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Federal Personal Loan Eligibility Calculator

Federal Bank Personal Loan Eligibility 2021

Last Updated 25th Jun 2021

Eligibility CriteriaSalaried
Profession that are eligible for Federal Bank Personal LoanSalaried people working in government, private or MNCs companies
Applicant Age21 - 55 years
  • High credit score and better financial stability lead to high personal loan eligibility from Federal Bank.
  • Federal Bank requires you to meet certain eligibility factors related to age, number of years of work experience and type of residence you live in to be able to get a personal loan.
  • Federal Bank calculates the amount of personal loan you are eligible for using a formula that includes your net take home salary and your existing loans or EMIs you have to pay currently.
Personal Loan Eligibility Calculator
Federal Bank Personal Loan Eligibility

Federal Bank offers various personal loan schemes and offers, at affordable rates to eligible customers. Federal Bank Personal loan eligibility is based on factors like age, salary, occupation and cibil score. You can avail personal loan from Federal Bank, even if you are salaried or self-employed. The eligibility criteria, however may be slight different for self employed. A detail information on these factors is mentioned in the further sections.

Federal Bank Personal Loan Eligibility based on Age
  • Age: The minimum age requirement for availing a Federal Bank personal loan is 21 years and the maximum age is 55 years.If you are aged below 21 years, you are considered as ineligble borrower as you might not fulfil the income criteria for the loan.
Federal Bank Personal Loan Eligibility based on Salary
  • Net Income : Your eligibility is determined by your net monthly income to understand so that your loan EMI’s are not affecting your living standards. Federal Bank asks for a minimum net income of ₹ 50,000 per month to avail a personal loan.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that is used 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. Minimum FOIR required to be eligible for personal loan from Federal Bank is 0.45. Use Federal Bank personal loan eligibility calculator to estimate your eligibility and apply online for the eligible loan amount hassle-free.

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, Federal Bank will calculate his eligibility using the eligibility calculator. With a salary of ₹ 50,000, the maximum amount he is eligible for is ₹ 8.79 Lakh. The interest he has to pay for this amount for 48 months is 10.49%.

Federal Bank Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: When checking eligibility for a personal loan, Federal Bank will check the your complete Credit report, including all past running loans and your payment track record on loans and credit cards. Higher credit score increases your the chances that your loan application from Federal Bank will get approved. However, a low CIBIL score decreases your eligibility to get a personal loan. 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 you occupation which are 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 work experience 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 – Banks are very particular about your place of residence. Federal Bank has a pre-decided list of areas where the bank will lend the loan. The bank also has a negative list of area of locations in which it will not lend depending on the past credit behavior of borrowers from such localities. Federal Bank also gauges your residential stability by checking on the number of years since when 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. Minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – Federal Bank has a negative list of professions and type of industry, defined as customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depends on your 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. If you are earning well but getting salary through cash or cheque,the bank will not give you the loan because the bank needs concrete evidence of your salary to support your loan amount. So, salary transfer mode of payment is preferred by Federal Bank if you apply for a personal loan.

How can I Check my Federal Bank Personal Loan Eligibility?

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.

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

Federal Bank personal loan eligibility criteria for self employed is as follows:-

  • You must be an Indian citizen with a professional degree holder like CA, CS, Doctor, Architect etc with degree registration.
  • You must be 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 reciept of more than .
  • Federal Bank checks your credit history to estimate your creditworthiness and your credit score must be above 650 to get a Federal personal loan.

Other Loan Calculators

FAQs

What are the eligibility criteria to avail Federal Bank personal loan?

The minimum age of the applicant required to get a personal loan from Federal Bank is 21 year as the chances of meeting income eligibility criteria are very less below this age. The maximum age for salaried employees can go up to 55 years.

Is age an eligibility criteria to apply for a Federal Bank personal loan?

Yes, age is an eligibility criteria to apply for a Federal Bank personal loan. You should be of minimum 21 years to avail a loan from Federal Bank.

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. If you have a credit score less than 300 then it is considered bad and to avail a personal loan from Federal Bank, you must have a credit score above 650.

How can I improve my eligibility for Federal Bank personal loan?

To improve your Federal Bank personal loan eligibility you can add a co-applicant, maintain a high credit score, pay EMI’s and credit card bills on time and reduce your existing debts. These steps will help improve Federal Bank personal loan eligibility.

What should be my income to secure a personal loan from Federal Bank?

The minimum income for a salaried employee should be at least ₹ 50,000 per month to secure a personal loan from Federal Bank.However, the income criteria of Federal Bank may vary for metro cities, tier-1 or tier 2 locations.

How much work experience is required for 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 Federal Bank personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount an applicant can get under a personal loan from Federal Bank is up to ₹ 10 Lakh.However, the eligibility criteria for every borrower is different as it 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 personal loan is 650 and above.

Does adding a co-applicant increase personal loan eligibility?

Yes, adding a co-applicant increases your eligibility for a 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 Personal Loan from Federal Bank?

Personal loan is an unsecured loan, so Federal Bank assure that the amount gets repaid on time. However, if your credit score is good and there is no default in your past repayment history, then 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.


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Federal Personal Loan News - Jul 2021
  • 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.
  • 2017-03-03 : Federal Bank adds new features to its mobile banking application
    Kerala based Federal Bank has upgraded its mobile banking application with new features. Customers can now open term deposits, recurring deposits and tax saving deposits via mobile baking application. The update also includes the facility such as hotel and bus booking and digital payments for various utilities including insurance, mutual funds, donations etc. The updated features can be used by both resident and NRI customers of the bank.
*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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