Features & Benefits

We offer hassle free personal loans for salaried individuals with minimum monthly salary of Rs.25,000/-.

 

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Maximum Loan amount of Rs.25 Lakh
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Maximum Tenure of 48 Months
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Attractive rate of interest
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Faster processing
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Minimal paperwork 
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Available at all branches . 

Eligibility

Who can apply?

  • Resident individuals* with monthly net salary Rs.25000/- and above
  • Maximum age – 60 years at the end of loan tenure
  • Number of years in the present Job* – 3 years

*Conditions apply

 

How to avail the loan?

Please contact the nearest Branch at select locations. Call us at 1800 425 1199 or 1800 420 1199 for more details.

Documents Required

Indicative List of Documents Required for Loan processing are provided below.

KYC documents

  • Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card) 
  • Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport)
  • Copy of PAN Card
  • Latest Passport size photo of the applicant (2 copies)

Income documents

  • Latest salary certificate/Last 3 months salary slips
  • Form 16/Income Tax Returns( last 2 years)
  • Last 6 months salary account statement
  • Loan application form duly signed

Repayment

Repayment of the loan is made as Equated Monthly Installments (EMI).

Any one of the following methods can be used to repay the loan:

  • Standing instruction registration at your branch
  • Internet Banking
  • Automated Payment through ECS
  • Mobile Banking

Other Loans

Frequently Asked Questions- Personal Loans

How to apply Personal Loan in Federal Bank?

Personal loans are granted to salaried individuals with minimum monthly salary of Rs.25,000/-. To apply for a personal loan, please contact any of our branches or submit your contact details in the enquiry form provided below.

What is the tenure of a personal loan?

Personal loans have a maximum 48 months.

What is the rate of interest in Federal Bank for Personal Loan?

Interest rates for Federal Bank Personal loans ranges from 10.49% p.a to 17.99% p.a. Personal loan interest rate will change subject to the changes made by Bank/RBI from time to time.

How can I make repayment of Personal Loan?

Repayment of personal loans are to be made in Equated Monthly Installments (EMI).

What is EMI?

EMI stands for Equated Monthly Installment. It includes repayment of the principal amount and payment of the interest on the outstanding amount of your Federal Bank personal loan. Your housing loan EMIs are fixed at the time of availing the loan. EMI's are used to pay both interest and principal amount of a loan in a way that over a specific number of years, the loan amount is repaid to the bank along with interest.

What are the factors affecting personal loan EMI?

  • Principal - The principal is the loan amount that you avail from Bank. Lower principal will lower your EMI and vice versa.
  • Rate of Interest - The rate of interest is the rate at which Bank offers you the car loan. It is also directly proportional to your car loan EMI.
  • Tenure - The tenure or the period is the time within which you repay your loan. It is inversely proportional to EMI. It means longer tenure makes EMIs cheaper and vice versa.

What is Fixed rate of interest?

Fixed rate of interest means interest rate remains constant during the entire tenure of the loan.

What is Floating rate of interest?

Floating rate of interest means interest rate fluctuates based on the changes in RBI’s Repo Rate.

What is Repo Rate?

Repo rate is the rate at which Reserve Bank of India lends money to commercial banks in the event of any shortfall of funds. Repo rate is used by monetary authorities to control inflation.

How can I calculate Personal loan EMI?

You can calculate car loan EMI using our Personal Loan EMI calculator by entering principle amount, tenure, rate of interest etc.

What is an amortization schedule?

Amortization is a tabular schedule with details of interest payment and periodic principal of a loan along with the amount outstanding after each payment and the decrease of loan balance till zero.

Can I prepay my personal loan?

Yes, you can make your prepayment in either part or full.

What are the service charges for Federal Personal loans?

Please click here to know more service charges for personal loans.

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