Federal Bank personal loan is an unsecured loan meant to fulfil any financial needs you may have. The funds can be utilized for any expenses, such as home renovation, big-ticket purchases, travel, medical treatment, events, wedding, etc. A personal loan does not require you to provide security for the funds; it is collateral-free loan.
The Federal Bank is one of the popular banking institutions in the South India. With an existence from the pre-independence era, the bank was founded by Mr K.P Hormis. The bank was formerly known as the Travancore Federal Bank, now known as the Federal bank since 1947. The bank offers personal loans for different purposes providing people monetary help at times.
Our website, Loanbaba.com will provide you all details about personal loan Federal Bank.
|Federal Bank Personal Loan Details Updated on 18th January 2020|
Maximum amount is Rs. 10 lakhs
Up to 48 months
11.75% to 14.65% p.a.
The following key points will help you understand the features and benefits of the personal loans:
The personal loans are offered only to the salaried individuals who can avail loan amounts more than the amount of salary they get every month. The minimum monthly salary necessary is Rs 50,000 per months. So, in case you earn more than the given amount, you can easily avail the loan.
The loan can be repaid in monthly instalments or EMIs through post-dated cheques or the ECS facility.
A person can avail a maximum of Rs 10 lakhs in the loan if he successfully has a good repayment history and a sound financial record.
The processing fee for all type of applicant is charged as 1% to 2.5% of the total loan value.
In case of salaried people, they can avail loans up to Rs 10 lakhs and make the repayment of the same in 48 months. This system also applies to individuals who do not have a Federal bank account.
Federal Bank has personal loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes.
Loanbaba provides comprehensive information about personal loan schemes by Federal Bank. Keep a note of this page to stay updated with recent information on this bank loan scheme. You can also quickly apply for this loan online on the financial institution's official website without having to visit the bank branch. It is simple and easy, and you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.
Personal Loan Federal Bank interest rate is between 11.75% and 14.65% per annum, but varies as per individual profile. Keep a check on this page to note the updated Federal Bank personal loan interest rate for the current year.
Personal loan eligibility may differ from one candidate to another. You can also use free-of-cost Federal Bank personal loan eligibility calculator at Loanbaba.com. The eligibility criteria for Federal Bank personal loan are discussed below:
Below provided are important questions about personal loan Federal Bank.
The loan can be availed for a minimum of 12 months and a maximum period of 60 months making it convenient to repay for the borrowers.
Only the salaried and the self-employed professionals are eligible for the loan. Be it the residents or the NRIs; both can apply.
In case of salaried and the self-employed people, they can avail a loan of maximum six times their monthly salary not exceeding 50% of their annual income in the preceding year.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Federal Bank.