Get Lowest Personal Loan Interest Rate ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation!

Federal Bank is one of the leading commercial banks in the Indian private banking sector. Over the years, it has won the trust of its customers with its commitment and quality of products and services. Along with several other services this bank provides a personal loan scheme that is highly rated. 

**Disclaimer: Federal Bank is not a Bajaj Markets partner. Offers would be from partner Banks/NBFCs only.

Federal Bank Personal Loan Interest Rates

Federal Bank provides many types of loans and credit schemes to customers. Among them, a Federal Bank personal loan is structured to help the majority of its customers to meet their financial requirements at affordable interest rates. 

The Federal Bank loan starts from an interest rate of 10.49% per annum onwards. They provide loans of up to Rs. 25 Lakhs with tenures of up to 5 years. The bank disburses the loan amount within 2-7 working days from the date of approval. The exact particulars have been mentioned in the table below:

Particulars

Details

Interest Rates (in p.a.)

10.49% - 17.99%

Loan Amount

Up to Rs. 25 lakhs

Repayment

48 months

Processing Fees

0.50% of the loan amount

Pre Closure Charges

Nil

Disclaimer: The loan amounts mentioned above may change from time to time based on the financial institutions’ policies. .

Features and Benefits of Federal Bank Personal Loan

  • Federal Bank personal loan interest rates are competitive

  • Guarantor or Surety is not required for most cases

  • Minimum paperwork required 

  • Flexible tenure-based repayment options

  • Quick processing & disbursal of the loan amount

  • CIBIL scores relaxations are provided against collateral

Federal Bank Personal Loan Eligibility

To avail of a Federal Bank loan, you need to be mindful of the following few factors:

  • Minimum age of the applicant should be 21 years when applying.

  • Maximum age of the applicant should be 60 years by the end of the loan tenure.

  • Salaried individuals must have a minimum monthly salary of ₹50,000.

  • CIBIL Score minimum of 750 is required.

Federal Bank Personal Loan EMI Calculator

If you're curious about the EMI levied while availing of a personal loan, then the Personal loan EMI calculator would be the perfect tool. This tool uses Federal Bank loan interest rates, loan amount, and tenure to calculate your EMI quickly. Saving your time and energy to manually calculate the same. The following tables expands on the EMI, interest outgo, and total repayment amount for various loan tenures:

** The above charges are excluding taxes
* Placeholder for disclaimers on Interest and Charges page
 **These are indicative and subject to change at the discretion of lender/ without prior notice.

Loan Amount

Interest Rate

Tenure

Monthly Instalment 

Total Interest Amount

Total Amount

₹ 5,00,000

14%

11 year

₹ 44,894

₹ 38,723

₹ 5,38,723

₹ 5,00,000

14%

22 years

₹ 24,006

₹ 76,155

₹ 5,76,155

₹ 5,00,000

14%

33 years

₹ 17,089

₹ 1,15,197

₹ 6,15,197

₹ 5,00,000

14%

45 years

₹ 13,663

₹ 1,55,835

₹ 6,55,835

For different amounts and their corresponding interest rates, visit the Bajaj Markets page and use the EMI Calculator thereof. 

Federal Bank Personal Loan Application

One can apply for a Federal Bank loan using two methods. Either online by visiting their official website or offline by visiting their nearest branch. Despite the two processes being different, there are two common steps. 

  1. Fill out the loan application and provide the necessary documents such as KYC and income proofs. 

  2. Submitting the loan application and waiting for the bank executive to get in touch with you and instruct you about further proceedings or approvals.

Documents Required to Apply for Federal Bank Instant Loan

There are certain documents that are needed to be provided for Federal Bank personal loan eligibility. These have been classified and discussed below:

1. KYC documents:

  • Proof of address

  • PAN card

  • Identity proof such as Voters ID card, PAN Card, Passport, Driving Licence, etc.

  • 2 Passport-sized photographs of the applicant taken recently.

2. Documents about income:

  • Latest salary certificate or salary slip for the last three months

  • Form 16 or Income Tax Returns for the last two years

  • Statement of Salary account for the last six months

While there are a plethora of options to choose from, a Federal Bank personal loan seems to stand out among the rest. It offers a quick and hassle-free process for accruing funds and the interest rates are also quite considerable. To know more about its benefits and further processes, visit the official Federal Bank web page.

Frequently Asked Questions

  • ✔️What is the maximum Personal Loan amount that can be sanctioned by the Federal Bank?

    The maximum amount of Federal Bank personal loan available is Rs. 25,00,000. However, there are other loan options that may offer a higher amount against proportionate collateral.

  • ✔️Is there an age limit to apply for Federal Bank Personal Loan?

    For Federal Bank personal loan eligibility, they've set an age limit for applicants. Per the existing norms, the applicant should not be more than 60 years old by the time the Federal bank loan matures.

  • ✔️How much time is taken for the Federal Bank Personal Loan to be approved?

    The Federal Bank loan is sanctioned within 2-7 working days of submitting the application considering related documents are submitted. Moreover, most banks/NBFCs take 2-7 working days for disbursal of the loan amount as well.

  • ✔️How can I calculate Federal Bank Personal Loan EMI?

    One can easily calculate their Federal Bank Loan EMI with the help of an EMI calculator.

  • ✔️How can I get in touch with Federal Bank customer care?

    Federal Bank personal loan customer care can be reached by two methods. You can either call them at their toll-free numbers 1800 420 1199 or 1800 425 1199. Or, you can email your query to contact@federalbank.co.in. In this regard, you can expect a response within 24 hours of raising a query.