Federal Bank provides personal loans with an attractive starting interest rate of 11.49% per annum, applicable to loan amounts up to Rs 25 lakh and flexible tenures of up to 5 years. Existing customers are eligible for the hassle-free Pre-approved BYOM Personal Loans, which can be conveniently applied for through the bank's digital platform. The Digital Personal Loans cater specifically to salaried individuals aged between 21 and 55 years.
Up to ₹25L
11.49% - 17.99%
Upto 5 Years
Up to 3%
| Product Type | Interest Rate (p.a.) |
|---|---|
| FedPremia Personal Loan | 11.49% to 14.49% p.a. |
| Federal Bank Pre-approved Personal Loan | 11.99% to 17.99% p.a. |
| Federal Bank Digital Personal Loan | 11.99% to 17.49% p.a. |
Federal Bank Personal Loan Highlights |
|
|---|---|
| Interest Rate | 11.49% p.a. onwards |
| Loan Amount | Up to Rs 25 lakh |
| Loan Tenure | Up to 5 years |
| processing Fees | Up to 3% of loan amount |
| Minimum Monthly Income | Rs 25,000 |
Note: Rates as of 20 December 2024
| Table of Contents | ||
|---|---|---|
| Compare interest rates offered by other lenders | ||
| Fees and Other Charges | ||
| Types of Federal Bank Personal Loan | ||
| Eligibility Criteria | ||
| Documents Required | ||
| EMI Calculator | ||
| FAQs | ||
| Banks/NBFCs | Interest Rates(p.a.) | |
|---|---|---|
| Axis Bank | 10.49% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% onwards | Apply Now |
| HDFC Bank | 10.50% onwards | Apply Now |
| ICICI Bank | 10.50% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Federal Bank | 11.49% onwards | Apply Now |
| DMI Finance | 12.00% - 40.00% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 12.25% - 30.00% | Apply Now |
| MoneyTap | 12.96% onwards | Apply Now |
| Piramal Finance | 12.99% onwards | Apply Now |
| Aditya Birla | 13.00% onwards | Apply Now |
| MoneyView | 15.96% onwards | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
Also read: Best Personal Loan Interest Rate
| Loan Product | Interest rates (p.a.) |
|---|---|
| Processing Fee | Up to 3% of loan amount |
| Pre-payment/pre-closure charges |
|
| Penal Interest | 2% per month |
| Switching charges from fixed to floating and vice-versa | 0.25% of outstanding balance/drawing power, whichever is higher |
| CIBIL Charges | NIL |
| CERSAI charges | NIL |
Also read: Best Personal Loan in India
Also read: Best Personal Loan Status
To be eligible for Federal Bank's Digital Personal Loans, applicants should meet the following criteria:
Federal Bank may also take into account the credit scores of its personal loan applicants, similar to the approach adopted by other lenders when assessing their eligibility for personal loans.
Also read: Best Personal Loan Eligibility
The following documents are common for all individuals applying for a personal loan from Federal Bank:
Income Documents
KYC Documents
For Federal Bank Digital Personal Loan
Also Read: Best Personal Loan Documents Required
Also read: Best Personal Loan EMI Calculator
Applying for a Federal Personal Loan is convenient and can be done through various channels. Individuals can choose from the following options:
To find out if you qualify for a personal loan from Federal Bank, you can easily check the eligibility criteria on their official website of Federal Bank.
Also read: Best Personal Loan Balance Transfer
If you've availed a Federal Bank Personal Loan against deposits via FedMobile, you can conveniently request loan closure through the same platform. However, for other types of loans, borrowers need to visit a Federal Bank branch to complete the loan closure process.
Federal Bank extends its Personal Loan facility to individuals with a minimum monthly income of Rs 25,000 and above. It's important to note that these personal loans are exclusively available to salaried individuals.
Also read: Best Personal Loan Salaried Employees
Federal Bank provides the convenience of its Pre-approved BYOM Personal Loan for existing customers, allowing them to access instant disbursal without the need for additional documentation. Moreover, the bank extends Digital Personal Loans with instant approval, a paperless documentation process, and rapid disbursal. This service is available to both existing and new customers, with eligibility determined based on factors such as income, credit score, and existing financial commitments.
