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Federal Personal Loan

Online Federal Bank Personal Loans

Last Updated 23rd Nov 2021

  • Federal Bank Personal Loan interest rate starts from 10.49%. Check Best Offers
  • The processing fee charged on Federal personal loan is 0.5%, Min Rs. 500.
  • Federal also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your Federal personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • Federal has special schemes for different income and occupation groups.
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Federal Personal Loan Details

  • Interest Rate on Federal personal loan ranges from 10.49% to 17.99%.
  • Lowest EMI per lakh works out to be ₹ 2,560 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by Federal are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 21 to 55 years.
  • Loan amount can range from ₹ 50,000 to ₹ 10 Lakh
  • Federal Personal Loan can be availed for a period of 12 months and can go up to 48 months.
  • Processing Fees charged by Federal on personal loan is 0.5%, Min Rs. 500
  • Federal Bank allows personal loan foreclosure and part prepayment at Nil prepayment charges.

How to Get the Best Offer on Federal Personal Loan?

There are various factors that impact your chances to get the best offers on Federal Personal Loan, as listed follows:

  • Loan Amount - Federal Bank offers loans between ₹ 50,000 and ₹ 10 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - Federal Bank offers personal loan to all customers with a net take home monthly salary of more than ₹ 50,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - Federal Bank has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for Federal personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - Federal Bank offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 10.49%
  • Credit Score - Federal Bank checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

Federal Personal Loan Documents

You require the following documents to avail personal loan from Federal

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and Liceincreasnse, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

How to Apply for Federal Personal Loan?

The step-by-step procedure to get a personal loan online from Federal Bank is mentioned below:

  • Visit the official website of Federal Or contact your nearest Federal Bank branch.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, Federal Bank will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by Federal Bank, and on successful approval of the loan, the funds will be disbursed to your Federal Bank account immediately.

You can also apply for Federal Bank personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest Federal Bank branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The Federal Bank representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your Federal Bank Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan Federal
Maximum Annual Percentage Rate (APR) 10.62% to 18.12%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 12 Months to 48 Months
  • Federal Bank Personal Loan Interest Rate: 10.49% to 17.99%
  • Processing Fee payable to: Upto ₹ 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,560 for 48 Months ₹ 1,00,000 loan at 10.49% (lowest rate, longest time period) to ₹ 9,168 for 12 Months ₹ 1,00,000 loan at 17.99% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 10.62% to 18.12%
  • Total cost payable over loan tenure: ₹ 1,06,273 for 12 Months loan to ₹ 1,23,373 for 48 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will the Federal Bank take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

Why should I take a personal loan from Federal Bank ?

Below-mentioned is the reason why you must avail a personal loan from Federal Bank.(1) Competitive interest rates (2) Quick and easy processing (3) Multiple repayment options

How much interest is charged by Federal Bank on personal loan?

Personal loan interest rates in Federal Bank are 10.49% to 17.99%. Federal Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

What is the lowest EMI per lakh on personal loan from Federal Bank ?

If you apply for loan from Federal Bank, your lowest Personal Loan EMI per lakh will be ₹ 2,560 which corresponds to lowest interest rate of 10.49% and longest tenure of 48 years.

What is the minimum and maximum tenure of personal loan in Federal Bank?

Federal Bank personal loan has a minimum tenure of 12 months to maximum 48 months.

How much personal loan amount I can borrow from Federal Bank?

Federal Bank offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 10 Lakh

Can I add my spouse's income while applying for personal loan from Federal Bank?

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from Federal . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get Federal Bank personal loan?

You can get a personal loan from Federal Bank by directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with Federal’s application process.

How can I check my Federal Bank personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from Federal Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at Federal Bank's website. In case you are unable to track your application online, you can get Federal Bank loan assistance at Federal Bank loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a Federal Bank personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from Federal Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from Federal Bank?

No, Federal Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my Federal Bank personal loan after 1 year?

You can close your personal loan from Federal Bank after 0 months by paying charges: Nil prepayment charges

Can I negotiate with Federal Bank on the personal loan interest rate?

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

How to pay your Federal Bank personal loan EMI?

You can pay your Federal Bank personal loan EMI by using ECS facility or through Standing Instruction.Federal Bank also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.

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Federal Personal Loan News - Dec 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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