Federal Bank offers the FedPremia personal loan for salaried individuals who earn a minimum monthly salary of Rs.25,000, have 3 years' experience in their current job and are not older than 60 years by the end of the tenure of the loan.
|Age||Maximum age of 60 years at the end of the personal loan tenure|
|Income||Minimum of Rs.25,000 per month|
|Work Experience||Should be working in the current company for at least 3 years|
|Residential Status||Resident of India|
|Interest Rate||10% p.a. - 27% p.a.|
|Loan Amount||Up to Rs.25 lakh|
|Loan Tenure||Up to 48 months|
No, only resident Indians are eligible for the FedPremia personal loan offered by Federal Bank.
To ensure that you pay your EMIs in a timely manner, you can opt to pay your EMI via standing instruction, or via the automatic ECS (Electronic Clearing service). In addition, you can choose to pay your EMIs via the FedNet net banking portal or through the Fed Mobile app.
You will have to submit your latest salary certificate, last 3 months’ salary slips, IT returns of the last 2 years, Form 16, and last 6 months’ salary account statement.
No, the interest rate will vary between applicants depending on factors such as the loan amount, tenure, financial ability of the applicant and so on.
No, Federal Bank does not have an online application facility. You can visit the nearest Federal Bank and apply for a personal loan. For any queries regarding the personal loan application process, you can call the customer care unit of the bank at 1800 425 1199 or 1800 420 1199.
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