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A pre-approved personal loan from Federal Bank gives you quick access to funds without lengthy paperwork or delays. Tailored for existing customers with a strong financial background, these funds can be utilised for medical emergencies, travel, or home improvement needs.
The Federal Bank pre-approved personal loan is offered without you having to submit any collateral. You can borrow amounts up to ₹5 Lakhs at competitive interest rates starting from 12.75% p.a.
The repayment tenure can extend up to 48 months, giving you the flexibility to manage your EMIs comfortably.
A pre-approved loan from Federal Bank is designed to offer you quick access to funds without lengthy formalities. Here are the key features:
Federal Bank offers a competitive interest rate starting from 12.75%.
Borrow up to ₹5 Lakhs, depending on your eligibility and needs.
Choose a repayment tenure of up to 48 months based on your profile with Federal Bank.
Here are some key features and benefits you can enjoy with a Federal Bank pre-approved loan:
Get a pre-approved loan with no need for fresh applications, processing, or underwriting
Receive instant credit directly into your bank account
Enjoy a 100% paperless process
Federal Bank offers pre-approved personal loans with clear and competitive charges. Here are the key fees applicable:
Charge Type |
Details |
|---|---|
Processing Fee |
2% to 3% of the loan amount + 18% GST |
Foreclosure |
3% of the outstanding loan amount at the time of closure + 18% GST |
Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.
Here is a quick look at the interest rate and associated charges for the pre-approved personal loan from Federal Bank:
Particulars |
Details |
|---|---|
Interest Rate |
12.75% p.a. |
Disclaimer: The mentioned values are subject to change at the lender’s discretion.
Here are the eligibility criteria for a pre-approved personal loan from Federal Bank:
You should be between 21 and 55 years of age
You need to be a salaried individual
Your eligibility depends on Federal Bank’s internal credit policy
Note: As this is a pre-approved offer, the eligibility criteria are subject to the lender’s terms and policies.
Along with meeting the eligibility criteria, you need to keep a few essential documents ready when applying for a Federal Bank personal loan. These include:
Document Type |
Accepted Documents |
|---|---|
Identity Proof |
PAN Card |
Address Proof |
Aadhaar Card |
The bank may ask for additional documents based on its verification process.
Note: As this is a pre-approved offer, the documentation requirements are subject to the lender’s terms and policies.
Applying for a personal loan through Bajaj Markets gives you access to trusted lenders, competitive rates, and a smooth online process. Here is why choosing this platform for a pre-approved personal loan from Federal Bank can be a smart move:
If you are not eligible for a Federal Bank loan, you can explore offers from other lending partners on the same platform. This allows you to find suitable loan options without starting the application from scratch.
You can apply for the loan without pledging any assets as security. This speeds up the approval process and reduces the need for extra paperwork.
The loan comes with competitive interest rates to help you keep your monthly repayments affordable. Lower rates can ease your overall financial burden.
With the Flexi Loan feature, you can initially pay only the interest portion of your EMIs. This gives you flexibility to manage your expenses better during the early stages of repayment.
You can choose from various repayment tenures based on your comfort and financial situation. This flexibility allows you to plan your EMIs without straining your monthly budget.
All fees and charges are clearly stated before you proceed with the loan application. This transparency ensures you are fully aware of the total borrowing cost from the beginning.
Here are some effective tips to help increase your chances of securing a pre-approved personal loan:
Pay your bills on time and keep your credit card usage under control. A strong credit score shows lenders that you handle credit responsibly, improving your chances of approval. You can do this by paying your credit card bills and other EMIs on time without defaulting.
Try to avoid maxing out your credit limit. Keeping your credit utilisation ratio low contributes to a healthier credit score.
Too many loan or credit card applications in a short span can negatively impact your creditworthiness. Apply only when necessary to avoid harming your credit score.
A consistent source of income, whether from employment or business, enhances your credibility and improves your loan eligibility.
Lenders frequently refresh pre-approved loan deals based on your credit behaviour. Try to stay updated to make the most of the right opportunity.
To be eligible for a pre-approved personal loan from Federal Bank, you need to meet certain basic criteria set by the bank. Here are the key requirements:
You must be between 21 and 55 years of age
Only salaried individuals are eligible to apply for the loan
Your eligibility will be evaluated as per Federal Bank’s internal credit policy
The interest rate starts from 12.75% per annum. The exact rate may vary based on your credit profile and the bank’s assessment.
The repayment tenure for a Federal Bank pre-approved personal loan can go up to 48 months. You can choose a shorter tenure based on your financial comfort and repayment capacity.
Yes, you can foreclose or prepay your Federal Bank personal loan before the end of the tenure. However, a foreclosure charge of 3% on the outstanding loan amount plus 18% GST will apply at the time of closure.
You can get a maximum loan amount of ₹5 Lakhs with a pre-approved loan from Federal Bank. The approved amount depends on your eligibility and credit profile.
Yes, taking a Federal Bank pre-approved loan can impact your credit score. If you repay the loan on time, it can help improve your score, but missed or delayed payments may harm it.
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