Federal Bank is one of the largest private sector banks in India and it offers the FedPremia personal loan to salaried individuals with a monthly salary of Rs.25,000 or more.
There are a number of advantages of choosing the FedPremia personal loan by Federal Bank. These benefits can be summed up as follows:
| Schedule of charges | Fees |
| Documentation charges | Nil to Rs.10,000 (on the basis of the loan amount) |
| Prepayment charges | Nil or 3% (on the basis of the scheme) |
| Late payment penalty | 2% per month on the amount which is overdue |
| Charges for switching schemes of the loan | 0.25% of the outstanding loan balance |
| Cersai registration and modification charges | Nil |
| CIBIL report charges | Nil |
The documents required for availing a FedPremia personal loan can be categorised under 2 heads –
KYC documents:
Documents pertaining to income:
| Age | Maximum age of 60 years when the loan repayment tenure ends |
| Employment Status | Salaried individual who has been in the present job for at least 3 years |
| Citizenship | Resident individual of India |
| Minimum Net Salary | Rs.25,000 p.m. |
Here are all the details you need to know about the Federal Bank Personal Loan Eligibility
If you are wondering how your repayment schedule will look if you apply for a Federal Bank Personal Loan (or FedPremia), consider the following example.
Ms. Geller is a resident of Chennai and draws a monthly salary of Rs.60,000. She takes a FedPremia personal loan of Rs.2 lakh from Federal Bank. The rate of interest for the loan is 13% p.a. and the processing fee is 2.5%. The loan repayment tenure for the loan is 2 years or 24 months. Based on these factors, the loan repayment schedule of Ms. Geller will look like the following table:
| Month | Principal Paid (A) (in Rs.) | Interest Paid (B) (in Rs.) | Total Amount Paid (A+B) (in Rs.) | Outstanding Loan Amount (in Rs.) |
| 1 | 7,342 | 2,167 | 9,509 | 1,92,658 |
| 2 | 7,421 | 2,087 | 9,508 | 1,85,237 |
| 3 | 7,502 | 2,007 | 9,509 | 1,77,735 |
| 4 | 7,583 | 1,925 | 9,508 | 1,70,153 |
| 5 | 7,665 | 1,843 | 9,508 | 1,62,487 |
| 6 | 7,748 | 1,760 | 9,508 | 1,54,739 |
| 7 | 7,832 | 1,676 | 9,508 | 1,46,907 |
| 8 | 7,917 | 1,591 | 9,508 | 1,38,991 |
| 9 | 8,003 | 1,506 | 9,509 | 1,30,988 |
| 10 | 8,089 | 1,419 | 9,508 | 1,22,899 |
| 11 | 8,177 | 1,331 | 9,508 | 1,14,722 |
| 12 | 8,266 | 1,243 | 9,509 | 1,06,456 |
| 13 | 8,355 | 1,153 | 9,508 | 98,101 |
| 14 | 8,446 | 1,063 | 9,509 | 89,655 |
| 15 | 8,537 | 971 | 9,508 | 81,118 |
| 16 | 8,630 | 879 | 9,509 | 72,489 |
| 17 | 8,723 | 785 | 9,508 | 63,766 |
| 18 | 8,818 | 691 | 9,509 | 54,948 |
| 19 | 8,913 | 595 | 9,508 | 46,035 |
| 20 | 9,010 | 499 | 9,509 | 37,025 |
| 21 | 9,107 | 401 | 9,508 | 27,918 |
| 22 | 9,206 | 302 | 9,508 | 18,712 |
| 23 | 9,306 | 203 | 9,509 | 9,406 |
| 24 | 9,406 | 102 | 9,508 | 0 |
As you can see in this table, the monthly EMI amount that Ms. Geller will be required to pay for 24 months is either Rs.9,508 or Rs.9,509 (on an alternate basis). The total interest on the loan amount is Rs.28,201 and the processing fee is Rs.5,000. At the end of the loan repayment tenure, Ms. Geller will be paying off a total amount Rs.2,33,201*.
You can easily calculate the EMIs, the processing fee, and the total payable interest amount on your personal loan by using BankBazaar personal loan EMI calculator
*The figures quoted here are for the purpose of understanding only. The applicable taxes (if any) have not been taken into consideration.
| Particulars | Federal Bank Personal Loan (FedPremia) | HSBC Bank Personal Loan | Bajaj Finserv Personal Loan | SBI Personal Loan |
| Interest rate | 10.00% p.a. to 27.00% p.a. | 10.99% p.a. to 17.84% p.a. | 12.99% p.a. onwards | 12.00% p.a. onwards |
| Processing fee | Up to 3.00% of the loan amount | Up to 1% of the loan amount | Up to 3.99% of the loan amount | 1% of the loan amount + applicable GST |
| Foreclosure charges | Nil for Floating Rate Schemes; 3% for Fixed Rate Schemes | Up to 3.75% of the outstanding principal amount | 4% + applicable taxes on the outstanding principal amount | 3% of the outstanding loan amount |
A:
To contact Federal Bank personal loan customer care, use any one of the following methods:Â
A: You can repay your Federal Bank Personal Loan through Equated Monthly Instalments or EMIs. You can use one of the following methods to make the payment:
A: You can easily track the status of your Federal Bank Personal Loan or FedPremia if you apply for the loan through a third-party aggregator website such as BankBazaar. You can log in to your BankBazaar profile and check the status of the loan. On the other hand, you will also receive regular email and SMS updates regarding the loan status on your registered email ID and phone number.
A: KYC or Know Your Customer is a process which is used to gather the details pertaining to the identity and address of a customer. KYC is mandatory for all customers as it ensures that the services provided by the bank are not misused.
A: You can either visit one of the nearest Federal Bank branches or you can also call the 24x7 customer care call centre of the bank at 1800 420 1199 or 1800 425 1199. You can also get in touch with the bank by sending an e-mail to contact@federalbank.co.in.
A:You can locate the nearest Federal Bank branch office, ATMs, zonal offices, and/or contact centres through the Federal Bank website. Under the ‘Locate Us’ option on the website, click on the ‘Branches and ATMs’ option to find out the nearest branch office.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
The quarterly results of Federal Bank are expected to show a positive trend due to push from the tax bounty announced by the government last month. The private sector bank is expected to see a plunge of 50% to 60% in the quarterly profit on a Year-on-Year (YoY) basis. Fee income, an update on the growth of corporate loans, and fresh slippages of the bank will be closely watched. Brokerage firm Motilal Oswal predicts the lender to record profit worth Rs.440 crore as against the profit reported for June quarter which was 380 crore. The bank had posted a profit of Rs.260 crore for the same quarter the previous year. Motilal Oswal also expects the slippages of the bank to come in at 1.3% on an annualized basis with net Non-Performing Assets (NPAs) at 1.4% and gross NPA at 2.9%. On the other hand, ICICI Securities has predicted a growth of 20% YoY at Rs.1,91,817 led by traction in retail & SME segments.
17 October 2019
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