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Federal Personal Loan Balance Transfer

Online Personal Loan Balance Transfer to Federal Bank

Last Updated 23rd Nov 2021

  • Federal Bank Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to Federal Bank.
  • Avail top up from Federal Bank at the time of loan balance transfer to fulfil additional fund requirements.
  • Federal Bank offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare Federal Bank Personal Loan Balance Transfer offers with different banks to choose the right option.
Interest Rate 11.49% Check Best Offers
Processing Fee 0.5%, Min Rs. 500
Lowest EMI per lakh ₹ 2,199
Loan Tenure 4 years
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Federal Bank Personal Loan Balance Transfer

Federal Bank Personal loan balance transfer is a situation where you can transfer transfers outstanding principal of personal loan from another bank to Federal Bank to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing. The interest rates on Federal Bank balance transfer ranges from 11.49% to 17.99%, while the repayment tenure ranges between 12 Months to 48 Months.

Federal Bank Personal Loan Balance Transfer Calculator

You must take the decision of transferring the personal loan to Federal Bank keeping in mind the interest rate of the current Bank and Federal Bank. Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Therefore, you should proceed with the Federal Bank balance transfer only when the gains due to balance transfer are higher than the cost incurred due to the same.

Federal Bank Personal loan balance transfer calculator is an online calculator that helps you determine the savings on your EMI and interest payable. You are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates in comparison to current rates you are paying.

Benefits of Transferring Personal Loan to Federal Bank

The benefits of transferring the Personal loan to Federal Bank are as follow:

  • Federal Bank offers a lower interest rate on personal loan balance transfer. Lower interest rates will help you reduce the interest burden.
  • Federal Bank Balance transfer offers you the opportunity to negotiate the tenure of the loan according to your requirements. A longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provides you the facility to avail the top-up facility and fulfil your cash requirement.
  • There are chances that you might not be satisfied by the services offered by your existing bank. In that case, you can transfer your personal loans to the Federal Bank and avail better facilities.
  • Federal Bank offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income.

Federal Bank Eligibility Criteria and Documents Required

The eligibility criterion of the Federal Bank is mainly dependent upon the repayment history, CIBIL Score and income. Some basic eligibility criterion is mentioned below:

  • Any salaried and self-employed professional above the age of 21 years.
  • Your Maximum age must not exceed 65 years.
  • You should have a personal loan in another bank.
  • Your minimum work experience must be of 2 years.
  • CIBIL score must be at least greater than 700.

Documents required are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare Federal Bank Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on balance transfer of the different banks is given below:

Bank Name Minimum Rate Processing Fees
ICICI Bank 10.75% Upto 2.25% of Loan Amount
SBI 9.60% 1.00%
Axis Bank 10.25% Upto 1.75%,Min Rs.3,999
Kotak Bank 10.45% Starting from Rs.999
Standard Chartered Bank 11.50% 1.00%
Bajaj Finserv 12.99% Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% 2%, Min Rs. 250
Yes Bank 10.70% Upto 2.50%
IDFC First Bank 10.49% Upto 2.00%

Compare Federal Bank Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to Federal Bank?

Steps for the balance transfer to Federal Bank are : (i) Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender. (ii) Start the Federal Bank personal loan transfer process and submit all the relevant documents and repayment history of the loan. (iii) After getting the sanctioned letter from the Federal Bank, sign the loan agreement with the bank. (iv)Take a disbursement of the outstanding loan amount from Federal Bank in favour of the earlier lender. (v) Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

How do I check my Federal Bank personal loan balance?

You can check your personal loan balance of Federal Bank in below-mentioned ways: (i) By visiting the Federal Bank branch. (ii) By calling the customer care of the Federal Bank. (iii) By logging on to the Federal Bank mobile application and checking the personal loan status. (v) Via internet banking.

How do I know my Federal Bank loan application?

You can check the status of your Federal Bank loan application in two ways. (i) Net banking: You are required to login into Federal Bank net banking and visit the loan status segment. The loan status segment will update about the loan application. (ii) Visiting the Federal Bank: You can also visit the Federal Bank branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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Federal Personal Loan News - Nov 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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