Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Federal Bank Loan for Senior Citizens is Rated as "Great!" by 9 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Federal Bank Loan for Senior Citizens

    Federal Bank offers the Federal Aashray Loan to senior citizens in India who have a self-acquired property in the country. The loan intends to provide an additional source of income to them.

    Usage of Federal Bank Loan for Senior Citizens (Aashray)

    The loan amount can be utilised for any personal needs that one might have, but can’t be utilised for any business or speculative trading purposes.

    Eligibility Criteria for Federal Bank Loan for Senior Citizens (Aashray)

    In order to apply for the Federal Aashray Loan, the following eligibility criteria have to be met by the concerned individual:

    • Only senior citizens who own a property in their name can apply for the loan.
    • The property used as a security should have a residual life of at least 20 years.
    • The applicant should be at least 60 years when applying for the loan and the applicant’s spouse should not be under 58 years.
    • Spouses can only apply for the loan as co-applicants if they are joint owners of a property.
    • As on the loan sanction date, the applicant should not have more than one surviving spouse.
    • The value of the equitable mortgage of the property against which the loan will be sanctioned should amount to at least 60% of the loan amount.

    Types of Financing under Federal Bank Loan for Senior Citizens (Aashray)

    The financing modes allowed under the Senior Citizen Loan is a term loan.

    Loan limits under Federal Bank Loan for Senior Citizens (Aashray)

    • Based on the creditworthiness of the applicant, Federal Bank can provide loans that are variable, based on the value of the security provided.
    • The total monthly payout could be anywhere between Rs.2,000 and Rs.25,000.
    • The loan period is between 10 years and 15 years.
    • Loans can be repaid through bullet payment. Individuals are also given the option to prepay the loan amount by giving the lender a notice of 6 months. The loan can also be paid by one’s legal heirs if the need arises.

    Interest rates for Federal Bank Loan for Senior Citizens (Aashray)

    • The interest will be reset every five years.
    • The lender charges an administration and processing fee of 0.50%, subject to a minimum fee of Rs.1,000 and a maximum fee of Rs.5,000.
    • These interest rates are applicable as on October 2018.

    Documentation required during applying for Federal Bank Aashray Loan

    The standard list of required documents for applying for this loan are mentioned as follows –

    1. Application form
    2. Passport Size Photographs
    3. Identity proof
    4. Residence proof or Address Proof
    5. Ownership proof, deed of the property
    6. Other KYC documents as deemed necessary
    Note: You may be required to provide additional documents, if requested.

    Features of Federal Bank Loan for Senior Citizens (Aashray)

    • The Pensioner Loan from Federal Bank is a secured loan that requires the applicant to own a property in their name as security.
    • The loan period can be of 120 months to 180 months.
    • The loan amount that will be sanctioned by the bank will be decided based on the value of the property that is provided as security.

    Applying for Federal Bank Loan for Senior Citizens (Aashray)

    Individuals who wish to apply for the Federal Aashray Loan can directly walk into the nearest Federal Bank branch to begin the process. If one requires any assistance, the concerned individual can either call or email Federal Bank on the bank’s dedicated helpline channels.

    Federal Bank Loan for Senior Citizens Reviews

    • 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? 9
      , 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
      "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? 1
      , 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? 5
      , 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? 7
      , 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? 8
      , 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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