteria 2022

FedPremia, Federal Easy Cash, Federal Shubh Yatra Loan, and Federal Bon Voyage Loan are four forms of personal loans offered by Federal Bank to meet the various personal needs of different individuals. These loans, which have disbursals of up to Rs. 25 lakhs, ensure that emergencies such as a medical problem, wedding, holiday, home renovation, debt consolidation, and so on are managed without delay.

The Federal Bank Personal Loan eligibility requirements vary slightly depending on the form of personal loan chosen. The following are important details:

1. For a FedPremia personal loan 

• You must be a salaried employee.
• A minimum monthly income of Rs. 25,000 is needed.
• When your term expires, you should be no older than 60 years old.
• You should have been with your new company for at least three years.

2. For a Fed-E-Credit personal loan 

• You must be a citizen, a non-resident, or a PIO (Person of Indian Origin).

3. For a Federal Bank Shubh Yatra Loan (For Travelling)

• You must be a local resident.
• You must be a salaried employee with a monthly base salary of at least Rs. 2000.
• You must provide Federal Bank with adequate protection.

4. For a Bon Voyage Loan from the Federal Bank (For Relocating to Abroad for Work)

• You must be an Indian national.
• A letter of appointment from a reputable overseas institution or a recruitment agent is required.

• Keep your credit score up to date: Your personal loan eligibility can be influenced by your credit score, which is based on your past repayments. If you have a good credit score, you have a better chance of getting a personal loan. To maintain a strong credit score and increase your chances of Federal Bank personal loan eligibility, make sure you have a good repayment track record and pay your credit card bills/loan EMIs on time.
• Clean up your accumulated credit card and loan debts: Personal loan eligibility is also influenced by the debt-to-income ratio. As a result, if you want to keep your debt-to-income ratio below 60%, you can pay off any of your current loans and credit card bills before applying for a new loan. If your monthly loan EMI and credit card payment are both poor, the lender would be more confident in giving you a loan.
• Applying for several loans at the same time is not a good idea: When you apply for a personal loan with a lender, your credit report records a "hard inquiry," and applying for several loans at once will result in several "hard inquiries." These inquiries will lower your credit score and make you appear to be a credit-hungry borrower, making it more difficult for you to get personal loans in the future.