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  • Federal Bank Personal Loan is Rated as "Great!" by 9 Users

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    Federal Bank Personal Loan

    Federal Bank is one of the largest private sector banks in the country, with its headquarters in Aluva, Kerala. Established in the pre-independence era as the Travancore Federal Bank, it has evolved over time to offer products and services suited to this period. The personal loan offered by Federal Bank is easy to avail, with the bank requiring minimum documentation. In addition to the ease of getting a personal loan, the bank also has attractive interest rates for the same. To know more, follow some simple steps given below to get attractive deals.

    Perfect Personal Loan Deals for you

    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 13 Dec 2018

    Federal Bank Personal Loan Details
    Interest Rate 11.49% to 14.49%
    Processing Fees 0.50% of loan amount or min Rs.500
    Pre Closure Charges Nil
    Loan Tenure 4 Years (maximum)

    About Federal Bank Personal Loan

    Enquire for 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 The Federal Bank Limited in 1949. 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 a 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.


    This is a personal loan designed for salaried individuals who earn a minimum of Rs.50,000 per month. This loan product is offered in cities like Bangalore, New Delhi, Chennai, Pune, Kochi, Mumbai, and Thiruvananthapuram.

    The maximum loan amount offered under this loan is Rs.10 lakh, with the maximum loan tenure being 4 years.

    Eligibility criteria for FedPremia

    • The applicant should have a minimum salary of Rs.50,000 per month.
    • The applicant should be employed for atleast 3 years.
    • This loan is available only to those applicants who reside in the cities mentioned.
    • The applicant should not be over the age of 55 years.

    Documents required for FedPremia

    • Valid ID proof - Passport/voters ID/DL/Pan, etc.
    • Valid address proof - Electricity bill/ration card, etc.
    • Latest passport size photo
    • Salary slips (last 3 months)
    • Duly signed and filled application form
    • Form 16

    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 FedPremia are:

    • 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 requires 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.

    Federal Bank Career Solutions

    Have you been planning your career extensively? In case you have financial troubles, you need not give up on your aspirations. As a student, you may not have any income to meet the various expenses related to your higher education. You can approach Federal Bank that offers an exclusive loan for educational and training purposes. With the help of this loan, one can get funds for course fees, tuition fees, caution deposit, laboratory fees, library fees, examination fees, etc. One can also utilise this loan for buying books, instruments, and equipment. There is no minimum age limit to apply for this loan.

    Federal Bank Loan for Senior Citizens (Aashray)

    Are you a senior citizen and have you been looking for a personal loan? Why don’t you check out the exclusive Federal Bank Loan for Senior Citizens? This loan is given for the specific purpose of giving an extra income to senior citizens. This loan can be taken only by senior citizens who own a particular residential or commercial space in their legal name. This space will be used as a security that will have a residual life of at least 20 years. The margin on security for this loan will range from 10% to 25%.

    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 Rate is dependent on various factors like tenor premium, CRR, cost of funds, operating costs, etc. MCLR is subject to change periodically. All new borrowers will be sanctioned loans on the MCLR based interest rate which is subject to revision without prior notice. The MCLR for retail loans as of 16/9/2018 is highlighted below.

    Tenor MCLR percentage per annum
    Overnight MCLR 9.08%
    Overnight MCLR 8.75
    1 month MCLR 8.85
    3 month MCLR 9.0
    6 month MCLR 9.1
    1 year MCLR 9.2

    Federal Bank Personal Loan Interest Rates (MCLR)

    The final lending rate charged by the bank on personal loans will be computed by adding a certain percentage over the applicable MCLR. The current interest on FedPremia personal loan ranges between 11.49% p.a. and 14.49% p.a.

    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: The MCLR rates given above are effective as of 16 September 2018. 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 provides 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 a Federal Bank Personal Loan?

      Federal Bank offers personal loans only to salaried individuals earning more than the minimum stipulated amount per month. The minimum monthly income required for Federal Bank Personal Loan is Rs.50,000. Additionally, you should also be under the age of 55 years to apply for a loan. This loan is currently provided only to residents of certain cities and you should check the availability of the same in your city

    • How do I repay my Federal Bank Personal loan?

      You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility. Alternately you can also provide standing instructions to the bank to deduct the EMI or complete the payment using FedNet or FedMobile.

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

      The maximum loan amount one can avail is Rs.10 lakh.

    • What is the tenure for Federal Bank personal loan?

      The maximum loan tenure is 4 years.

    • Who can apply for a Federal Bank personal loan?

      Individuals who meet the eligibility criteria for the loan can apply for the same. The applicant should be a resident of the city where the loan is offered, should earn a minimum of Rs.50,000 per month and should be less than 55 years old.

    • For what purpose can a Federal Bank personal loan be used?

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

    • What is the interest rate for FedPremia?

      Federal Bank offers the loan at attractive interest rates ranging between 11.49% p.a. and 14.49% p.a.

    • 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 in a few days (subject to verification of the documents).

    • 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?

      No, being a personal loan you don’t have to provide collateral for the same

    • 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- One can provide any of the documents listed below:
        • Passport Copy
        • Voters ID card
        • Driving License
        • PAN Card
      • Recently taken passport sized photograph
      • Address Proof- One can provide any of the documents listed below:
        • Ration Card
        • Telephone Bill
        • Rental Agreement
        • Passport Copy
        • Trade License
        • Sales Tax Certificate
      • An applicant is also expected to provide proof of income. The documents required for this include:
        • Form 16/ITR
        • Salary slips (last 3 months)
        • Salary account statement (last 6 months)
    • 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?

      You can use the EMI Calculator option provided by Federal Bank to compute your EMI. The EMI calculator computes 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?

      An applicant should be less than 55 years old to apply for a personal loan.

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

      Federal Bank, under FedPremia offers personal loans to salaried individuals. The maximum loan amount under this scheme is Rs.10 lakh . This loan can be availed by individuals in select cities.

    • FedPremia offered across India?

      FedPremia is offered only in select Indian cities. These include Bangalore, New Delhi, Chennai, Pune, Mumbai, Pune, Kochi, and Thiruvananthapuram.

    *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.

    Federal Bank Personal Loan Reviews

    • 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 of 50000 rupees and it got disbursed with in 10 mints of time and they have offered me 12% as the Rate of interest.
      Was this review helpful? 7
      , namakkal
      Reviewed on Aug 30, 2017
    • Federal Bank Personal Loan
      "Need to improve on customer service"
      0.5 2.0/5 "Expected more"
      I have closed the personal loan with the Federal bank and the interest rate was around 12% to 13%, also their services were not good. The response was also not really good, also there were no proper resolution used to provide by the Federal bank.
      Was this review helpful? 3
      , pune
      Reviewed on Jul 06, 2017
    • 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? 2
      , 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? 4
      , 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? 5
      , 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? 7
      , 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? 4
      , chennai
      Reviewed on Jul 28, 2014
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