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.
|
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 |
What distinguishes Federal Bank Personal Loan-
Depending on the nature and need of the customer, Federal Bank offers three types of Personal Loan schemes-
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.
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.
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.
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. |
|
Processing Fee |
3% |
|
Prepayment Fee |
0 - 3% |
|
Penalty |
2% |
|
CIBIL Charges |
NIL |
|
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 |
The following documents are required for the loan application-