Federal Bank Personal Loan - Up to ₹25 Lakh

Why should I choose a Personal Loan from Federal Bank?

There are a number of advantages of choosing the FedPremia personal loan by Federal Bank. These benefits can be summed up as follows:

1. Fast loan processing
2. Minimal paperwork
3. Loan amount of up to Rs.25 lakh
4. Interest rates starting at as low as 11.49% p.a.
5. Flexible loan repayment tenure of up to 60 months.

Federal Bank Personal Loan Fees and Charges

Documents Required to Apply for Federal Bank Personal Loan

The documents required for availing a FedPremia personal loan can be categorised under 2 heads -

KYC documents:

1. PAN Card
2. Proof of address such as rental agreement, recent utility bills, passport, etc.
3. Identity proof such as Voters ID card, PAN Card, passport, Driving License, etc.
4. 2 copies of recent passport-sized photograph of the applicant

Documents pertaining to income:

1. Salary slips for last 3 months or latest salary certificate
2. Income Tax Returns for the last 2 years or Form 16
3. Salary account statement for the last 6 months
4. Duly filled up and signed loan application form

Federal Bank Personal Loan Eligibility Criteria

Factors Affecting Federal Bank Personal Loan Interest Rates

There are various factors which affect interest rates offered on Federal bank personal loan as listed below.

1. Loan tenure: Interest rate offered by Federal bank depends upon the loan tenure chosen by customers. If the customer opts for a short loan tenure, the bank is most likely to charge a higher interest rate as compared to loans offered on longer tenures.
2. Relationship with Federal bank: If a customer has a good rapport with his or her bank, there is no trust deficit. Consequently, the bank will be in a position to reduce their interest rates offered to privileged customers. Also, a long-standing customer of a bank can negotiate a lower interest rate, provided he or she fulfills all the required eligibility criteria for availing of a personal loan.
3. Repayment capacity: The repayment capacity of a borrower is of seminal importance. Banks usually provide personal loans up to 10 times the monthly salary of a customer. Banks check the CIBIL score of an applicant to determine his repayment capacity.?Federal bank will offer attractive interest rates?to loan applicants with a regular income and a robust credit history,
4. Employment details: The employment history and profile of a customer plays a pivotal role in determining the interest rates offered by Federal bank. Salaried individuals working with high net worth companies may be offered lower interest rates as compared to those who are self-employed, who, typically, don't have a steady income.

How Do I Repay My Federal Bank Personal Loan?

You can repay your Federal Bank Personal Loan through Equated Monthly Instalments or EMIs. You can use one of the following methods to make the payment:

1. You can give a standing instruction to your bank.
2. You can use the Federal Bank internet banking system known as the FedNet.
3. You can use the Federal Bank mobile banking application known as the Fed Mobile.
4. You can opt for an automated payment option through Electronic Clearing Service or ECS.

Note: Federal bank can alter its Interest rates at its discretion.

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