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Federal Personal Loan Eligibility Calculator

Federal Bank Personal Loan Eligibility 2022

Last Updated 20th May 2022

Eligibility CriteriaSalaried
Employment Type Salaried employees working in government, private or MNCs companies
Applicant Age21 - 55 years
  • Federal Bank calculates the amount of personal loan you are eligible based on your net take-home salary and your existing loans or EMIs.
  • Factors such as age, salary, occupation and organisation also determine your Federal Bank personal loan eligibility.
  • Having a high credit score and better financial stability ensures you can get the maximum personal loan amount.
  • Use Federal Bank Personal Loan Eligibility Calculator to calculate the maximum loan that you are eligible for.
Personal Loan Eligibility Calculator
Federal Bank Personal Loan Eligibility

Federal Bank offers multiple personal loan schemes at affordable rates to customers who fulfil the eligibility criteria for Federal Bank personal loans. Federal Bank Personal loan eligibility is based on factors like age, salary, occupation and cibil score. You can avail personal loan from Federal Bank if you are salaried or self-employed. The eligibility criteria, however, may vary for both salaried and self-employed. Detailed information about these factors is mentioned in the further sections.

Federal Bank Personal Loan Eligibility based on Age
  • Age: The minimum and the maximum age requirement for availing an Federal Bank personal loan is 21 years 55 years respectively.
Federal Bank Personal Loan Eligibility based on Salary
  • Net Income Your eligibility is also determined by your net monthly income. To avail Federal Bank personal loan you need to have a minimum net income of ₹ 50,000 per month.
  • FOIR FOIR (Fixed Obligation to Income Ratio) is an important parameter to determine your Federal Bank personal loan eligibility. Federal Bank takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. The minimum FOIR required to get a personal loan from Federal Bank is 0.45.

Illustration- Mr A who is 25 years old has a net income of ₹ 50,000. He wants to take a personal loan of ₹ 1 Lakh for 48 months. Federal Bank allows a maximum FOIR of 0.45.

Based on the information provided by the applicant the maximum amount he is eligible for is ₹ 8.79 Lakh.

Federal Bank Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: When checking eligibility for a personal loan, Federal Bank will check your complete Credit report, including all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances for loan approval. Your loan application from Federal Bank requires a minimum credit score of 650 to be eligible for a personal loan.

Federal Bank Personal Loan Eligibility based on Occupation

There are other factors related to occupation responsible for the approval of the loan by Federal Bank, as listed below:

  • Job stability and profession - Job stability is important to improve your eligibility to get a personal loan from Federal Bank. Your total and current work experience are assessed to evaluate your job stability and profession. Federal Bank looks for a minimum total experience of 0 months and also looks for applicants who have been employed in the current job for a minimum of 36 months.
  • Residence place and stability – Federal Bank has a pre-decided list of areas where the bank will lend the loan. Federal Bank also gauges your residential stability by checking on the number of years you have been staying in your current residence. If you are staying in your own residence, it improves your chance of getting a loan from Federal Bank. The minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – Federal Bank has a negative list of professions and types of industry, defined as a customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depend on the profession and industry you are employed in.
  • Salary Mode – Federal Bank considers salary transferred to the bank account as a secure and stable income with adequate income proofs. It is because the bank needs concrete evidence of your salary to support your loan amount.

How to Check Personal Loan Eligibility in Federal Bank?

To check Federal Bank personal loan eligibility you need to follow these steps:

  • Login to Federal Bank website
  • Go to Federal Bank personal loan
  • Now, check the eligibility criteria using the Personal Loan Eligibility Calculator. For this fill the required details such as Name, loan requirements, salary, age, etc.

You can also check Federal Bank personal loan eligibility offline by sending a SMS to Federal Bank. Send PAPL to 567676 to check your eligibility

In addition to this, you can also contact the bank at their customer care number, 1800-425-1199/ 1800-420-1199.

Federal Bank Personal Loan Eligibility for Self Employed

If you are a self-employed professional, you need to fulfil the following Federal Bank personal loan eligibility criteria

  • Must be an Indian citizen with a professional degree holder like CA, CS, Doctor, Architect etc with degree registration.
  • You must be a minimum of 21 years at the time of loan application.
  • You must have filed ITR for atleast months to get a personal loan from Federal Bank.
  • You must have a gross annual of more than .
  • Your credit score must be above 650 to get an Federal personal loan.

Check Personal Loan Eligibility of Different Banks

FAQs

Am I eligible for Federal Bank personal loan if my CIBIL score is less than 300?

It is unlikely that you will be able to avail Federal Bank personal loan if your CIBIL score is less than 300. A credit score of less than 300 then it is considered a bad score and to avail of a personal loan from Federal Bank, you must have a credit score above 650.

How much work experience is required for a personal loan from Federal Bank?

To get a personal loan from Federal Bank, you must be an earning individual working in a central/state government, private company or MNC.You must have a minimum work experience of 36 months for an Federal Bank personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount you can get as a personal loan from Federal Bank is up to ₹ 10 Lakh.However, the eligibility criteria for every borrower is different and is based on various factors like age, employment etc.

Will CIBIL Score affect my personal loan from Federal Bank?

Yes, CIBIL Score does have an impact on your personal loan. A good score indicates a good repayment record and hence most banks avoid giving loans if you have a low credit score. The minimum CIBIL score for a personal loan is 650 and above.

Does adding a co-applicant increase personal loan eligibility?

Yes, adding a co-applicant increases your eligibility for an Federal Bank personal loan as it increases your repayment capacity. While availing loan from Federal Bank ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

Do I need to have a guarantor to apply for a personal Loan from Federal Bank?

A personal loan is an unsecured loan, so Federal Bank assures that the amount gets repaid on time. However, if your credit score is good and there is no default in your past repayment history, you do not need a guarantor to get a loan from Federal Bank.

Where can I get the company list which is eligible for Federal Bank personal loan?

Federal Bank does not prefer lending personal loans to companies identified under customer or industry segments. For details you can contact Federal Bank or can use the personal loan eligibility calculator.

What is Pre-approved personal loans (PAPL) in Federal Bank?

I pre-approved personal loan is an instant personal loan that Federal Bank offers to the existing customers of Federal Bank with a good repayment history and CIBIL score.

How much personal loan can I get if my salary is 35000?

Federal Bank personal loan amount eligibility depends on FOIR and multiplier. The lower amongst these two factors are considered as the eligible loan amount. Federal Bank FOIR is 0.45, and the multiplier is 15 assuming you do not have any EMI going on. Thus, the maximum amount you can pay as EMI is ₹ 35,000* Multiplier = ₹ 15,750. If you take a personal loan for a maximum of 5 years, your loan amount will be ₹ 15,750*12*5 = ₹ 9,45,000. However, the multiplier is 15 the loan amount will be ₹ 35,000* 15 = ₹ 5,25,000. Therefore, the amount you will get on a ₹ 35,000 salary is ₹ 5,25,000.

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Federal Personal Loan News - May 2022
  • 2022-04-05 : Federal Bank Reports Growth in Total deposits by 5.3%
    The total deposits of Federal Bank have grown by 5.3% year-on-year to Rs 1,81,712 crore as of March 31. In addition, the gross advances also grew to Rs 1,47,644 crore from Rs 1,34,877 crore.
  • 2021-01-06 : Federal Bank’s gross advances rise 6% YoY in Q3
    Federal Bank reported a 12% increase in total deposits which includes fixed and recurring deposits for the third quarter of the fiscal. Further the bank reported an increase of 6% rise in gross advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans. CASA ratio stood at 34.48% at the end of December 31, 2020, from 33.38% as on September 30, 2020.
  • 2020-07-16 : Federal Bank Q1 net profit up 4.3%
    Federal Bank net profit backed by retail loans like home, personal, gold, car and two-wheeler along with business and mudra loans rose by 4.3% to Rs 400.77 crore in Q1 June 2020 over Q1 June 2019. Further, The Bank total deposits which include fixed and recurring deposits reached Rs 1,54,937.74 crore in Q1 June 2020, registering a 16.9% growth from Q1 June 2019.
  • 2020-05-29 : Federal Bank reported a Q4 net profit of Rs. 301.23 crores
    Federal Bank reported a 21.04% fall in its profits to Rs. 301.23 crores in the fourth quarter of 2019-20 with a sharp rise in provisions. Its net profit was ₹381.51 crores in the same period a year ago. Further, For the quarter ended March 31, 2020, the bank reported a 19.27% increase in total income to ₹4,107.95 crores from ₹3,444.04 crores a year ago backed by retail loans like home and personal loans along with business, car and mudra loans.
  • 2019-05-24 : Federal Bank launches BYOM service to assist personal loan customers
    Federal Bank has recently launched a new service, ‘Be Your Own Master’ (BYOM) which aims to help its current personal loan customers. Using this service, customers can avail a pre-approved personal loan in a single-click based on their eligibility.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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