Federal Bank Personal Loan

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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.

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Federal Bank

Max. Loan Amt.

Up to ₹25L

Rate of Interest

11.49% - 17.99%

Tenure up to

Upto 5 Years

Processing Fee

Up to 3%

Check Eligibility
Lowest Income requirement 100% Digital Process*

Federal Bank Personal Loan Interest Rates

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 19 December 2024

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

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Loan Product Interest rates (p.a.)
Processing Fee Up to 3% of loan amount
Pre-payment/pre-closure charges
  • Floating Rate Scheme- NIL
  • Fixed Rate Scheme (including Byom Loans)- 3%
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

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Federal Bank Pre-approved BYOM Personal Loan

  • Purpose: Federal Bank extends a pre-approved BYOM Personal Loan to its current customers, facilitating a seamless and paperless application process through the digital platform BYOM (Be Your Own Master). This platform is exclusively designed for existing Federal Bank customers, offering them the convenience of obtaining personal loans digitally.
  • Loan Amount: Up to Rs 7.5 lakh
  • Tenure: Up to 4 years
  • Processing Fees: Up to 2% of loan amount

Federal Bank Digital Personal Loan

  • Purpose: Federal Bank offers Digital Personal Loans to salaried individuals with only e-sign of loan documents through Aadhaar OTP.
  • Loan Amount: Rs 50,000 to Rs 5 lakh
  • Tenure: Up to 5 years

FedPremia Personal Loan

  • Purpose:  Federal Bank provides a personal loan scheme designed for employed individuals earning a minimum monthly salary of Rs 25,000. This loan is meant to help meet various personal needs.
  • Loan Amount: Up to Rs 25 lakh
  • Tenure: Up to 5 years
  • Processing Fee: Up to 3% of loan amount

Also read: Best Personal Loan Status

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For Fed Premia Personal Loan

To be eligible for Federal Bank's Digital Personal Loans, applicants should meet the following criteria:

  • Maximum age of 60 years at the time of loan maturity.
  • Minimum monthly salary of Rs 25,000.
  • Minimum total work experience of 3 years in the current job.

For Federal Bank Digital Personal Loan

  • Age- 21 years to 55 years
  • Job profile- Salaried

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

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The following documents are common for all individuals applying for a personal loan from Federal Bank:

For FedPremia Personal Loan

Income Documents

1. Duly filled application form with signatures. 2. Salary account statements for the last 6 months. 3. Salary slips or salary certificate for the past 3 months. 4. Form 16 or Income Tax Returns (ITR) for the last 2 years.

KYC Documents

1. ID Proof (Passport/Voter ID/PAN Card/Driving License) 2. Copy of PAN Card 3. Address Proof (Passport/Ration Card/Lease Agreement/Electricity Bill) 4. Two passport-size photographs of the applicant

For Federal Bank Digital Personal Loan

1. Aadhaar Card and PAN Card. 2. Mobile number linked to Aadhaar to receive OTP. 3. Salary account statements for the last 3 months in PDF format or accessible through net banking.

Also ReadBest Personal Loan Documents Required

EMI Calculator

Also read: Best Personal Loan EMI Calculator

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1. How to apply personal loan in Federal Bank?

Applying for a Federal Personal Loan is convenient and can be done through various channels. Individuals can choose from the following options:

1. Online Application:
  • Visit the official website of Federal Bank.
  • Navigate to the Digital Personal Loan section.
  • Click on "Apply Online" to fill out the application form.
2. Branch Visit:
  • Interested individuals can visit any Federal Bank branch for assistance and application submission.
3. Enquiry Form:
  • Alternatively, individuals can provide their contact details in the enquiry form available on the official website, and the bank will get in touch with them for further assistance in the loan application process.

2. How to check Federal Bank Personal Loan eligibility?

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

3. How to close Federal Bank personal loan online?

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.

4. What is the minimum salary for personal loan in Federal Bank?

 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

5. Can I get an instant personal loan from Federal Bank?

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.

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Apply for Federal Bank Personal Loan at lower interest rates

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