Federal Bank Personal Loan Interest Rates
Federal Bank personal loan interest rates are fixed in nature and vary from 10.49% to 17.99% per annum. The rates are linked to the RBI Repo Rate, which is currently 4% p.a.
Federal Bank Personal Loan Rate of Interest
The interest rates attached to Federal Bank personal loans are subject to change because the Reserve Bank of India (RBI) directives and the current Repo Rate influence how much you will have to pay for a Personal Loan. Currently, this loan is offered at interest rates of 10.49% to 17.99%, depending on the borrower’s eligibility.
The interest rates for different kinds of Federal Bank personal loans are as mentioned below:
| Personal Loan Scheme | Interest Rate (Per Annum) |
|---|---|
| FedPremia - Personal Loans | 10.49% to 17.99% |
| Gold Loan | 8.50% onwards |
| Loan Against Fixed Deposits (Fed-E-Credit) – Term Loan / Easy Cash (Overdraft) | 12.50% or Deposit Rate + 2%, whichever is higher |
| Loan Against Approved Securities (NSC,IVP, KVP and LIC Policies) | 12.50% to 13% |
| Fed Rise - Loan Against Recurring Deposits | 10.75% to 12.50% |
| Property Power Loan (LAP) | 10.10% onwards |
Federal Bank Personal Loan Charges
- Processing fee: Up to 3% of the loan amount.
- Prepayment charges: Nil for floating-rate schemes and 3% for fixed-rate schemes.
- Penalty for delayed payment: 2% per month of the overdue loan amount, due for more than 30 days.
- Charges for switching the loan from fixed rate to floating rate and vice versa: 0.25% of the outstanding balance.
- Charges for CIBIL report: Nil
- CERSAI registration/ modification charges: Nil
Federal Bank Personal Loan Details
| Interest Rate | 10.49% - 17.99% p.a. |
| Processing Fee | Up to 3% of the loan amount |
| Loan Tenure | Up to 48 months |
| Lowest EMI Per Lakh | Rs. 2,560 |
| Prepayment Charges | Up to 3% |
| Loan Amount | Up to Rs. 25 Lakhs |
Federal Bank Personal Loan Features
- Maximum loan amount: The maximum loan amount is Rs. 25 Lakhs.
- Repayment tenure: This loan can be availed for up to 48 months (4 years).
- Interest rates: The loan is issued at an attractive floating rate as influenced by the current repo Rate.
- Fast processing: This loan can be applied for and availed within a week because the Federal Bank has fast loan processes. It takes between 7-15 working days to process applications.
- Minimal documentation: The required documents to access this loan are quite few and easily obtainable. Your personal and income documents are all that is required.
Federal Bank Personal Loan Eligibility
Here are the criteria every applicant is expected to meet to qualify for a Personal Loan from Federal Bank:
- Only Indian residents may apply.
- The acceptable net monthly salary is Rs. 25,000 and above.
- The maximum age acceptable at the time the loan will mature is 60 years.
- Applicants must have worked with their current employer for at least 3 years at the time of applying.
Documents Required for Federal Bank Personal Loan
Below are the required documents to apply for a Personal Loan with Federal Bank:
- Proof of identity (anyone): Voter Card/ Passport/ Driving License/ PAN Card.
- Proof of address (anyone): Telephone Bill/ Electricity Bill/ Lease Agreement/ Passport/ Ration Card.
- Important KYC documents: Loan application form duly signed, PAN Card copy, and latest Passport size photo of the applicant (2 copies).
- Proof of income: Latest salary slips (3 months)/ salary certificate, Form 16/ ITR (2 years), salary account statement for last 6 months.
How to Apply for a Federal Bank Personal Loan?
If you want to apply for a Federal Bank Personal Loan through MyMoneyMantra, please follow these steps:
- Enter all the required details under the Personal Loan tab.
- Provide MyMoneyMantra with your phone number for future correspondence.
- After submitting the above information, MyMoneyMantra will provide you with a list of loan offers from various banks and NBFCs.
- Once they are displayed on your screen based on your requirements, you have the luxury to choose a suitable one.
- You will also be asked to provide relevant documents in the required fields and then submit them.
- MyMoneyMantra will forward your documents to Federal Bank on your behalf.
Here are some very important things to take note of when applying for a loan via MyMoneyMantra:
- Application on the platform is free.
- Make sure that you only upload authentic and valid documents.
- To complete the process, you will have to sign a loan agreement drawn up by the lender.
- Do not sign the agreement if you do not accept the terms and conditions.
How to Calculate Federal Bank Personal Loan EMI?
One fear that discourages many people from applying for a Personal Loan is the potential cost of the loan. What is even more worrisome for borrowers is how to ascertain the entire loan cost. Many have borrowed loans, which they could not pay back so easily because they had little or no idea about the monthly payments they were expected to make.
In light of these challenges, MyMoneyMantra has simplified the entire process for applicants so that they can apply for this loan without fear. When applying for a loan, the figures you have to concern yourself with is the loan amount you wish to borrow, which is also known as the Principal sum, the interest rate at which the loan is offered, and the time period at which the loan will run for. The data for the principal sum, interest rate, and loan tenure is what will be used to calculate the EMI.
Federal Bank Personal Loan Customer Care
For further inquiries about Federal Bank's Personal Loan, please visit any branch near you or call their Customer Care number - 1800 425 1199, 1800 420 1199 to know more.
Federal Bank Personal Loan Interest Rates FAQs
The maximum amount you can borrow as a Personal Loan is Rs. 25 Lakhs. Do bear in mind that you will have to be eligible for this amount based on your income before you can apply.
The maximum tenure for this loan is 48 months.
The minimum loan tenure for this loan is 12 months.
No, you are not allowed to repay this loan in cash. However, you can pay back the loan by multiple repayment options. You may choose to issue a standing order to Federal Bank to debit your account every month, issue a post-dated cheque for the EMI sum or utilize the Electronic Clearance System.
Yes, the Federal Bank allows joint application if you so wish. A joint application is an arrangement in which two individuals combine their income to qualify one party for a specific loan amount.
A joint application may be necessary if you review your income eligibility only to discover that you do not qualify for the principal amount you need. To increase your chances of getting the actual sum, you can combine your income with that of a third party to qualify.
You can jointly apply with your spouse only. Joint application between friends, work colleagues or business partners is not allowed.
Federal Bank will process your application between 7 to 15 working days after submission. To avoid unnecessary delays and potential rejection make sure you only attach valid documents to your loan application.
No, this loan is an Unsecured Loan.
No, this loan does not require collateral because it is an unsecured loan. This type of loan is issued to you based on your ability to pay and not based on the value of any asset brought forward by you. Oftentimes, Unsecured Loans are smaller than Secured Loans.