Multiple banks. Different interest rates. Call it a "conflict of interest".

    Compare Personal Loan Offers from Top Banks. Apply Online and Get e-Approved Instantly.

    Federal Bank Personal Loan Reviews

    Common Loader Icon

    Federal Bank Personal Loan is Rated as "Excellent!" by 5 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service



    Federal Bank Limited is a major Indian commercial bank in the private sector, headquartered at Aluva, Kochi, Kerala. Federal bank is the fourth largest bank in India in terms of capital base. Federal Bank provide personal loans with Hassle free processing, Simple Documentation, Affordable interest rates and more. Loan will be sanctioned against bank deposits, LIC Insurance policy, NSC, KVP, IVP, Govt. & RBI Non-cumulative bonds, Govt. & RBI cumulative bonds etc. To know more, follow some simple steps given below to get attractive deals.

    You’re probably eligible for an Federal Bank Personal Loan if you are

    Federal Bank Personal Loan Minimum Age

    At least 21 years old

    Federal Bank Personal Loan Maximum Age

    Less than 55 years old

    Federal Bank Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Federal Bank Personal Loan Minimum Income

    Earn more than the minimum
    income required

    Your Federal Bank Personal Loan amount eligibility is based on these factors

    Federal Bank Personal Loan Minimum Salary

    Salaried with Regular Income

    Federal Bank Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 10 lakhs

    Federal Bank Personal Loan EMI

    EMIs of other loans lower
    your eligibility

    Increase your eligible Federal Bank Personal Loan amount by these steps

    Federal Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills


    Choose longer tenure loan up to 4 Years

    Documentation needed to apply for an Federal Bank Personal Loan

    • 1. Signed application form with photograph
    • 2.Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    Federal Bank Personal Loan Interest RatesUpdated on 28 Oct 2016

    Federal Bank Personal Loan Details
    Interest Rate 13.44% to 15.24%
    Processing Fees 0.50% of loan amount or min Rs.500
    Pre Closure Charges Nil
    Loan Tenure 4 Years

    About Federal Bank Personal Loan

    Federal Bank is a key banking institution in South India, dating back to the pre-independence era. The bank was founded by Mr. K.P Hormis and was initially known as the Travancore Federal Bank, changing its name to Federal Bank in 1947. The bank is headquartered in Aluva, Kerala and has over a thousand branches across India. Federal Bank believes in following a customer centric approach and prides itself on being the trusted banking partner to millions in India.

    Federal bank offers personal loans to meet any requirement of the customer, offering specialised services to them.

    Why choose Federal Bank Personal Loan

    Federal bank offers personal loans for multiple needs, ensuring that a customer can go through life without having to worry about monetary issues. The need for a personal loan can arise at any moment, and lack of money could hamper life. Federal bank personal loans allow people to live life to the fullest, without worrying about external factors. Loans can be availed for any personal reason, from travel to weddings to home needs.

    The customer centric approach followed by Federal bank places the customer first, and the bank tries its best to ensure that no customer leaves unsatisfied. A simple loan process and low interest rates ensure that a personal loan does not become taxing on consumers. A blend of traditional values and modernity make Federal Bank personal loans an extremely viable option.

    Features of Federal Bank Personal Loan

    The customer first policy adopted by Federal Bank ensures that customers get a slew of exciting features to choose from. Some of the key features of Federal Bank Personal Loan are mentioned below.

    • Quick Loan Approval – Federal Bank tries to ensure that their loan application process is as quick as possible, striving hard to get timely loan approvals in all legitimate cases.
    • Minimal Paperwork – The loan approval process followed by Federal Bank utilizes minimal paperwork, making it simpler and faster to get loans. Minimal paperwork also ensures that the entire process is streamlined and hassle free.
    • High Loan Amount – Individuals can obtain high loan amounts for their needs, ensuring they have sufficient money to fulfil their dreams. The loan amount depends on the individual concerned and his/her financial standing.
    • Flexible Repayment Period – Federal Bank offers a longer and flexible time period for individuals to pay their loan. The bank offers longer repayment terms, ensuring the individual has sufficient time to clear pending dues without worrying too much.
    • Low Interest Rate – The interest rates charged by Federal Bank are extremely competitive and affordable, varying according to the type of loan obtained.
    • Vast network – Federal Bank has over a 1000 branches in the country, ensuring that customers are supported regardless of where they are.

    Following the introduction of MCLR, interest rates applicable on new personal loans will be determined on the basis of MCLR and a few other factors. Existing borrowers can continue to pay interest on the basis of the Base Rate.

    Federal Bank MCLR (For new borrowers)

    MCLR or Marginal Cost of Funds based Lending is dependent on various factors like tenor premium, CRR, cost of funds, operating costs, etc. MCLR rates are subject to change after every review. All new borrowers will be sanctioned loans on the MCLR based interest rate which is subject to revision without prior notice. With effect from May 1, 2016, the MCLR rates applicable are as follows.

    Tenor MCLR percentage per annum
    Overnight MCLR 9.08%
    1 month MCLR 9.41%
    3 month MCLR 9.55%
    6 month MCLR 9.54%
    1 year MCLR 9.49%

    Federal Bank Personal Loan Interest Rates (MCLR)

    The final lending rate offered by the bank on personal loans will be arrived at by adding a certain percentage over the applicable MCLR rate. The MCLR linked interest rate applicable for personal loans is as follows.

    Loan Range of Spread Over MCLR %
    Personal Loan 3.92% to 5.72%
    Fed Premia Personal Loan 11.75% to 14.65%

    Federal Bank Base Rate & Prime Lending Rates (For existing borrowers)

    Base Rate Prime Lending Rate
    9.63% per annum (w.e.f Dec 1, 2015) 17.75% per annum (w.e.f Nov 7, 2011)

    Federal Bank Personal Loan Interest Rate (Base Rate)

    All existing loan borrowers can either switch to the MCLR based interest rate system or continue paying interest as per the Base Rate linked interest rate system.

    Note:Note: The MCLR rates given above are effective as of May 1, 2016. Interest rates for personal loans are subject to change with change in MCLR / Base Rate. To know the currently applicable interest rates for personal loans, please contact the bank at the time of applying for the same.

    Individuals who wish to apply for a personal loan from Federal Bank need to meet the following eligibility criteria.

    • Minimum Age – The applicant should be at least 21 years old.
    • Maximum Age – The applicant should be less than 55 years old.
    • Employed – The applicant should be a salaried or self-employed individual with a regular source of income.

    An applicant is also required to furnish the following documents to obtain a personal loan.

    • Valid ID proof – This could be any government approved photo ID card like passport or driving license.
    • Passport size photographs.
    • Address proof – This could be a utility bill or a ration card.

    Calculating the EMI on personal loans is no longer a complicated task, as lets individuals figure out their EMIs without hassle. A simple Personal Loan EMI calculator tool on the website allows people the opportunity to know their EMI amount by just filling in the loan amount, tenure and interest rate. The tool calculates the EMI and represents it in a simple and easy to understand format.

    • Am I eligible for Federal Bank Personal Loan?

      Federal Bank Personal Loan offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for Federal Bank Personal Loan is Rs. 50,000 per month. If you fall into this group, you can definitely apply for a Federal Bank personal loan.

    • How do I repay Federal Bank Personal loan?

      You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.

    • What is the maximum loan one can get from Federal Bank?

      Federal Bank offers personal loans as high as Rs. 10 Lakhs for successful applicants depending on their financial record and repayment history.

    • What is the tenure for Federal Bank personal loan?

      Federal Bank offers personal loan with a tenure period ranging upto 60 months making it suitable for all loan seekers.

    • Who can apply for a Federal Bank personal loan?

      All salaried and self-employed professionals are eligible to apply for a personal loan from Federal Bank. Residents as well as NRIs are also eligible to apply for a personal loan.

    • What purpose can a Federal Bank personal loan be used for?

      Personal loans issued by Federal Bank can be used for any personal needs, providing they are within legal boundaries.

    • What are the personal loan amounts offered by Federal Bank?

      Salaried as well as self-employed individuals can avail of Federal Bank personal loans at a maximum loan amount of 6 times their monthly income or 50% of annual income of the previous year.

    • What is the personal loan tenure offered by Federal Bank?

      Federal Bank offers Personal loans with tenures of a minimum of 12 months and a maximum of 60 months

    • What interest rates are offered on personal loans by Federal Bank?

      Federal Bank offers its customers interest rates ranging from a minimum of 17.55% to a maximum of 20.05% on its personal loans.

    • How quickly can I expect my personal loan to be approved by the bank?

      After submission of all required and relevant documents, the bank will approve the loan application within 5 working days

    • What are the processing fees involved in applying for a personal loan with Federal Bank?

      Salaried as well as self-employed individuals will incur a processing fee of 1% of the total loan amount at the disbursal of the loan

    • Am I required to provide security or collateral in order to apply for a Federal Bank personal loan?

      Yes. Federal Bank requires applicants to provide 100% collateral security when applying for a personal loan. In the case of residents, the spouse is required to join as a co-obligant while collateral security in the name of NRI borrowers is required to cover the loan amount

    • What are the documents required to apply for a Federal Bank personal loan?

      Applicants are required to provide the following documents in order to avail of a personal loan from Federal Bank:

      • Proof of Identity
        • Passport Copy
        • Voters ID card
        • Driving License
        • PAN Card
      • Recently taken passport sized photograph
      • Address Proof
        • Ration Card
        • Telephone Bill
        • Rental Agreement
        • Passport Copy
        • Trade License
        • Sales Tax Certificate
    • How can I make repayments towards the personal loan amount?

      Repayments can be made towards the loan in EMIs via the ECS facility or via post-dated cheques

    • How can I calculate the installments on my personal loan?

      To calculate the amount of equated monthly installment you need to pay each month you can visit the official website of Federal Bank and use the EMI calculator. The EMI calculator calculates your monthly loan repayments based on the principal loan amount, the rate of interest and the duration of the loan.

    • What are the age requirements to apply for a personal loan from Federal Bank?

      The applicant should be a minimum of 21 years of age and less than 55 years of age in order to avail of a Federal Bank personal loan.

    • What are the personal loan schemes offered by Federal Bank?

      Federal Bank has launched the Fed Premia Scheme for salaried employees, which feature low interest rates as well as quick processing. As per the scheme, salaried individuals can obtain personal loans of up to Rs 10 lakhs, while repayments towards this loan can be done over a period of 48 months. This scheme is also open to customers who do not hold Federal Bank accounts. These individuals can apply for a personal loan under this scheme by submitting the required KYC and income documents to the bank.

    *This article is provided only for consumer information on an as is where is basis and BankBazaar does not claim or represent to be connected with Federal Bank. For further information about any of the products mentioned above please contact Federal Bank.

    reTH65gcmBgCJ7k - pingdom check string.
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.