Federal Bank is a prominent private sector bank in India. The bank serves more than 18.1 million customers, significantly for remittances and Federal Bank personal loans. FedPremia loans are made available based on individual needs and requirements. You can avail of loans up to INR 25 lakhs at competitive rates, subject to fulfilment of eligibility criteria. Pre-approved and digital personal loans are also offered by the bank. Let’s understand all the details of a personal loan from Federal Bank.
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Overview of Federal Bank Personal Loans
Federal Bank offers a wide range of personal loans personalised to meet individual needs. The maximum loan amount is INR 25 lakhs for a tenure of up to 60 months. The interest rates range from 10.49% p.a to 17.99% p.a. These are offered to salaried individuals with a minimum monthly salary of INR 25,000 per month.
Personal loans offered by the bank are known for faster processing and minimal documentation. Loans are available at all branches. To apply for instant loans, you can either visit the nearest bank branch or head to their official website and complete the application form online.
| Federal Bank Personal Loan | Major Highlights |
| Maximum Loan Amount | Up to INR 25 lakhs |
| Interest Rates | 10.49% to 17.99% p.a |
| Repayment Period | 60 months (5 years) |
| Types of Loans | – FedPremia Personal Loans- Pre-approved Personal Loans- Digital Personal Loans |
Also Read: Check out this blog to know the frequently asked questions (FAQS) on personal loans for debt consolidation.
Federal Bank Personal Loans Interest Rates
The interest rates on Federal Bank personal loans range from 10.49% p.a to 17.99% p.a. Your credit score, loan amount, and repayment tenure are some of the factors that determine the actual rate of interest.
- Federal Bank interest rates are floating rates.
- They are subject to change based on RBI’s repo rate (RLLR- Repo-rate Linked Lending Rate) and the bank’s policies.
- You can also choose fixed rates of interest that remain constant during the entire loan tenure.
- The Federal Bank education loan interest rates are much more competitive than the Federal Bank personal loans for education.
Federal Bank Personal Loans Scheme
Besides the FedPremia personal loans from the Federal Bank, they also offer pre-approved personal loans and digital personal loans. The loan amount, interest rates, repayment tenure, and eligibility criteria vary depending on the type of loan. Let’s explore the details in this section.
Federal Bank Pre-approved Personal Loans
These are also called the BYOM pre-approved Federal Bank personal loans, which are offered to existing customers based on their creditworthiness and banking history. It means you should have an excellent CIBIL score for personal loans.
Since these are pre-approved loans, you don’t have to fill out an application form or submit documents. You can pre-close the loan without any pre-closure charges. In 4 simple steps, you can easily get loans disbursed directly to your Savings bank account. Those who avail of Federal Bank personal loans through the BYOM portal, have to do an Aadhar-based e-sign process to complete the loan disbursement.
| Maximum Loan Amount | Up to INR 7.5 lakhs |
| Interest Rates | Fixed; 11.99% to 17.99% p.a |
| Repayment Tenure | 12 months to 48 months ( 1 to 4 years) |
Digital Personal Loans
Federal Bank digital personal loans provide a seamless online application process. No manual documentation is required to avail of these loans. You simply have to e-sign the loan documents through Aadhaar OTP.
The applicant must fulfil the eligibility criteria. It is offered to salaried individuals based on the salary statement. You must also fall within the age limit of 21 years to 55 years. You should be ready with your Aadhaar or PAN card, 3 months salary account statement, and your mobile number that is linked to your Aadhaar to receive OTP.
- The good part is you don’t have to pledge any collateral or security to avail of Federal Bank digital personal loans.
- The loan amount is disbursed at the discretion of the bank, based on your creditworthiness.
- You can easily apply online by navigating to the Federal Bank personal loans and clicking the ‘Apply Online’ link under the Digital Personal Loans section.
| Loan Amount | INR 50,000 to INR 5 lakhs |
| Interest Rates | Fixed; 11.99% to 17.99% p.a |
| Repayment Tenure | 12 months to 60 months ( 1 to 5 years) |
| Processing Fee | 2% of the loan amount + GST |
| Pre-closure Charges | 3% of the outstanding balance + GST |
Eligibility Criteria
Before applying for the loan, you must ensure that you meet the eligibility criteria. Residency, minimum age, employment status, and work experience are some important criteria to be fulfilled.
- You must be an Indian citizen.
- The maximum age should be 60 years at the time of loan maturity.
- You must be employed for a minimum of 3 years in the present job.
- Your minimum monthly salary should be INR 25,000.
College-going students who don’t fall within the age bracket can consider some of the best personal loan apps for students to get the desired funds.
Also Read: HDFC Bank is one of the most preferred choices for personal loans for education abroad. Read all about HDFC Bank Personal Loan for Education.
Documents Required
To apply for the loan, you are required to attach a list of documents. This helps the bank to verify your identity and financial background. All listed KYC and income documents must be kept handy to ensure quicker loan processing-
- Latest passport-size photographs
- PAN card/ Aadhar card/ passport for identification
- Utility bills or rental agreements for address verification
- Last 3 months’ salary slips
- Last 6 months’ salary account statement
- Form 16/Income Tax Returns for the last 2 years
- Loan application form duly signed
How to Apply for a Federal Bank Personal Loan Online?
Federal Bank personal loans, including FedPremia and Digital Personal loans, can be applied online on their official website. You simply have to click on ‘Personal Loans’ under the ‘Personal’ category on the main tab. Now click on the ‘Apply Online’ link and fill out the application form.
You don’t have to apply for pre-approved personal loans. Once you fulfil the eligibility criteria, the bank will automatically communicate to you via e-mail or SMS. However, be aware that you don’t fall victim to personal loan scams.
- You can apply by clicking on the link or logging in to the BYOM (Be Your Own Master) Portal.
- The next steps include authenticating the mobile number using the OTP, accepting the loan terms and conditions, and digitally signing the documents.
This was all about the Federal Bank personal loans. With competitive interest rates and a straightforward application process, you can easily apply for them to avail the required financial assistance.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs
To apply for a Federal Bank personal loan under FedPremia, the minimum monthly salary should be INR 25,000 per month. You must also be employed for a minimum of 3 years in the present job.
The maximum loan amount varies based on the type of personal loan from the Federal Bank. You can avail up to INR 25 lakhs under FedPremia. Pre-approved personal loans are offered up to INR 7.5 lakhs and the maximum loan amount is INR 5 lakhs for Digital personal loans.
The interest rates on Federal Bank personal loans range from 10.49% p.a to 17.99% p.a. The exact ROI depends on the loan amount, repayment tenure, and credit score.
You must have a CIBIL score above 750 to avail of Federal Bank personal loans.
Indian citizens with a maximum age of 60 years at the time of loan maturity are eligible for Federal Bank personal loans. They must be employed for a minimum of 3 years in the present job and have a minimum monthly salary of INR 25,000.
