Upto Rs.25 Lakhs – Federal Bank Personal Loan

Federal Bank situated in India has over 1395 branches operating physically and digitally for the consumer’s services. In this post, I’ll cover the information for loan details, eligibility, application procedure, etc. for your reference.

Loan Details

SL.NO.	Category	Data
1	Interest rate	10.49-17.99%
2	Amount of Loan	Up to 25 Lakhs
3	Tenure	Up to 48 Months
4	Processing charge	3% + GST
5	Lowest EMI	Rs 2,560 per lakh
6	Pre-payment charge (Penalty)	3%
7	Minimum monthly income	Rs 25,000

Steps to Apply for Federal Bank Loan

Following are the steps that will guide you on applying for a personal loan at Federal Bank:

Step-1: Specify if you are a salaried applicant or self-employed

Step-2: Drop your Name and Mail address in the text area

Step-3: Pick up your residential city from the dropdown menu

Step-4: Fill out the current employer details

Step-5: Specify what loan amount you need

Step-6: Fill up this form and you’ll receive a call from the advisor for further procedure

Features of Federal Bank Personal Loan

• Loans are easily customizable
• Low processing charges
• No collateral or security is required
• Zero pre-payment charges but if penalty is levied then it is of 3%
• Very low interest rates
• Flexible tenure of repayment

Types of Federal Personal Loans

There are 3 types of federal personal loans. They are mentioned as:

1. Aashray Loan: This scheme is specially designed for senior citizens. Amount of Rs 2000 to 25000 is provided against the mortgage of the residential property whose value should be of 60% of availed loan.
2. FedPremia Loan: This loan is for salaried individuals who have a monthly income of around Rs 25,000.
3. Federal easy cash: This loan is for urgent needs to the applicants working in the area of business, industries or firms. Maximum loan can be taken up to 10 lakhs.

Eligibility Criteria

The eligibility criteria as per the types of personal loans are mentioned as below:

For Aashray Loan:

• Minimum applicant age: 50 years
• Applicant should own a property under their name
• Any residential property should be at mortgage against loan

For FedPremia Loan:

• Minimum work experience required: 3 years
• Minimum applicant age: Above 23
• Minimum monthly salary: Rs 25,000 or more
• Maximal age at loan maturity stage: 60 years

For Federal Bank easy cash:

• Applicant must be working under firm or company
• Minimum applicant age: Above 23

Federal Personal Loan comparison with other banks

SL. NO.	Bank	Interest Rates	Processing charges (without GST)	Maximum loan amount
1	ICICI	10.5-19%	2.25%	25 Lakhs
2	Citi	10-16%	2%	30 Lakhs
3	HSBC	9.7-15%	1%	30 Lakhs
4	Axis	10.25% onwards	2%	15 Lakhs
5	IDBI	Till 14%	2%	10 Lakhs
6	Deutsche	9.9-11.4%	2%	15 Lakhs

Required Documentation

The documents requirement differs as the type of personal loan differs. Further information is given below.

For Aashray Loan:

1. Residential proof (House papers/Bills)
2. Identity proof (Adhar card/Voter ID/Driving license)
3. Passport sized phototgraphs

For FedPremia Loan:

1. Residential proof (Bills/ration card)
2. Identity proof (Adhar card/Driving license/Voter ID)
3. Passport sized photographs
4. Income proof (ITRs/Salary slips/Bank statement)

For Federal Bank easy cash:

1. Residential proof (Bills/ration card)
2. Identity proof (Adhar card/Driving license/Voter ID)
3. Passport sized photographs

Check Status of Personal Loan

You can easily track your personal loan status by clicking on the provided button and entering the credentials.

Federal Bank Contact Details

• Toll-Free phone: 1800-420-1199 or 1800-425-1199
• Non toll-free phone: +91 484 2630994 or 080-61991199
• E-mail: contact@federalbank.co.in

FAQs

1]. Do any pre-payment charges exist?

Yes, pre-payment charges of up to 3% are applicable.

2]. How much time is expected for personal loan approval?

3 to 4 days is the maximum time for personal loan approvals.

3]. How much does a Federal bank charge for processing a personal loan?

They take up to 3% as a processing fee.

4]. Is it possible to avail of a Top-up loan?

Yes, but the conditions for taking that loan differ from applicant to applicant.

5]. What time or tenure is given to consumers for repaying personal loans?

Customers are given a range of 6 to 48 months as a tenure period.