Federal Bank Personal Loan interest rates start from 0.92% per month, while the tenure can extend up to 48 months. Multiple factors like your credit score, income, and employment type affect the interest rate offered. Thus, it is essential to understand the interest rate of your loan and the factors that affect them. You can also use this information to compare the offer from Federal Bank with other lenders on Bajaj Markets to check which option suits your preferences and needs.
Here are the interest rates and other details of a Federal Bank Personal Loan:
Particulars |
Details |
Interest Rate |
0.92% p.m. or 11% p.a. onwards |
Processing Fee |
0.70% to 2.80% of the loan amount |
*Disclaimer: The mentioned values are subject to change at the lender’s discretion.
The associated charges of a Federal Bank Personal Loan are as follows:
Particulars |
Details |
Penal Charges |
4% p.a. for the amount due |
Foreclosure Charges |
3% of the outstanding loan amount + applicable taxes |
Switching Interest Rate Type (fixed to floating and vice versa) |
0.25% of the outstanding balance or drawing power, whichever is higher |
*Disclaimer: The mentioned values are subject to change at the lender’s discretion.
Here are some common factors which may have a major impact on your personal loan interest rate:
Having a high credit score demonstrates your creditworthiness. It enables you to get a low interest rate on your personal loan.
A higher income reassures the lender of your repayment capacity. This usually makes the loan provider more willing to provide a lower interest rate.
If you have a stable job, the lender is assured of timely and regular payments. This increases their willingness to provide you with affordable interest rates.
The interest rate may differ, depending on whether you are self-employed or salaried
Your personal loan interest rates may be impacted by inflation or changes in government policies
How much of your monthly income goes toward paying off debt is shown by your debt-to-income ratio. The lender assesses your ability to repay after fulfilling your current obligations via this ratio. Thus, if you have a low DTI ratio, the interest rate offered is low.
Let’s assume you took a personal loan of ₹10,000 from Federal Bank at an interest rate of 11% p.a. The tenure of this loan is set at 12 months. You can calculate the instalment amount payable by using these three details and substituting them in the following formula:
EMI = P x R x (1+R) ^N / [(1+R) ^N-1]
Here,
R = 0.92% (the monthly interest rate)
P = ₹10,000 (the borrowed loan amount)
N = 12 (tenure in months)
The EMI amount in this case is ₹883.82. However, calculating the instalment amount manually can be quite time-consuming and difficult. Instead, you can utilise the personal loan EMI calculator available on Bajaj Markets. This calculator helps you do the required calculations within seconds for free. The accurate results and addition information provided in the form of amortisation schedules are some major benefits of using this calculator.
Our Partners
|
Minimum Interest Rate
|
Maximum Loan Amount
|
Maximum Loan Tenure
|
|
---|---|---|---|---|
Bajaj Finance Limited |
11% p.a. |
₹35 Lakhs |
96 months |
|
CASHe |
27% p.a. |
₹4 Lakhs |
18 months |
|
Federal Bank |
11% p.a. |
₹5 Lakhs |
48 months |
|
Fibe |
14% p.a. |
₹5 Lakhs |
36 months |
|
Finnable |
15.95% p.a. |
₹10 Lakhs |
60 months |
|
IIFL Finance |
18% p.a. |
₹5 Lakhs |
42 months |
|
InCred |
16% p.a. |
₹10 Lakhs |
60 months |
|
Kissht |
14% p.a. |
₹4 Lakhs |
24 months |
|
Kotak Mahindra Bank |
10.99% p.a. |
₹40 Lakhs |
72 months |
|
KreditBee |
15% p.a. |
₹5 Lakhs |
24 months |
|
L&T Finance |
12% p.a. |
₹7 Lakhs |
48 months |
|
moneyview |
1.33% p.m. |
₹10 Lakhs |
60 months |
|
mPokket |
24% p.a. |
₹45,000 |
90 days |
|
Muthoot Finance |
14.50% p.a. |
₹15 Lakhs |
60 months |
|
Olyv |
18% p.a. |
₹1 Lakh |
12 months |
|
PaySense Partners |
15% p.a. |
₹5 Lakhs |
60 months |
|
Privo |
9.99% p.a. |
₹5 Lakhs |
60 months |
|
SMFG India Credit |
12% p.a. |
₹25 Lakhs |
60 months |
|
Upwards |
1.5% p.m. |
₹5 Lakhs |
36 months |
|
YES BANK |
10.99% p.a. |
₹50 Lakhs |
72 months |
|
Zype |
18% p.a. |
₹3 Lakhs |
12 months |
|
To get a Federal Bank Personal Loan, fulfil the eligibility criteria provided below:
Your age must fall within the bracket of 21 - 55 years
You should have a CIBIL Score of at least 730
Your eligibility will be determined based on the ‘Federal Bank credit policy’
Also, you are required to provide your PAN card and Aadhaar card when applying for the loan.
There is no minimum salary requirement specified by the Federal Bank.
In most cases, Federal Bank Personal Loans come with fixed interest rates. But, do check the interest rate details with the Federal Bank before applying for the loan.
Yes, Federal Bank gives you the option to switch the type of interest rate for your personal loan. However, you need to pay a charge for the same. This usually amounts to 0.25% of the outstanding balance or drawing power, whichever is higher. It is subject to the lender’s discretion and policies. Reach out to Federal Bank for further details.