|Federal Bank Personal Loan Details Updated on|
|Loan Amount||Up to Rs. 25 lakhs|
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.
Here are the different types of personal loan schemes by the bank:
Here are the features of this Federal Bank personal loan:
Know about the features of Shubh Yatra Loan Federal Bank:
Here are the Federal Bank personal loan features for relocation abroad on work purposes:
Know more about instant Federal Bank personal loans via easy cash facility:
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:
Here is more about Federal Bank personal loan interest rates:
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.
Here are the documents you need for the loan application:
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:
To apply for Bon Voyage Federal Bank Personal Loan, you will require documents such as:
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.
I stand by with Federal Bank for the personal loan in Mumbai. My experience was nice. Verification process was also done in time and I received the amount within a short time.
Personal loan in Pune was approved by Federal bank at a great interest rate! I was able to secure the loan for a desirable tenure.
As I was holding a savings account with Federal bank they gave me personal loan for which the entire documentation process was very less. It was a quick disbursement procedure.
Taking personal loan in Gujrat by Federal bank through online portal of loanbaba was after all not a bad idea. This way I could communicate with the Federal without having to come over to their branch. All by documentation was sorted and I got the loan in decent time.