Multiple banks. Different interest rates. Call it a "conflict of interest".
  •  Loading your search... Loading your search...
  • Personal Loan Reviews

    • Federal Bank Personal Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      I got the personal loan with the Federal bank and the rate of interest was around 13%. As I am an employer, I got the loan amount within fifteen days of time and the response is good one with them and they need to optimize the turn around time.
      Was this review helpful? 0
      , ahmednagar
      Reviewed on May 23, 2017
    • Federal Bank Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I had taken a personal loan from Federal bank, the interest rate was 13% which is higher than the other banks in the market. The processing fee was 1%. But the personal loan process went smooth and the documentation part was simple. Customer service is also quite good.
      Was this review helpful? 1
      , pune
      Reviewed on Apr 15, 2017
    • Federal Bank Personal Loan
      0.5 5.0/5 "Blown Away!"
      No problem as the Federal bank gave better response. I applied for home loan and I was out of station for few months so I canceled decision of loan. They gave instant calls and that shows their service. They told me that the rate would be 10% for the home loan.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 07, 2015
    • Federal Bank Personal Loan
      0.5 5.0/5 "Blown Away!"
      I had an experience for the personal loan with the federal bank of india.The rate of interest was 13.25% and am really happy with the rate of interest.The service is really good with them.Within two days of time that I got the loan with them.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Jun 27, 2015
    • Federal Bank Personal Loan
      0.5 2.0/5 "Expected more"
      Pre closure option is there with Federal bank and it is possible after one year. Overall, they took two weeks of time to process my personal loan. I paid Rs.4200 for EMI amount monthly in the date of 5th. I am not that much satisfied with Federal bank because the rate and charge is somewhat high.
      Was this review helpful? 7
      , kolhapur
      Reviewed on Nov 09, 2014
    • Federal Bank Personal Loan
      0.5 5.0/5 "Blown Away!"
      It was a amazing service with the Federal Bank when i got the personal loan. The processing and the documentation was very simple and it was transparent. The customer service executive was friendly in approach. I got the loan amount disbursed with in 12 days.
      Was this review helpful? 5
      , kochi
      Reviewed on Oct 04, 2014
    • Federal Bank Personal Loan
      "Marvelous experience"
      0.5 5.0/5 "Blown Away!"
      An year ago I have taken a personal loan from Federal bank of India. It was a loan against my fixed deposit and easy for me to avail the loan because my dad is an employee of the bank. I was really impressed that the loan got processed on the same day and I got the loan amount on the very next day. Best part is the rate of interest was 10.5% and nil processing fees.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 28, 2014
    Common Loader Icon

    Federal Bank Personal Loan Eligibility Calculator is Rated as "Excellent!" by 7 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service



    About Federal Bank Personal Loan

    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.

    Perfect Personal Loan Deals for you

    Federal Bank Personal Loan Eligibility

    Federal Bank has multiple personal loan schemes, with each one catering to different needs. The basic eligibility criteria for these schemes are mentioned below.

    Salaried Individuals

    • Minimum income – Applicants should have a minimum monthly basic pay of Rs. 2,000.
    • Indian citizen – Applicant should be an Indian citizen.
    • Minimum age – Applicants should be at least 18 years old.
    • Maximum age – The loan amount should be cleared before an applicant reaches retirement age.

    Self-employed individuals

    • Minimum age - Applicants should be at least 18 years old.
    • Maximum age – Applicants should be less than 45 years old.
    • Net worth – Applicants should have a net worth which is double the loan amount.
    • Indian citizen – Applicants should be Indian citizens currently residing in the country.


    • Minimum age - Applicants should be at least 60 years old.
    • Spouse – Applicants cannot have more than one spouse.
    • Property – Applicants should have a property registered in their name.

    Factors affecting Federal Bank Personal Loan Eligibility

    The eligibility criteria for a Federal Bank personal loan can be affected by multiple factors, few of which are mentioned here.

    • Income – Federal Bank is a financial institution and their business depends on the loan repayment capacity of a borrower. The income of an applicant is crucial in determining Personal loan eligibility and applicants should meet the minimum income limit set by Federal Bank. Applicants with income lower than the minimum limit might find it hard to obtain a loan.
    • Employer background – Applicants working for reputed organizations stand a better chance of getting their loan approved as certain employers have built credibility around their brand. Such employees are assured their monthly salary, providing them no reason to default on loan payments.
    • Age – Applicants need to meet the minimum age requirements set by the bank. Young applicants who have just started working might not be financially stable and might not be viewed favourably by banks. Applicants approaching their retirement age might also find it hard to avail a loan as they might not have the same disposable income to clear the loan post retirement.
    • Type of employment – Permanent employees are preferred by banks as they have a steady source of income and job security. Temporary employees might find it hard to obtain a personal loan as they do not have any job security at work. Self-employed applicants need to have suitable expertise in their field to increase their eligibility for a Federal Bank personal loan.
    • Relationship with the bank – A healthy banking relationship provides key indicators to gauge an applicant and could improve the chances of an applicant getting a personal loan sanctioned.
    • Existing debt – Existing credit and other debt liabilities can affect loan repayment, with banks treading cautiously in such cases.
    • Educational background – Well educated applicants stand a better chance of obtaining gainful employment in this competitive world, which means they are more likely to repay the loan amount on time.

    How CIBIL score affects your Federal Bank Personal Loan Eligibility

    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.

    How to increase Federal Bank Personal Loan Eligibility

    Following a few simple steps could help increase an individual’s eligibility for a Federal Bank personal loan.

    • Longer tenure– Longer loan repayment tenures imply lower EMIs, which essentially translate into a lighter repayment burden on the borrower.
    • Timely payment – Timely payment of past loans and credit card bills improves the credit rating of an individual, increasing the chances of an applicant availing a loan.
    • Prepayment – Prepaying any existing loans creates a strong impression on the bank and also ensures that an applicant is left with a higher disposable income, strengthening the loan application.
    • Limiting loan applications – Multiple loan application reflect poorly in the credit report, lowering the overall score considerably. They can also portray the applicant as being loan hungry and desperate, hampering overall credibility.
    • Limiting loan amounts – Asking for amounts higher than needed could make bank authorities cautious. Smaller loan amounts are easier to obtain as they can be repaid easily, without burdening the applicant, signalling a win-win for both sides.
    • Maintaining a steady job – Having a stable job is viewed upon positively as there is a regular source of income, lowering the chance of defaulting.

    FAQs on Federal Bank Personal Loan Eligibility

    Q. Can NRIs or foreign citizens apply 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.

    Q. Do loan applicants have to furnish security to obtain a loan?

    A. Yes, loan applicants are required to furnish security in most cases.

    Q. Can a personal loan be paid off by the legal heirs of a pensioner?

    A. Yes, legal heirs of a pensioner can choose to repay the loan on behalf of the pensioner.

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.