1. What is a Personal Loan?
A personal loan is a type of unsecured loan with a fixed interest rate which helps to meet the borrower’s current financial needs. There is no specific end use requirement and the fund can be used for personal need of the borrower.
2. Do I need to provide any security or collateral to apply for a Digital Personal Loan?
Digital Personal Loans are not secured by any collateral or security and are disbursed at the discretion of the bank, based on the creditworthiness of the borrower. There is also no need for any co-signee or guarantor either. Instant Personal Loan is provided online without any security so that you can get easy access to credit for your personal needs.
3. Will I have to visit Federal Bank branch to apply for personal loan online?
No, you do not have to visit the branch to apply for an online personal loan. You can simply visit our website and apply for online loan by clicking here <link for Digital Personal Loan>
4. Who can apply for Digital Personal Loan?
Digital Personal Loans are extended to Salaried individuals within the age limit of 21 years to 55 years currently. The final eligibility for the loan will be based on your credit score, income, and your existing liabilities.
5. What is the interest rate for Digital Personal Loans?
The interest rate ranges from 11.99% to 17.49%
6. What are the prerequisites before applying for Digital Personal Loan?
Kindly keep the following ready before applying for Digital Personal Loan:
- Your Aadhaar Card and PAN Card
- Your 3 Months Salary Account Statement (PDF/Netbanking)
- Your Mobile Number that is linked to Aadhaar to receive OTP
7. Are there any charges while applying for Digital Personal Loan?
All the charges that are incurred during applying for Digital Personal Loans are listed out in the Key Fact Statement which is displayed before availing the loan and also send to the email id of the borrower after availing the loan.
8. How do I foreclose my Personal Loan? Will there be any charge for the foreclosure?
Before processing the foreclosure request, all the outstanding dues in the loan account must be cleared. After clearing the dues, please get in touch with the contact centre for processing the request.
The charges for foreclosure are provided under the ‘Interest and Charges’ column.