Interest Rate
11.49 - 14.49
Processing Fee
0.5%
Loan amount
100000.00 - 1000000.00
Tenure
5 years
Hassle free personal loans for salaried individuals.

Avail maximum Loan amount of Rs.10 Lacs.

Enjoy maximum Tenure of 48 Months

Federal Bank Personal Loan

Federal Bank offers you personal loan to accomplish any of your personal requirement whether you are a Salaried-Employee, a Self-Employed Professional or a Self-Employed Businessman. It lends minimum of Rs 50,000 to up to maximum of Rs 10 Lacs within 7 days of approval. The processing fees charged by Federal bank is 0.50% of the loan amount or minimum Rs 500.


Federal Bank is a good fit for you if?

Salaried Employee Earning High Net Monthly Income – Availing Personal loan from Federal Bank can be a good choice for you if you are a salaried borrower who is earning monthly income of Rs. 50,000 or above since the annual interest rate is quite low as compared to other banks and financial institutions.

Federal Bank Personal Loan at a glance

Annual Interest Rate

11.49% - 14.49%

Loan Term

12 months - 48 months

Loan Amount

Rs. 50,000 - Rs. 10 Lacs

Time of Funding

Within 7 days

Pre-Payment Charges

2% of the outstanding amount

Federal Bank Personal loans lends a minimum of Rs. 50,000 to up to maximum of Rs. 10 Lacs within 7 days of approval with a tenure of 12 months to up to 48 months. The annual Interest rate charged by Federal bank ranges from 11.49% to up to 14.49% per annum and the Pre-Closure charges are 2% of the outstanding amount which are high as compared to other competing banks or financial institutions such as Canara bank where the Pre-closure charges are Nil.

Why Choose Federal Bank?

Low Processing Charges – The processing charges charged by Federal Bank for applying personal loan is equal to 0.50% of the loan amount or minimum Rs. 500 which is quite low as compared to other banks or financial institutions such as Canara which charges zero to upto Rs 5000, zero to up to Rs 5000 in case of Bandhan Bank while the processing fees charged by SBI charges 1% of the loan amount.

Low Pre-Closure Charges – Federal Bank can be a good choice for applying personal loan as the pre-closure charges are equal to 2% of the outstanding amount, which is quite low as compared to other competing banks such as HDFC Bank, ICICI Bank, and Kotak.

Option to Switch to Floating Rate Loans – You can opt for Federal Bank personal loans as you are allowed to switch to floating rate loans as here, the fixed rate of interest is usually higher than the floating rate of interest as compared to other competing banks or financial institutions such as Axis Bank which does not allow you to switch to floating rate loans.

Zero Documentation Charges for loan upto Rs. 2 Lacs – This is again a plus point of this bank that it does not charge any documentation fees on personal loans of up to Rs. 2 Lacs as compared to other banks or financial institutions which charges Rs. 500 fee for documentation for personal loan above Rs. 2 Lacs.

What to watch out for?

Incremental Penal Interest – The penal charges structure that Federal Bank levies is different then what other banks follows. The penal charges in Federal Bank starts from 2% of the overdue amount and go as high as 2% of the entire outstanding amount depending upon the actual payment date and the payment due date as compared to other competing banks charging 2% to 3% on the overdue amount only.

High Income Criteria – If you are going to apply for personal loan from Federal Bank then you must know that the minimum monthly salary required to avail this loan is Rs. 50,000 which is quite a high amount as compared to other competing banks such as ICICI which lends money to applicants having salary of minimum of Rs. 25,000 per month who are residing in Delhi, Mumbai and Rs. 20,000 for applicants who are residing in Hyderabad, Chennai, Kolkata, Bangalore and Pune.

Offered at Selected Locations – Federal Bank offers personal loan only to the resident of the selected cities such as Bangalore, Chennai, New Delhi & NCR, Mumbai, Pune, Thiruvananthapuram and cochin as compare to other competing banks which does not offer personal loan to only selected cities.

Less Tenure on Personal Loan – The tenure to repay your loan amount is limited to 12 months to up to maximum of 48 months as compared to other competing Banks such as SBI which offers a loan term of 12 months to up to maximum of 60 months, Canara bank with a tenure 12 months to 72 months.

Compare Federal Bank Personal Loans to Other Banks

Bank Name Federal Bank Canara Bank SBI

Typical APR

11.49% - 14.49%

10.90% - 13.90%

10.75% - 15.15%

Loan Term

12 months - 48 months

12 months - 72 months

12 Months - 60 Months

Maximum Lending Amount

Rs. 10 Lacs

Rs. 3 Lacs

Rs. 5 Lacs for Pensioners

Rs. 15 Lacs

Processing Fee

0.50% of the loan amount

Min Rs. 500

Zero to upto Rs. 5,000

1% of the Loan Amount

Time to Funding

Within 7 days

Within 7 days

Within 2 to 3 days

Pre-Closure

2% of the outstanding amount

Nil

Zero to Upto 3% of the prepaid amount

Coming to the comparison part, Federal Bank lends you maximum of Rs. 10 Lacs within 7 days of approval while Canara bank offers maximum of Rs. 3 Lacs and Rs. 5 Lacs in case of Pensioners within 7 days of approval, and SBI offers maximum of Rs. 15 Lacs within 2 to 3 days of approval.

The processing fees in case of Federal Bank is 0.50% of the loan amount and minimum Rs. 500, while Canara Bank charges Zero to up to Rs. 5,000 and in case of SBI, the processing charges are 1% of the loan amount. The tenure of loan in Federal Bank is 12 months to up to 48 months, 12 month to 72 months in case of Canara Bank and 12 months to up to 60 months in case of SBI. The Pre- closure charges in Federal Bank is 2% of the outstanding amount, No pre closure fees is charged in case of Canara and in case of SBI, the Pre closure charges are Zero to up to 3% of the prepaid amount.

Am I Eligible?

  • Age of the Salaried applicant should not be less than 21 years at the time of loan application.
  • Age of the Salaried applicant should not be more than 55 years at the time of loan maturity.
  • Salaried applicant must have 3 years work experience with the current employer.
  • Monthly salary must be Rs 50,000 per month or above.

Loan Offerings

FedPremia (Personal Loan for Salaried)

  • Federal Bank offers personal loan for salaried individuals who are earning a monthly salary of Rs. 5000. It provides loan to the resident of the selected following cities such as Bangalore, Chennai, New delhi & NCR, Mumbai, Pune, Thiruvananthapuram and Cochin. It avails funds from Rs. 50,000 to as high as up to Rs. 10 Lacs with a tenure ranging from 12 months to up to 48 months. The Prepayment can be done through standing instructions and ECS with a interest rate ranging from 11.49% to up to 14.49% per annum.
  • Documents required:
    • Latest salary certificate or Last 3 months salary slips
    • Form 16 or last 2 years ITR
    • Last 6 months salary account statement
    • Loan application along with 2 Passport size photographs

Federal Bank Personal Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

FedPremia Personal Loan

11.49% - 14.49% per annum

How do I apply for Federal Bank Personal Loan?

At Paisa

    • Click on the "Apply Now" button
    • Fill the required details such as name. desired loan amount, purpose of the loan etc.
    • Now click on "Submit"

At nearest Aditya Birla Branch

    • Walkin to the nearest branch of the Federal bank along with the loan application and KYC documents and get the personal loan application form available at the helpdesk.
    • Fill in your details in the form.
    • Submit this application form from any of your nearest branch of Federal Bank.

After I Apply?

Check loan status

  • Through Customer Care
    • Dial 1800-425-1199 / 1800-420-1199
    • Press 1 for English, Press 2 for regional language or Press 3 for Hindi.
    • Press 9 to speak to their customer care executive.

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

0.50% of the loan amount

Min Rs. 500

Foreclosure Charges

2% of the outstanding amount

Penal Charges

If payment is due for upto 30 days from the actual payment due date: 2% of the overdue amount


If payment is due for more than 30 days to upto 60 days from the actual payment due date: 2% of the overdue amount + 0.50% for the remaining portion of the loan


If payment is due for more than 60 days from the actual payment due date: 2% of the overdue amount + 1% for the remaining portion of the loan


If payment is due for more than 90 days from the actual payment due date: 2% on the entire balance outstanding

Switch to Floating Rate or Vice Versa

0.25% of the balance outstanding

Documentation Charges

Nil for loan of upto Rs. 2 Lacs


Rs. 500 for loan above Rs. 2 Lacs to upto Rs. 10 Lacs

NOC Issuance Charges

0.05% of the loan or minimum Rs.500

The processing Charges for personal loan in case of Federal Bank is 0.50% of the loan amount and minimum Rs. 500 and the pre-closure charges are 2% of the outstanding amount. The Penal charges are based on the different categories such as if payment is due for up to 30 days from the actual payment due date then 2% of the overdue amount is charged, while if the payment is due for more than 30 days to up to 60 days from the actual payment due date then 2% of the overdue amount is charged plus 0.50% for the remaining portion of the loan. If the payment is due for more than 60 months from the actual payment due date then 2% of the overdue amount is charged plus 1% for the remaining portion of the loan. If the payment is due for more than 90 days from the actual payment due then the amount charged by the Federal Bank is 2% on the entire balance outstanding. It charges 0.25% of the balance outstanding for switching to floating rate or vice versa and the documentation charges are Nil for loan upto Rs 2 Lacs and Rs. 500 for loan above Rs. 2 Lacs to upto Rs. 10 Lacs. The NOC Issuance charges are 0.05% of the loan or minimum Rs. 500.

FAQs

How do I make a repayment of my FedPremia Personal Loan?

You can make the a repayment for your personal loan through any of the following payment options provided by Federal Bank:

  • Standing instruction registration at your branch
  • FedNet – Internet Banking solution
  • Automated Payment through ECS (Electronic Clearing service)
  • Fed Mobile - Mobile Banking App
How do I connect with FedPremia Customer Care?

You can contact the customer care at their toll-free number 1800-425-1199 or 1800-420-1199.

Personal Loan
1 5 5
2019-07-08

Easy to go with.

I applied for a loan of 1.5 lakh with this bank and my application was approved smoothly . Also, the processing fee was very less and documentation was also very easy.

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