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Federal Bank Personal Loan Interest Rates

Secure a Federal Bank Personal Loan at competitive rates with easy digital application process.

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Starting Interest Rate

12.75% p.a.*
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Max. Loan Amount

₹5 Lakhs
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Max. Tenure

48 Months

Federal Bank Personal Loan interest rates start from 12.75% per annum, 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.

Details of Federal Bank Personal Loan Interest Rates

Here are the interest rates and other details of a Federal Bank Personal Loan:

Particulars
Details

Interest Rate

12.75% p.a. onwards

Processing Fee

2% to 3% of the loan amount + 18% GST

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

Other Fees and Charges Associated with Federal Bank Personal Loans

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.

Factors Affecting Federal Bank Personal Loan Interest Rates

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.

How To Calculate the EMI for a Federal Bank Personal Loan?

Let’s assume you took a personal loan of ₹10,000 from Federal Bank at an interest rate of 12.75% 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 = 1.06% (the monthly interest rate)

  • P = ₹10,000 (the borrowed loan amount)

  • N = 12 (tenure in months)

The EMI amount in this case is ₹892. 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. 

Frequently Asked Questions

Who is eligible for a personal loan from Federal Bank?

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.

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