Federal Bank has been offering banking services to Indians since the pre-independence era, catering to all their financial needs. It offers multipurpose personal loans designed to meet any personal financial obligation a customer could have. Federal Bank personal loans can be availed at competitive interest rates, ensuring borrowers do not feel the pinch of financial burden.
Federal Bank has multiple personal loan schemes, with each one catering to different needs. The basic eligibility criteria for these schemes are mentioned below.
The eligibility criteria for a Federal Bank personal loan can be affected by multiple factors, few of which are mentioned here.
Banks use the CIBIL score of an applicant to determine his/her financial stability, with the CIBIL score providing invaluable insights about the individual. It highlights the credit history, previous repayment habits and allows Federal Bank the opportunity to chart the financial credibility of the applicant. A good CIBIL score would almost invariably guarantee a Federal Bank personal loan, as a high score boosts the application status. Average scores might be considered by Federal Bank, but their approval would depend on other factors like job status and income.
Applicants with a poor CIBIL score will be rejected by Federal Bank as such individuals could become defaulters, risking the loan amount offered by the bank.
Following a few simple steps could help increase an individual’s eligibility for a Federal Bank personal loan.
A. No, only Indian citizens are eligible for Federal Bank personal loans. NRIs can, however, avail loans under the NRI loan scheme.
A. Yes, loan applicants are required to furnish security in most cases.
A. Yes, legal heirs of a pensioner can choose to repay the loan on behalf of the pensioner.
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