Federal Bank
Personal Loan

Federal Bank offers the following three types of Personal Loan schemes depending on the type and need of the customer:

Fed Premia Personal Loan

These hassle-free Personal Loans are offered to the salaried individuals earning a minimum monthly salary of Rs. 25,000 to help them fund their instant needs. The maximum loan amount offered under this scheme is Rs. 25 Lakhs which can be repaid in the tenure of up to 48 months. The loan comes at an attractive interest rate, faster processing timeline, and minimal paperwork.

Federal Easy Cash (OD against approved securities)

This loan is offered to individuals, trusts, firms, and companies in the case of an emergency to avail easy cash. This loan is sanctioned against bank deposits, NSC, KVP, LIC Insurance policy, IVP, Government and RBI Non-cumulative bonds, Government and RBI cumulative bonds, etc. The total loan amount that can be availed under this scheme is a maximum of Rs. 10 Lakhs. This is a great option to pick if you are faced with a medical or any other sudden emergency and are in need of cash.

Aashray Loan

It is a Personal Loan scheme for senior citizens of India to provide them an additional source of income. The loan can be availed for any personal use other than any speculative trading or business. A monthly payout of Rs. 2,000 to Rs. 25,000 is extended to the customers for a period of 10-15 years. The loan is offered against an Equitable Mortgage of the house property, value of which should not be less than 60% of qualifying loan amount.

Also Check: Cibil score required for personal loan

Here is what makes Federal Bank Personal Loan different:

• High level of customization: Federal Bank offers Personal Loans to suit your needs. Whether you want to plan a holiday, clear a debt, buy a new phone, the bank offers a high degree of customisation according to your suitability.
• Collateral-free: Federal Bank Personal Loans do not involve any security and mortgage commitments, thus helping you clear any debts you have peacefully.
• Competitive interest rates: Low-interest rates varying from 11.49% p.a. for salaried people that ensure you emerge debt-free by the end of your loan repayment.
• Loan amount: Get a loan of up to Rs. 25 Lakhs without any collateral, guarantor or security.
• Low processing fees: Processing fee charges up to 3% of the loan amount + GST.
• Flexible repayment tenure: You can repay your loan within the tenure of 6 to 48 months.
• No prepayment charges: The bank charges zero fee for prepayment of a floating rate personal loan. For fixed rate personal loan schemes, prepayment penalty of 3% is levied.

• Hassle free personal loans available for salaried individuals. 
• FedPremia Personal Loans are offered at all branches.
• Attractive interest rate on personal loans.
• Faster processing of loan.
• Minimal paperwork required.
• Repayment of the loan can be made easily with Equated Monthly Instalments (EMI).
• Multiple repayment methods available, including standing instruction registration at your branch, FedNet (Internet Banking solution), Automated Payment through ECS (Electronic Clearing Service), or Fed Mobile (Mobile Banking App).

You can contact Federal Bank Customer Care at the following Toll-Free numbers where executives will be available 24*7 to help you.

1800 - 425 - 1199 or 1800 - 420 - 1199 

For general queries, you can write to:

contact@federalbank.co.in

Federal Bank also offers an IVR (Interactive Voice Response) and Telebanking is provided at the Contact Center. A customer needs to register through IVR for availing Telebanking facility. The customer will be provided with a four-digit TPIN (Telebanking Personal Identification Number - similar to the PIN used in ATMs). This facility can be availed from any landline/mobile connection. The Contact Center Executives will help the customers in registering TPIN.

For any queries related to FedNet Internet Banking, you can contact the bank via email to: fednetinfo@federalbank.co.in.

You can calculate your equated monthly instalment (EMI) using Federal Bank Personal Loan EMI Calculator. EMI is calculated on the basis of the loan amount, the duration of repayment or loan tenure, and the interest rate charged on the amount borrowed.  EMI can start for as low as Rs. 2,560 on a borrowed amount of  1 Lakh at 11.49% interest rate for repayment tenure of 48 months.

Apart from calculating the EMI, the Calculator also displays the complete amortization schedule for the entire loan repayment. 

Here’s an example:

Personal loan amount required: Rs. 20 Lakhs

Applicable rate of interest: 11.49% p.a.

Tenure: 4 years

EMI to be paid each month till the tenure ends: Rs. 51,197

Total interest to be paid: Rs. 4,57,461

Total amount to be paid to the lender: Rs. 24,57,461

Below is the amortization schedule for the above example:

The following documents are required when a user applies for a Federal Bank Personal Loan online:

Documents Required for Fed Premia

• Identity Proof: Passport/ Voter's ID/ Driving License/ PAN Card. 
• Residence Proof: Passport/ Electricity Bill/ Ration Card/ Telephone Bill/ Lease Agreement.
• PAN Card copy
• Latest passport size photographs of the applicant (2 copies).
• Income Documents:
  • Last 3 months salary slips/ Latest salary certificate.
  • Last 2 years' Form 16/ Income Tax Returns.
  • Last 6 months' salary account bank statement.
  • Duly signed loan application form.

Documents Required for Federal Easy Cash

• Identity Proof: Passport/ Voter's ID/ Driving License/ PAN Card.
• Latest passport size photographs of the applicant.
• Residence Proof: Passport/ Electricity Bill/ Ration Card/ Telephone Bill/ Lease Agreement/ Trade License/ Sales Tax certificate).

Here are the eligibility criteria for Federal Bank Personal Loans depending on the scheme:

Federal Bank Personal Loans come with with the following charges:

• Processing fee: Up to 3% of the loan amount + GST.
• Prepayment/ foreclosure charges: Nil for floating rate personal loans and 3% for fixed rate personal loans.
• Penalty for delayed repayment: 2% p.m. of the overdue portion.
• Charges for switching from fixed to floating rates & vice versa: 0.25% of the balance outstanding or drawing power, whichever is higher.

Personal Loans by Federal Bank are a great option if you are considering home renovation, purchasing consumer goods or planning a wedding.

At MyMoneyMantra, we will help you assess your profile, determine your eligibility and repayment capacity without any confusion. All information will be provided by industry level experts who have spent decades assessing the products and solutions to provide the best offers for you.

The process of applying for a Personal Loan through MyMoneyMantra can be taken care completely only by providing the following details:

• Indicate whether you are a salaried person or self-employed.
• Name and email address.
• The residential city needs to be picked from options given.
• Details of current employer.
• Loan amount requirement.
• A contact number and email ID, so that MyMoneyMantra can contact and advise you on how to proceed.

Once you fill all the required details, and choose the preferred lending partner, our personal loan experts will get in touch with you to complete the application process.