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Federal Bank Personal Loan Details

Federal Bank 3.75 / 5.04 users
Federal Bank Personal Loan Details Updated on
Loan Amount Up to Rs. 25 lakhs
Tenure Up to 48 months
*Tenure may differ as per the loan scheme
Interest Rate 10.49% to 17.99%

Federal Bank Personal Loan is for salaried employees with a minimum of Rs. 25,000 and above monthly salary. The fund can be used for personal expenses. There are loans available for travel abroad and employment overseas as well. You can also take a loan against fixed deposits or securities. The loan facility is available as a term loan/demand loan, easy cash, online loan, and overdraft. Repayment is either in the form of EMIs or lump-sum depending on the loan product.

In this post, we will discuss Federal Bank personal loan types and their features, eligibility, repayment, interest rate, documents required, other charges, terms, and conditions, and frequently asked questions.

Features and Types of Federal Bank Personal Loans

Here are the different types of personal loan schemes by the bank:

1. FedPremia Personal Loans

Here are the features of this Federal Bank personal loan:

  • This loan is for salaried individuals who receive at least Rs. 25,000 as minimum monthly salary
  • The loan amount is up to Rs. 25 lakhs and the tenure is up to 48 months
  • There is minimal paperwork involved in the loan process, leading to faster disbursal
  • Eligible applicants are resident individuals up to 60 years of age at the end of loan tenure
  • The borrower must be completed at least 3 years of employment with the current employer
  • You have to repay the loan in equated monthly instalments (EMIs)
  • Repayment is possible through Standing Instruction registered at the bank branch, ECS (electronic clearing service) for automated payments, mobile banking app (Fed Mobile), or through internet banking (FedNet)

2. Federal Bank Shubh Yatra Loan

Know about the features of Shubh Yatra Loan Federal Bank:

  • This loan is for travel abroad and holiday expenses by an individual or family members
  • You can get up to Rs. 3 lakhs to cover the cost of transportation, conveyance, hotel stay, and other needs
  • Eligible applicants are resident individuals who are salaried employees with adequate income
  • The minimum basic pay required is Rs. 2,000
  • A spouse can be a co-obligant. If the loan is for a family package, then other members on tour can join as a co-obligant
  • There are no hidden charges or heavy penalties, also the loan gets processed quickly
  • The loan tenure is 12 months to 33 months, with 3 months cushion period
  • The maximum loan tenure is within the retirement age of the borrower
  • The loan will require a valid collateral security
  • The processing fee is 0.50% of the loan amount, subject to Rs. 500 minimum
  • You can repay the loan in instalments or lump-sum
  • 2% on the overdue amount is applicable for late payment per month if the loan is EMI is delayed for more than 30 days

3. Federal Bank Bon Voyage Loan

Here are the Federal Bank personal loan features for relocation abroad on work purposes:

  • You can apply for funds up to Rs. 5 lakhs for travel overseas for work
  • The expenses that the loan can cover are an endorsement of Visa, one-way airfare for abroad journey, permissible basic travel quota, incidental charges for the cost of travel in India, and Passport
  • You can also use the credit for expenses for dress, amount to pay to sponsor agent, cost to obtain medical fitness certificate, emigration deposit with government, and other miscellaneous needs
  • Remember this personal loan is for Indian citizens residing in the country and not foreign nationals (Indian origin individual or other people with foreign Passport)
  • To apply for the loan, you will have to submit a letter of appointment or a letter from a recruitment agent/institution that certifies a confirmed employment offer overseas

4. Federal Bank Easy Cash Loan

Know more about instant Federal Bank personal loans via easy cash facility:

  • If you need an urgent loan, then Federal Easy Cash is what you need
  • The bank grants loan against its deposits, NSC, LIC insurance policy, IVP, KVP, RBI and government cumulative and non-cumulative bonds, etc
  • You can get up to 90% of the security value
  • You can utilize the funds for personal and lawful requirements
  • Interest is applicable every month
  • The loan is supported by over 1000 branches, involves simple documentation
  • The tenure is up to 72 months
  • The eligible applicants are individuals, Trusts, firms, and companies
  • You have to repay the loan in lump-sum

5. Fed-E-Credit

The Fed-E-Credit facility offers loans against fixed deposits through net banking. You can log in on FedNet with your credentials and select the FD (in your name) against which you need the loan. Here are some of the features of this personal loan:

  • The service is available 24 x 7, and you can decide the loan amount as per your eligibility
  • No need of visiting the bank. This is a digital loan product with online processing
  • You can start using the approved sum within one working hour on multiple channels
  • You can get up to 90% of the security's value, subject to a maximum of Rs. 5 lakhs
  • The loan amount will get credited to your savings account
  • You can avail of the loan as a term loan or overdraft on FD or Recurring Deposit
  • The tenure is the remaining period of the deposit, subject to a maximum of 72 months for overdraft and 30 months for a demand loan
  • You can use the funds through cheque, ATM, mobile banking, and internet banking
  • The admin charges are 0.15% of the loan amount + applicable taxes
  • You can repay the loan through internet banking, standing instruction at the branch, online foreclosure if there is sufficient balance in a savings account or a cheque

Federal Bank Personal Loan Interest Rate

Here is more about Federal Bank personal loan interest rates:

  • Federal Bank Personal Loan Interest Rate for all the types of the mentioned schemes is between 10.49% and 17.99%
  • For loans against fixed deposits in their name, the interest rate is the deposit rate + 2.00%
  • For loans against securities, the interest rate is 12.50% for term loans against own securities
  • 12.75% is the rate for term loan against third-party securities and easy cash (overdraft) against own securities
  • The interest rate is 13.00% for easy cash (overdraft) against third-party securities

The rate of interest will be at the sole discretion of the bank. The financial institution will consider your age, income, employment history, loan amount, tenure, repayment capacity, and other factors to determine the rate.

Documents Required for Federal Bank Personal Loan

Here are the documents you need for the loan application:

  • KYC Documents: Identity proof (Voters ID Card/PAN Card/Driving Licence/Passport), Address proof (Electricity bill/Passport/Lease or sale agreement of residential property/Ration Card/Telephone bill), PAN Card copy, and latest 2 copies of passport-size photographs of the borrower
  • Loan Application Form: Duly completed and signed loan application form
  • Income Proof: Form 16/ITR of the last 2 years, last 3 months salary slips/latest salary certificate/last 6 months salary account statement

Frequently Asked Questions about Federal Bank Personal Loans

Here are the Federal Bank Personal Loan FAQs:

The processing fee depends on the loan scheme you choose. It is up to 3% of the sanctioned loan amount. For Fed e-Credit, the fee is 0.15% of the approved loan amount. The late payment penalty is 2% of the outstanding amount per month. The prepayment charge is up to 3% of the prepaid amount.

The bank will accept any of these mentioned items as collateral:

  • Gold Ornaments(Market Value)
  • Deposits of the Bank
  • Shares of companies with a high growth that have not traded below 3 times their face value
  • Land and Building
  • LIC policy(Surrender Value)
  • NSC/IVP/KVP(Present Value)

To apply for Bon Voyage Federal Bank Personal Loan, you will require documents such as:

  • Passport copy
  • Copy of offer letter or appointment letter by the employer
  • Copy of Visa
  • Proof of educational qualifications such as a copy of education certificates/marksheets, etc.

The maximum tenure will not go over the maturity period remaining for the security.

This online personal loan facility is for people with deposits in their name with Federal Bank. The deposit in question cannot be in the name of a minor. It cannot be a joint held one or in a third-party name or a company. Also, it cannot be an FCNR deposit.

Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Federal Bank.

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