Federal Personal Loan Interest Rate

Last Updated 13th Nov 2018

Federal Bank Personal Loan Interest Rate Nov 2018

Federal Personal Loan Interest Rates start from 11.49% with lowest rates for salaried borrowers working with reputed companies. Personal Loan rates for self employed are higher. Check Best Offers

Federal Personal Loan Details
Salaried
Lowest Interest Rate11.49%
Processing Fee0.5%, Min Rs. 500
Loan Tenure12 months to 48 months
Loan AmountRs. 50,000 to Rs. 10 Lakh
Part Prepayment Charges Allowed after 0 EMI's, Nil prepayment charges
Preclosure ChargesAllowed after 0 EMI's, Nil prepayment charges

Competitive interest rates

Apply for Personal Loan @ 10.75%*
Rs.
Rs.
+91

Federal Personal Loan

Federal Bank gives personal loan to borrowers who need funds to meet their urgent requirements. Benefits of taking personal loan from Federal Bank are:

  • Competitive interest rates
  • Quick and easy processing
  • Multiple repayment options
  • Federal Bank has been rated NAN/5.0 by customers for its service quality on MyLoanCare
  • Federal Bank has over 1,300 branches in India where you can avail service
  • Federal Bank offers special schemes and discounts for employees of large companies

Federal Bank Personal Loan Details

  • Purpose of Loan: Federal Bank personal loan can be used for any personal expenses which include travel, vacation, education, medical and other personal finance requirements. Bank does not allow speculative use of personal loans.
  • Key Features
    • Loan available for both salaried and self employed.
    • Borrowers within the age group of 21 and 55 years.
    • Loan amount of minimum Rs. 50,000 to Rs. 10 Lakh.
    • Loan Tenure 12 to 48 months.
    • Federal personal loan rate of interest is in the range of 11.49% to 14.49%.
    • Lowest EMI of Rs. 2,608 per lakh.
  • Processing Fees: 0.5%, Min Rs. 500.
  • Preclosure charges: Preclosure of Federal Bank personal loan is Allowed with Nil prepayment charges
  • Part payment charges: Allowed at Nil prepayment charges
  • Other Charges: Late EMI payment charges, EMI bounce charges, loan cancellation charges which are disclosed by the bank at the time of signing the loan agreement.
  • Special schemes: Federal Bank offers customised personal loan interest rates and schemes for special category of borrowers including borrowers working in reputed companies, banks or government employees etc. Some of the special personal loan schemes of Federal are:

Federal Personal Loan Top Up

Top up on personal loan is an additional loan that can be availed from your existing bank on your running loan or at the time of balance transfer of your loan to a new bank. You can get top up on personal loan from Federal Bank if you have a regular repayment track record on your existing personal loan. Top up loans are available at similar interest rates as that on your existing personal loan. Current interest rate on Federal personal loan top up starts at 11.49%.

Federal Personal Loan Interest Rate Calculator

You can get the best personal interest rates from Federal Bank subject to an assessment of your loan amount, salary, other obligation company you work with and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from Federal:

  • Loan Amount - This is the amount borrowed by a borrower from the bank. Generally banks offer lower interest rates for higher amount. Federal Bank offers loan between Rs. 50,000 and 10 Lakh.
  • Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. Interest rate of the bank varies with your net monthly income.
  • Employer Category - Federal Bank has an internal list of companies falling into categories that are ranked from high to low company categories based on company’s size, reputation and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low interest rate loans.
  • Relationship with the Bank - Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get the benefit of low Federal Bank loan interest rate.
  • Loan Tenure - Personal loans are of shorter tenure ranges from 12 months to 48 months as they are taken to meet their immediate requirements.
  • Repayment Capacity - Before giving loan to the borrower, Federal Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has the repayment track record of previous loans taken. CIBIL also captures information of credit card bills payment.

Federal Bank also offers loan to defence, armed forces and government employees. Personal loan interest rate for government employee and defence personnel varies from private salaried employees

Federal Personal Loan Charges

In addition to Federal Bank’s personal loan interest rate, you need to compare other charges on the bank’s personal loan before taking a decision to borrow from the bank include:

  • Part Payment Charges - Part Prepayment on Federal’s personal loans is Allowed after 0 Month at Nil prepayment charges
  • Preclosure Charges - These are to be paid in case you want to repay your entire loan amount before the end of tenure period. Federal Bank allows preclosure of personal loan after 0 EMI's at preclosure charges of Nil prepayment charges.
  • Processing Fee - Federal charges a processing fee of 0.5%, Min Rs. 500 of loan amount with applicable tax. The processing fees is non-refundable for most of the banks.
  • Other charges: Once your loan application is sanctions, Federal Bank will provide you a statement of other charges applicable on your personal loan account. Some of these charges are interest charged on late payment, EMI cheque bounce charges and loan cancellation charges, which are payable only if you delay in EMI payments, cheque bounces or you decide to cancel your loan after sanction

Federal Personal Loan: How to Apply

If you want to get a loan from Federal Bank, the process to get the loan is fairly easy. All you need to do is to apply for a personal loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and Federal’s representatives will get in touch with you instantly to take the loan process forward. You will also get the free services of MyLoanCare’s personal loan advisor who will ensure that the lending process is quick and you get the best personal loan from Federal.

You can also do a comparison of Federal Bank Personal Loan Interest rates and other charges using MyLoanCare comparison tool. Click here to go to the comparison tool. Once you apply online, you can check the real time status of your personal loan application in your customer account section of MyLoanCare.

Documents Required

For salaried employees
  • Filled up loan application form
  • 2 Passport Size Photo
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit
Illustration on Personal Loan Federal
Maximum Annual Percentage Rate (APR) 11.49% to 14.49%
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: Rs. 1 Lakh
  • Time period: 12 months to 48 months
  • Federal Bank Personal Loan Interest Rate: 11.49% to 14.49%
  • Processing Fee payable to Federal Bank: Upto Rs. 2,000. Current offer for processing fee is 0.5%, Min Rs. 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 2,608 for a 48 months Rs. 1 Lakh loan at 11.49% (lowest rate, longest time period) to Rs. 9,002 for a 12 months Rs. 1 Lakh loan at 14.49% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 11.49% to 14.49%
  • Total cost payable over loan tenure: Rs. 10,021 for 12 months loan to Rs. 27,184 for 48 months loan

Federal Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 12 months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Federal Bank.

Compare Personal Loan Interest Rates of Federal Bank with other Banks

Frequently Asked Questions on Federal Personal Loan

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 to take personal loan from Federal Bank ?

Federal Bank offers loan at 11.49% rate with the lowest EMI of Rs. 2,608 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to Federal Bank.

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

Personal loan interest rates in Federal Bank are 11.49% to 14.49%. 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 EMI per lakh will be Rs. 2,608.

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

You can repay your personal loan in a flexible period of minimum 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 Rs. 50,000 to a maximum amount of Rs. 10 Lakh

How much processing fee is charged by Federal Bank on personal loan?

Federal Bank charges a processing fee of 0.5%, Min Rs. 500 with applicable service tax.

Is age an eligibility factor to get personal loan from Federal Bank?

Yes, age is an important eligibility factor to get personal loan as you should be at least 21 years old at loan approval time and 55 years old at loan maturity time.

Are there any prepayment charges on personal loan from Federal Bank?

You can take personal loan from Federal Bank with Prepayment charges Nil prepayment charges

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

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.


Federal Personal Loan News - Nov 2018
*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. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.