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Federal Personal Loan Eligibility

Federal Bank Personal Loan Eligibility Calculator India

Last Updated 18th Feb 2021

Eligibility CriteriaSalaried
ProfessionSalaried persons working in government, private or MNCs companies
Applicant Age21 - 55 years
Minimum Eligible Income ₹ 50,000 per month
Maximum Eligible Loan15x of monthly income
Maximum Loan Amount Eligibility ₹ 10 Lakh
Interest Rate 11.49% - 17.99%
Personal Loan Eligibility Calculator
*Insurance Details
Federal Bank Personal Loan Eligibility based on Age
  • Age: There is an age criteria for the approval of personal loan. The minimum age requirement for availing a personal loan is 21 years and maximum age is 55 years. Federal Bank offers personal loans for a maximum period of 48 months.
Federal Bank Personal Loan Eligibility based on Income and FOIR
  • Net Income : Your net income required to avail a personal loan is ₹ 50,000 per month. Your eligibility is determined by your income (Net take home salary). Your capability of paying EMI’s is judged on the basis of income earned as your loan EMI’s are not affecting your living standards.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that Federal Bank uses to find out 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. Calculate and compare your eligibility with Federal Bank personal loan calculator and apply online for the eligible loan amount hassle free.
  • Co-applicant : Adding a co-applicant increases your eligibility for a personal loan as it increases your repayment capacity. Ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

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, bank will calculate his eligibility using eligibility calculator. With a salary of ₹ 50,000, the maximum amount for which he is eligible is ₹ 8.63 Lakh. The interest he has to pay for this amount for 48 months is 11.49%.

Federal Bank Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers get captured in your CIBIL score. CIBIL score is the most important factor to define your eligibility to get a personal loan. When checking eligibility for a personal loan, Federal Bank will check the complete Credit report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application from Federal Bank will get approved. However, 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.

There are a few factors which affect your credit score -

  • Late payments on past loans – Any delay in payments on your existing or past loans can negatively affect your CIBIL score and it may also reduce your chances of getting a personal loan from Federal Bank.
  • High number of unsecured loans – Always maintain a balance between secured and unsecured loans. Higher proportion of unsecured loans in your total borrowings can negatively impact your credit score.
  • Usage of credit limit – Your credit card bills and usage of credit limit determine your credit behaviour. Frequent withdrawals and spending more than your credit card limit can be seen as a sign of potential financial stress, credit indiscipline and hence, may pull down your credit score.
  • Multiple loan applications – If you apply for a personal loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Federal Bank, improve your credit worthiness to get a good score and your loan application to get approved.

Federal Bank Personal Loan Eligibility based on other factors

There are other factors also which are responsible for the approval of the loan by Federal Bank. Check to understand the importance of the following factors -

  • 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 the residence of the borrower. There are few areas which are considered negative by the bank. Federal Bank has a pre decided list of area where the bank will lend the loan. The bank also has a negative list 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 – Most of the banks consider 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 then bank will not give you the loan because 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.

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FAQs

What are the eligibility criteria to avail Federal Bankloan?

The minimum age of the applicant required to get a personal loan from Federal Bank is 21 years. The maximum age for salaried employees can go up to 55 years.

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.

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

The applicant must have at least work experience of 36 months in avail the benefit of 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.

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.

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

Personal loan is an unsecured loan, so a bank may ask for a guarantor. 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 .

What is the minimum loan amount from Federal Bank for pensioners?

Pensioners can apply for a minimum loan amount of ₹ 25,000 from Federal Bank.


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Federal Personal Loan News - Mar 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 subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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