• Federal Bank Personal Loan

    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. Yu can get a loan of up to Rs.25 lakh for a tenure of 4 years at interest rates starting from 10% p.a. The processing fee charged is 3% of the loan amount plus applicable taxes.
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    Federal Bank Personal Loan Details

    Interest Rate 10% to 27% p.a.
    Loan Amount Up to Rs.25 lakh
    Loan Tenure Up to 48 months
    Processing Fee Up to 3%

    Why should I choose a personal loan from Federal Bank?

    There are a number of advantages of choosing the FedPremia personal loan by Federal Bank. These benefits can be summed up as follows:

    • Fast loan processing
    • Minimal paperwork
    • Loan amount of up to Rs.25 lakh
    • Interest rates starting at as low as 10% p.a.
    • Flexible loan repayment tenure of up to 48 months.

    Fees and Charges

    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

    Documents Required

    The documents required for availing a FedPremia personal loan can be categorised under 2 heads –

    KYC documents:

    • PAN Card
    • Proof of address such as rental agreement, recent utility bills, passport, etc.
    • Identity proof such as Voters ID card, PAN Card, passport, Driving License, etc.
    • 2 copies of recent passport-sized photograph of the applicant

    Documents pertaining to income:

    • Salary slips for last 3 months or latest salary certificate
    • Income Tax Returns for the last 2 years or Form 16
    • Salary account statement for the last 6 months
    • Duly filled up and signed loan application form

    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

    How EMI calculation on Federal Bank Personal Loan work?

    If you are wondering how your repayment schedule will look if you apply for a Federal Bank Personal Loan, consider the following example.

    Suppose you take a loan of Rs.2 lakh with Federal Bank. Let’s assume the rate of interest for the loan is 13% p.a. and the processing fee is 3%. The loan repayment tenure for the loan is 2 years or 24 months. Based on these factors, your loan repayment schedule will look like this:

    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

    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.

    Compare Federal Bank Personal Loan with loans from other lenders

    Particulars Federal Bank Personal Loan 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

    Factors affecting Federal Bank Personal Loan interest rates

    There are various factors which affect interest rates offered on Federal bank personal loan as listed below.

    • Loan tenure: Interest rate offered by Federal bank depends upon the loan tenure chosen by customers. If the customer opts for a short loan tenure, the bank is most likely to charge a higher interest rate as compared to loans offered on longer tenures.
    • Relationship with Federal bank: If a customer has a good rapport with his or her bank, there is no trust deficit. Consequently, the bank will be in a position to reduce their interest rates offered to privileged customers. Also, a long-standing customer of a bank can negotiate a lower interest rate, provided he or she fulfills all the required eligibility criteria for availing of a personal loan.
    • Repayment capacity: The repayment capacity of a borrower is of seminal importance. Banks usually provide personal loans up to 10 times the monthly salary of a customer. Banks check the CIBIL score of an applicant to determine his repayment capacity.?Federal bank will offer attractive interest rates?to loan applicants with a regular income and a robust credit history,
    • Employment details: The employment history and profile of a customer plays a pivotal role in determining the interest rates offered by Federal bank. Salaried individuals working with high net worth companies may be offered lower interest rates as compared to those who are self-employed, who, typically, don’t have a steady income.
    Note: Federal bank can alter its Interest rates at its discretion.

    Frequently Asked Questions (FAQs) on Federal Bank Personal Loan

    1. How to contact Federal Bank personal loan customer care?
    2. To contact Federal Bank personal loan customer care, use any one of the following methods:

      • Call the toll-free numbers 1800 420 1199 or 1800 425 1199.
      • Email the bank at contact@federalbank.co.in
    3. How do I repay my Federal Bank Personal loan?
    4. 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:

      • You can give a standing instruction to your bank.
      • You can use the Federal Bank internet banking system known as the FedNet.
      • You can use the Federal Bank mobile banking application known as the Fed Mobile.
      • You can opt for an automated payment option through Electronic Clearing Service or ECS.
    5. Why do I need to provide KYC documents?
    6. 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.

    7. How can I get in touch with Federal Bank?
    8. 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.

    9. How can I locate the nearest Federal Bank branch office?
    10. 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.

    11. Can I close my Federal Bank personal loan after 1 year?
    12. Yes, you can pre-close your Federal Bank personal loan after 12 months.

    13. How can I close my Federal Bank personal loan before 1 year?
    14. Foreclosing your personal loan will be subject to the terms and conditions as set by Federal Bank.

    15. How can I pay my Federal Bank personal loan EMI online from another bank?
    16. You can link your Federal Bank personal loan to your net banking account and make the payment even if it is a non-Federal Bank account.

    17. How can I get Federal Bank personal loan status on my mobile number?
    18. Ensure that your mobile number is registered with Federal Bank to get personal loan statuses.

    19. What is the Federal Bank personal loan disbursement time?
    20. Federal Bank promises quick personal loan disbursals following approval of the application.

    21. Can I apply for the FedPremia personal loan online?
    22. No, Federal Bank does not have an online application facility. You can visit the nearest Federal Bank and apply for a personal loan.

        

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    Federal Bank Personal Loan Reviews

    • Federal Bank
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have applied Federal Bank personal loan through bank directly. The rate of interest and the processing fee are medium it was really convenient. This loan was sanctioned on time without any hassles .The premium is paid on EMI basis only. Everything was good on this bank when availed this loan.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Jan 23, 2020
    • Federal Bank
      Federal Bank
      "Average Service"
      0.5 4.0/5 "Great!"
      I had applied a personal loan from FEDERAL Bank through other channel. The process was done on 1.5 years before. The loan amount was sanctioned within 15 days with tenure period of 3 years. The rate of interest is 18% but there is no processing fee. After 6 months pre closure option is applicable without any charges. I use to get remainder message on time.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jan 18, 2020
    • Federal Bank
      "Easy Loan Process"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken from Federal bank since its my home branch, they have sanctioned my loan without any documents and the service has been good. I bought the loan amount of Rs. 5 lakhs and they have provided me a interest rate of 14%. I'm paying the EMI amount of Rs. 13700 every month. I chosen the tenure period of 5 years.
      Was this review helpful? 4
      , bangalore
      Reviewed on Dec 10, 2019
    • Federal Bank
      "Processing fee is less"
      0.5 5.0/5 "Blown Away!"
      I have chosen the personal loan from Federal bank because its my parent account and the paper work is minimal. They have provided me a interest rate of 12% and i got the loan amount of Rs. 2.5L for the tenure period of 5 years. I pay the EMI amount of Rs. 5,767 on every month.
      Was this review helpful? 0
      , palakkad
      Reviewed on Nov 07, 2019
    • Federal Bank
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I received a email stating pre-approved loan of Rs.25,000 from Federal bank and processed via the link. I received the loan amount instantly. Processing fee is Rs.400 debited from the loan amount. I selected the EMI as 9 months. It is good process, which done on an instant basis. Interest rate is sufficient as I need to pay the return amount of Rs.26,500 only.
      Was this review helpful? 1
      , vellore
      Reviewed on Oct 25, 2019
    • Federal Bank
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      FEDERAL BANK is bank where i have applied for the personal loan and i have taken it and i am using it since from last 4 years. The rate of interest is lower when compared to the other banks. The loan amount is good added on that the duration for repaying the loan is for 4 years.
      Was this review helpful? 5
      , bangalore
      Reviewed on Mar 05, 2019
    • Federal Bank
      "Very Good loan experience"
      0.5 5.0/5 "Blown Away!"
      I have purchased a personal loan from Federal bank. They have offered me a interest rate of 13.5% which I'm happy about it. They have sanctioned the loan as per the promised time. I got the loan amount of Rs. 50000 for the tenure period for 2 years. I pay the EMI of Rs. 2200 approximately.
      Was this review helpful? 7
      , bangalore
      Reviewed on Jan 26, 2019
    • Federal Bank
      "Very Good loan experience"
      0.5 5.0/5 "Blown Away!"
      I have purchased a personal loan from Federal bank. They have offered me a interest rate of 13.5% which I'm happy about it. They have sanctioned the loan as per the promised time. I got the loan amount of Rs. 50000 for the tenure period for 2 years. I pay the EMI of Rs. 2200 approximately.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jan 26, 2019
    • Federal Bank
      "EXCELLENT"
      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? 13
      , namakkal
      Reviewed on Aug 30, 2017
    • Federal Bank
      "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? 8
      , pune
      Reviewed on Jul 06, 2017
    • Federal Bank
      "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? 5
      , ahmednagar
      Reviewed on May 23, 2017
    • Federal Bank
      "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? 6
      , pune
      Reviewed on Apr 15, 2017
    • Federal Bank
      "Flawless..."
      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? 3
      , chennai
      Reviewed on Dec 07, 2015
    • Federal Bank
      "Best"
      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? 8
      , ahmedabad
      Reviewed on Jun 27, 2015
    • Federal Bank
      "Average"
      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? 12
      , kolhapur
      Reviewed on Nov 09, 2014
    • Federal Bank
      "Amazing"
      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? 14
      , kochi
      Reviewed on Oct 04, 2014
    • Federal Bank
      "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? 9
      , chennai
      Reviewed on Jul 28, 2014
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