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  • Federal Bank Personal Loan Eligibility

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  • 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.

    Federal Bank FedPremia Personal Loan Eligibility Criteria

    Criteria Salaried
    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
    CIBIL Score 750+
    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

    Factors affecting Federal Bank FedPremia Personal Loan Eligibility

    • The age of the applicant: To be eligible for the FedPremia personal loan, the applicant should be less than 60 years by the maturity of the personal loan.
    • The income of the applicant: The applicant should be earning a minimum of Rs.25,000 per month to be eligible for the personal loan scheme offered by Federal Bank. The higher the income of the individual, the higher the chances of their personal loan application being approved by the bank.
    • Work experience of the applicant: To be eligible for the FedPremia personal loan, the applicant should be working in the current company for a minimum of 3 years.
    • Credit score of the individual: Federal Bank takes into consideration the repayment history of the applicant. If the applicant has a low credit score, then chances of him/her being considered eligible for the personal loan are low as well.
    • Age of the applicant: A young applicant with at least 3-4 years of experience has a better chance of being eligible as compared to an applicant almost in his/her retirement years or a young applicant without any experience.
    • Past relationship with Federal Bank: If the applicant has a salary account or has had another loan with Federal Bank, then the chances of him/her being eligible for the loan are higher.
    • Reputation of the company of the applicant: If the applicant works in a well-established organisation, the chances of their personal loan being approved are higher.

    How to improve chances of Federal Bank FedPremia Personal Loan eligibility?

    • Choose a loan amount within your financial ability: Choosing a loan amount that you are sure you can repay without any hassles will improve your chances of being eligible for the loan. If your monthly income is on the lower end, choose a small loan amount to avail from Federal Bank.
    • Keep your credit score in check: Ensure that your credit score is above 750 to stand a good chance to be eligible for the personal loan. If it lower than 600, it could be a reason why your personal loan application could get rejected.
    • Ensure you have the required documentation: Having the necessary documentation for verification will improve the chances of your personal loan eligibility. Documents that will prove your monthly income (pay slips and bank statements), address, identity and age will be required by the bank for verification.
    • Use an EMI calculator: Depending on the loan amount that you’d wish to avail, use an EMI calculator to ensure that the EMI does not surpass 40%-50% of your monthly income. If it does not, you stand a better chance of getting the loan.
    • Choose a longer tenure: If your income is low, make sure that you choose a longer tenure which will lower the EMI amount and increase your chances of being eligible for the loan.

    FAQs

    1. Are Non-resident Indians eligible for the FedPremia personal loan?
    2. No, only resident Indians are eligible for the FedPremia personal loan offered by Federal Bank.

    3. Which are the best ways to pay my FedPremia personal loan EMIs?
    4. 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.

    5. What income documents should I submit to be eligible for the FedPremia personal loan?
    6. 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.

    7. Is the interest rate for the FedPremia fixed for all personal loan applicants?
    8. 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.

    9. Can I apply for the FedPremia personal loan online?
    10. 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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