Check Your Eligibility
To know how much loan you can get
Last Year ITR
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.
➤ Federal Bank Personal Loan Eligibility Criteria
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.
➤ Tips that Help to Increase your Chances of Getting a Personal Loan from a Federal Bank
- 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.
Ques. How much does a Federal Bank Personal Loan cost?
Federal Bank Personal Loan interest rates start at 10.49 percent per annum.
Ques. What costs are covered by the Bon Voyage Loan from Federal Bank?
The following costs are covered by the Federal Bon Voyage Loan: 1. Airfare for a one-way trip abroad (if it is to be met by the borrower) 2. Approval of a Visa 3. Fees for obtaining a passport and the expense of travel in India 4. Amount due to the sponsoring organization 5. Expenses for obtaining a medical health certificate, as well as other associated costs 6. Basic travel quota that is permissible 7. Deposit with the government for emigration 8. Such miscellaneous out-of-town costs
Ques. What are my options for repaying my Federal Bank Personal Loan?
Federal Bank Personal Loan can be repaid in the following ways: 1. At your branch, you can register for standing instructions. 2. FedNet Internet Banking is a service provided by FedNet. 3. ECS (Electronic Clearing House) Automated Payment (Electronic Clearing Service)
Ques. Is it possible to pay off a Federal Bank Personal Loan early?
Yes, you can prepay or close your Federal Bank personal loan by paying the remaining loan principal plus any prepayment penalties. Prepayment penalties will range from 1% to 3% of the principal sum prepaid.
Ques. I am an independent contractor. Is it possible for me to apply for a Federal Bank Personal Loan?
No, only salaried persons are eligible for a Federal Bank Personal Loan. As long as the relevant eligibility requirements are met, self-employed people may apply for a variety of business loans.
Ques. How do I contact Federal Bank's customer service department?
You can reach us at 1800-425-1199 or 1800-420-1199, all of which are toll-free numbers. 1. NRIs should call 080-61991199 for assistance. 2. Contact@federalbank.co.in is the email address to use.
Ques. What should I do to raise the amount of my Federal Bank Personal Loan?
If you are eligible for the new loan amount and have a strong repayment history on your current loan, Federal Bank will encourage you to top up your personal loan.
Ques. Does the Federal Bank Personal Loan come with a processing fee?
Yes, a processing fee of up to 2.5 percent per year of the loan sum approved + applicable GST is charged.
Ques. How much money will I borrow with a Federal Bank Personal Loan?
Federal Bank Personal Loans have a maximum loan amount of Rs.10 lakhs.
Ques. What is the fastest way to get a Federal Bank Personal Loan?
It's a good idea to verify Federal Bank Personal Loan eligibility before applying for a personal loan. All of the details are available on the Federal Bank and Afinoz’s website.