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

Federal Bank is one of the central commercial banks in the Indian private banking sector headquartered in Aluva, Kerala. Over the years, it has won the trust of its customers with its commitment and quality of products and services. 

The Federal Bank Personal Loan scheme is one of the most popular offerings among its various financial products. Read on to understand more about the Federal Bank loan interest rates and other unique features.

Federal Bank Personal Loan Details

Rate of interest

10.49%-17.99% p.a.

Maximum loan amount

Up to ₹25 Lakhs

Total repayment tenure

Up to 48 months

Processing charges

Up to 3% of the total loan amount

Minimum monthly income to meet the Federal Bank Personal Loan eligibility criteria

₹25,000

Disclaimer: The details mentioned are subject to change at the lender’s discretion.

Federal Bank Personal Loan Interest Rates

Federal bank Interest rates for Personal loans ranges from 10.49% p.a. to 17.99% p.a. The personal loan interest rate varies depending on your credit score, monthly income and the loan tenure you choose. Remember that while choosing longer tenures can ease your monthly instalments, you may be charged higher interest on your loan amount. 

Minimum Interest Rate

10.49% p.a.

Maximum Interest Rate

17.99% p.a.

Disclaimer: The loan amounts and Federal Bank loan interest rates may change occasionally based on the financial institution’s policies.

Federal Bank Personal Loan Fees & Charges

Details

Figures

Processing charges

Up to 3% of the total loan amount

Prepayment charges

Nil for floating-rate loans

3% for fixed-rate loans

CIBIL report enquiry charges

Nil

Penalty for delayed repayment

2% monthly of the overdue amount

Charging for changing loans from fixed to floating or vice versa

0.25% of the remaining outstanding loan amount

Disclaimer: The details mentioned are subject to change at the lender’s discretion.

Note that a fixed rate means your loan interest remains constant during the entire loan tenure. However, the interest will fluctuate in a floating rate based on the RBI repo rate. Once approved, the bank disburses the loan amount within 2-7 working days. 

Federal Bank Personal Loan EMI Calculator

A Federal Bank Personal Loan EMI calculator is a perfect tool that can instantly compute your EMIs. This tool uses interest rates, loan amount, and tenure to assess your EMI quickly, saving you time and energy to calculate the same manually. 

** 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.

The following table expands on the EMI, interest outgo, and total repayment amount for various loan tenures:

Loan Amount

Interest Rate (%p.a.)

Tenure (in years)

Monthly Instalment 

Total Interest Amount

Total Amount

₹5,00,000

14%

1 year

₹44,894

₹38,723

₹5,38,723

₹5,00,000

14%

2 years

₹24,006

₹76,155

₹5,76,155

₹5,00,000

14%

3 years

₹17,089

₹1,15,197

₹6,15,197

₹5,00,000

14%

4 years

₹13,663

₹1,55,835

₹6,55,835

Additionally, you can compute your personal loan EMI amounts using the Personal Loan EMI calculator on Bajaj Markets. 

Federal Bank Personal Loan Features and Benefits

Here are a few features and advantages you can get when availing a personal loan from Federal Bank:

  • Competitive personal loan interest rates ranging from 11.49% to 14.49% p.a.

  • No guarantor or Surety required

  • Minimum paperwork required 

  • Flexible repayment options

  • Quick processing & disbursal of the loan amount

  • Can apply for a loan at any Federal Bank branches

Federal Bank Personal Loan Eligibility

When availing a Federal Bank loan, be mindful of the following factors:

  • Your minimum age must be 21 years when applying for a loan

  • Your maximum age must be 60 years by the end of the loan tenure

  • You must have a minimum monthly salary of ₹25,000 and above

  • You need to have a CIBIL Score minimum of 750 is required

  • You need to have an employment experience of at least 3 years in the current organisation

Documents Required for a Federal Bank Personal Loan

You need to submit specific documents once you meet the Federal Bank personal loan eligibility. Here is a list of Federal Bank Personal Loan documents required:

1. KYC Documents

  • Proof of address (Aadhaar card, Passport, Voter ID, PAN card, etc.)

  • Identity proof such as an Aadhaar card, Voter ID card, PAN card, Passport, Driving Licence, etc.

  • Your latest passport-size photographs (2 photos required)

 

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

How to Apply for a Federal Bank Personal Loan?

For a Federal Bank Personal Loan, apply online through the bank website or offline by visiting the nearest Federal Bank branch.

Despite the two processes being different, two common steps are applicable in both methods. Here they are:

  • Fill out the loan application and provide the necessary documents, such as KYC and income proof documents, after checking your eligibility

  • Submit the loan application and wait for the bank executive to get in touch with you, and instruct you about further proceedings or approvals.

How can I Get in Touch with Federal Bank Customer Care?

You can call the customer care team at toll-free numbers 1800 420 1199 or 1800 425 1199 for any queries regarding the Federal Bank Personal Loan. Alternatively, you may email them at contact@federalbank.co.in. 

To know more about other processes and features of the Federal Bank Personal Loan, visit the official Federal Bank web page.

DISCLAIMER

The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort.

The information including interest rates or fees, loan amount and other charges with regard to any product, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

Read More

FAQs on Federal Bank Personal Loan

You can avail a Federal Bank Personal Loan with a maximum amount of up to ₹25 Lakhs.

For Federal Bank Personal Loan eligibility, you must not exceed 60 years when your loan matures.

The Federal Bank Personal Loan is sanctioned within 2-7 working days when you submit the loan application and the necessary documents.

You can easily calculate your Federal Bank loan EMI with the help of an online EMI calculator.

You can repay your loan using a net banking system called FedNet or a mobile application known as Fed Mobile. Alternatively, you can provide an ECS mandate to the bank for automatic debit from your account. You can also give a standing instruction to the bank.

While the Federal Bank has not specified the cut-off score, having a CIBIL score of 750 or above can increase the chances of loan approval.

Yes, you can close your loan account after 1 year. However, this is applicable only if you have completed paying 12 EMIs.

Home
active_tab
Loan Offer
active_tab
Download App
active_tab
Credit Score
active_tab