Federal Bank Personal Loan Interest Rates

Federal Bank is known as one of India's largest private sector banks, and it offers the FedPremia personal loan to salaried individuals earning Rs.25,000 or more per month. You could also borrow up to Rs.25 lakh for a period of four years at interest rates starting at 10.49% p.a. A processing fee of 3% of the loan amount plus relevant taxes is payable.

Details of the Personal Loan Schemes from Federal Bank

 

Federal Bank Personal Loan Rate of Interest

10.49%-17.99% p.a.

Term

Four years

Maximum Amount

Rs 25 lakh

Processing Fee

3%

Salary Requirement

Rs 25,000

Characteristics of the Federal Bank Personal Loan Schemes

What distinguishes Federal Bank Personal Loan-

  • Personal Loans with a high level of customization are available from Federal Bank. Whether you want to plan a vacation, pay off a debt, or purchase a new phone, the bank provides a high level of customization based on your needs.
  • Collateral-free: Federal Bank Personal Loans do not require any security or mortgage commitments, allowing you to pay off your bills in peace.
  • Low Processing Fees: Processing fees of up to 3% of the loan amount + GST are charged.
  • Flexible Repayment Tenures: You can repay your loan over a period of 6 to 48 months.
  • Competitive Interest Rates: For salaried individuals, low-interest rates ranging from 10.49% to 17.99% p.a. assure that you will be debt-free by the end of your loan repayment.
  • There are No Prepayment Penalties: Prepayment of a floating-rate personal loan is free of charge. A 3% prepayment penalty is imposed on fixed-rate personal loan plans.
  • Loan Amount: Borrow up to Rs. 25 lakhs without requiring any collateral, guarantor, or security.

Types of Personal Loan Schemes from Federal Bank

Depending on the nature and need of the customer, Federal Bank offers three types of Personal Loan schemes-

1) Federal Easy Cash

In the event of an emergency, this loan is made available to people, trusts, enterprises, and corporations in order to provide quick cash. This loan is secured by bank deposits, NSC, KVP, LIC Insurance policy, IVP, Government, RBI Non-cumulative bonds, Government and RBI Cumulative bonds, and other assets.

The total loan amount available under this scheme is limited to Rs. 10 lakhs. If you have a medical or other unforeseen emergency and need money, this is an excellent alternative to consider.

2) Fed Premia Personal Loan Scheme

These no-hassle Personal Loans are available to salaried individuals earning a minimum monthly salary of Rs. 25,000 to assist them in funding their immediate needs. The highest loan amount available under this scheme is Rs. 25 lakhs, which can be repaid over a 48-month period.

The loan has a low-interest rate, a quick processing period, and minimal documentation.

3) Aashray Loan

It is a Personal Loan scheme for senior adults in India to help them supplement their income. The loan can be used for any personal purpose other than speculation or business. Customers receive a monthly dividend of Rs. 2,000 to Rs. 25,000 for a period of 10-15 years.

The loan is secured by an Equitable Mortgage on the property, the value of which cannot be less than 60% of the qualifying loan amount.

Federal Bank Personal Loan Interest Rates

Here is the table to show the interest rate for personal loan in Federal Bank-

Minimum of Personal Loan Federal Bank Interest Rates

10.49% p.a.

Maximum Personal Loan Interest Rate Federal Bank

17.99% p.a.

Other Charges of the Federal Bank Personal Loan Schemes

 

Processing Fee

3%

Prepayment Fee

0 - 3%

Penalty

2%

CIBIL Charges

NIL

Other Bank's Personal Loan Interest Rates

 

Banks/NBFCs

Interest Rates (p.a.)

SBI

10.30%-15.10%

ICICI Bank

10.75% onwards

HDFC Bank

11.00% onwards

Kotak Mahindra Bank

10.99% onwards

IDFC First Bank

10.75% onwards

IndusInd Bank

10.49% onwards

Bajaj Finserv

13.00% onwards

Tata Capital

10.99% onwards

Axis Bank

10.25% onwards

Who is Eligible for the Federal Bank Personal Loan Schemes?

  • The maximum age should be 60 years old.
  • Rs 25,000 is the minimum monthly compensation.
  • Three years total experience in the present job

Required Documents

The following documents are required for the loan application-

  • 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 the borrower's most recent two passport-size pictures
  • Loan Application Form: A loan application form that has been duly filled and signed.
  • Income documentation: Form 16/ITR from the previous two years, last three months' wage slips/latest salary certificate/last six months' salary account statement
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