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  • Federal Bank Personal Loan

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  • 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.

    • Loan amount of up to Rs.25 lakh
    • Rate of interest as low as 10% p.a.
    • Processing fee up to 3% of the loan amount
    • Repayment tenure of up to 48 months
    More

    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

    What are the eligibility criteria for Federal Bank Personal Loan or FedPremia?

    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

    How EMI calculation on Federal Bank Personal Loan or FedPremia work?

    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.

    Compare Federal Bank Personal Loan (FedPremia) with loans from other lenders

    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

    Frequently Asked Questions (FAQs) on Federal Bank Personal Loan

    How do I repay my Federal Bank Personal loan?

    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:

    • 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.
    How can I track the status of my Federal Bank Personal Loan?

    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.

    Why do I need to provide KYC documents?

    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.

    How can I get in touch with Federal Bank?

    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.

    How can I locate the nearest Federal Bank branch office?

    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.

        

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    Federal Bank Personal Loan Reviews

    • Federal Bank Personal Loan
      "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? 4
      , bangalore
      Reviewed on Mar 05, 2019
    • Federal Bank
      Federal Bank Personal Loan
      "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 Personal Loan
      "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 Personal Loan
      "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? 11
      , 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? 6
      , 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? 5
      , 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? 6
      , pune
      Reviewed on Apr 15, 2017
    • Federal Bank Personal Loan
      "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 Personal Loan
      "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? 7
      , ahmedabad
      Reviewed on Jun 27, 2015
    • Federal Bank Personal Loan
      "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? 10
      , kolhapur
      Reviewed on Nov 09, 2014
    • Federal Bank Personal Loan
      "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? 12
      , 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? 8
      , chennai
      Reviewed on Jul 28, 2014
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