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Personal Loan Balance transfer to Federal Bank

Refinance Federal Bank Personal Loan

Last Updated 25th May 2021

Interest Rate 11.49%
Processing Fee 0.5%, Min Rs. 500
Lowest EMI per lakh ₹ 2,199
Loan Tenure 4 years
  • 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.
  • Now apply for Federal Bank personal loan balance transfer at 11.49%.
  • 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..
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 an individual transfers outstanding principal of personal loan from one account 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

The decision to transfer the personal loan to Federal Bank must be taken 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. Individuals should proceed with the Federal Bank balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

Federal Bank Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers 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 compared to your existing personal loan rates.

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 the borrower to reduce the interest burden.
  • Federal Bank Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their 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 dynamics.

Federal Bank Eligibility Criteria and Documents required

Eligibility criterion of the Federal Bank is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the Federal Bank Personal loan balance transfer are mentioned below:

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

Documents required for Federal Bank Personal loan balance transfer 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 personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Kotak Bank 10.45% Nil Starting from Rs.999
Standard Chartered Bank 11.50% Nil 1.00%
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil 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 personal loan balance transfer to Federal Bank are mentioned below:

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

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, Federal Bank charges lowest interest rate on personal loan balance transfer.

How do I check my Federal Bank personal loan balance?

You can check your personal loan balance of Federal Bank by below mentioned ways:

  • By visiting the Federal Bank branch.
  • By calling the customer care of the Federal Bank.
  • By logging on into the Federal Bank mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my Federal Bank loan application?

You can get update about Federal Bank loan application via the ways mentioned below:

  • 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.
  • 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 - Jun 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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