| Interest Rate | 10.49% p.a. to 17.99% p.a. |
| Loan Amount | Up to Rs.25 lakh |
| Loan Tenure | Up to 48 months |
| Processing Fee | Up to 3% |
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:
| 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 | 10.49% p.a. to 17.99% p.a. |
| Loan Amount | Up to Rs.25 lakh |
| Loan Tenure | Up to 48 months |
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 10.49% p.a. The loan repayment tenure for the loan is 1 year or 12 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 | 15,880 | 1,748 | 17,628 | 1,84,120 |
| 2 | 16,019 | 1,610 | 17,629 | 1,68,100 |
| 3 | 16,159 | 1,469 | 17,628 | 1,51,941 |
| 4 | 16,301 | 1,328 | 17,629 | 1,35,640 |
| 5 | 16,443 | 1,186 | 17,629 | 1,19,197 |
| 6 | 16,587 | 1,042 | 17,629 | 1,02,611 |
| 7 | 16,732 | 897 | 17,629 | 85,879 |
| 8 | 16,878 | 751 | 17,629 | 69,001 |
| 9 | 17,026 | 603 | 17,629 | 51,975 |
| 10 | 17,174 | 454 | 17,628 | 34,801 |
| 11 | 17,325 | 304 | 17,629 | 17,476 |
| 12 | 17,476 | 153 | 17,629 | 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.
| Particulars | Federal Bank Personal Loan | HSBC Bank Personal Loan | SBI Personal Loan |
| Interest rate | 10.49% p.a. to 17.99% p.a. | 9.75% p.a. to 15.00% p.a. | 9.60% p.a. onwards |
| Processing fee | Up to 3.00% of the loan amount | Up to 1% of the loan amount | 1% of the loan amount + applicable GST |
| Foreclosure charges | Nil for Floating Rate Schemes; 3% for Fixed Rate Schemes | 2%-5% of the outstanding principal amount | 1% of the outstanding loan amount |
There are various factors which affect interest rates offered on Federal bank personal loan as listed below.
To contact Federal Bank personal loan customer care, use any one of the following methods:
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:
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.
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.
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.
Yes, you can pre-close your Federal Bank personal loan after 12 months.
Foreclosing your personal loan will be subject to the terms and conditions as set by Federal Bank.
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.
Ensure that your mobile number is registered with Federal Bank to get personal loan statuses.
Federal Bank promises quick personal loan disbursals following approval of the application.
No, Federal Bank does not have an online application facility. You can visit the nearest Federal Bank and apply for a personal loan.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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