The Federal Bank offers personal loans with rates starting from 10.49% per annum for loan amounts up to ₹25 lakh and tenures up to 5 years. Not just that, Federal Bank offers pre-approved personal loans as well to eligible customers, ensuring fast disbursal of funds.
With attractive interest rates, flexible repayment options, and a quick approval experience, a seamless loan availing process with Federal Bank personal loans.
Federal Bank Online Personal Loan Details
Get quick approval with the most competitive interest rates at the comfort of your home. Here are the major highlights of the Federal Bank personal loan in detail:
| Loan Amount | Up to ₹25 Lakhs |
| Interest Rate | 10.49% onwards |
| Tenure | Up to 5 years |
| Age | Up to 60 years |
| Processing Fee | Up to 3% |
| Minimum Income | ₹25,000 per month |
| Credit Score | 750 & above |
Federal Bank Personal Loan Interest Rates & Charges
Recognized as one of India’s prominent private sector banks, Federal Bank brings its FedPremia personal loan exclusively to employed and salaried individuals with an income of ₹25,000 or above. Now, the Federal Bank’s personal loan interest rate begins at 10.49%. To facilitate the loan process, a processing fee of 3% of the loan amount, plus applicable taxes, is levied.
Let’s go through the details from the table below:
| Particulars | Fees & Charges |
|---|---|
| Interest Rate | 10.49% onwards p.a. |
| Processing fees | Up to 3% |
| CIBIL Charges | NIL |
| CERSAI / Modification Charges | NIL |
Note: The current rates may vary marginally and are inclusive of other charges.
FedPremia Personal Loan
The Federal Personal Loan brings to you the FedPremia Personal Loan, offered specially for employees or salaried individuals with a monthly income of ₹25,000.
| Particulars | Fees & Charges |
|---|---|
| Loan Amount | Up to 50 Lakhs |
| Tenure | Up to 5 years |
| Processing Fee (FedPremia) | Up to 3% |
Federal Bank Personal Loan EMI Calculation
Now plan your finances more efficiently with the Federal Personal EMI calculator. Streamline your financial planning by obtaining an accurate estimate of your Equated Monthly Installment (EMI). Experience the convenience of the newly launched FedMobile app by Federal Bank that allows you to effortlessly calculate and compare your loan EMI based on prevailing interest rates.
Your Amortization Schedule (Yearly/Monthly)
Comparison of Federal Bank Personal Loan vs. Other Banks
Know the best loan offers from leading banks to help you find the most suitable option for your needs.
| Loan Lender | Interest Rates (p.a.) |
| Federal Bank | 10.49% onwards |
| HDFC Bank | 9.99% onwards |
| State Bank of India | 10% onwards |
| ICICI Bank | 9.99% onwards |
| Axis Bank | 9.99% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 9.99% onwards |
| Bajaj Finserv | 10% onwards |
| Tata Capital | 10.99% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| Poonawala FinCorp | 9.99% onwards |
| IIFL Finance | 12% onwards |
| Credit Saison | 9.99% onwards |
| Bank of Baroda | 10.15% onwards |
Note: The current rates may vary marginally and are inclusive of other charges.
Federal Bank Personal Loan Eligibility
Before applying for a personal loan, it’s crucial to understand the eligibility criteria.
| Factors | Eligibility Criteria |
|---|---|
| Age | Up to 60 years |
| Net monthly income | Minimum ₹25,000 |
| Work Experience | 3 years |
| Type of Employment | Salaried individuals |
| Credit Score | 750 above |
Not sure of your credit score? Check now for free!
FedPremia Personal Loan Eligibility
- Net monthly income: At least Rs 15,000
- Eligible for employed or salaried employees
- Maximum age should be 60 years
- Work experience should be 3 years in the current job
Documents Required for Federal Personal Loan
Here are the documents required for a smooth Federal Personal Loan application:
ID Proof:
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Address Proof:
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Income Documents:
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Features of Federal Bank Personal Loan
Federal Bank Personal Loan offers flexible funding for eligible borrowers who need money for personal expenses. Some of its key features and benefits include:
- Wide interest rate range: Federal Bank’s published personal loan rates range from 8.90% to 22.50% p.a., depending on the borrower’s profile and loan terms.
- Processing fee up to 3%: The bank may charge a processing fee of up to 3% for personal loans.
- Easy EMI repayment: Borrowers can repay the loan through regular EMIs based on the approved repayment schedule.
- Pre-closure option: Federal Bank allows borrowers to pre-close personal loans during the loan tenure. Charges may vary depending on whether the loan carries a fixed or floating interest rate.
- Direct loan disbursal: For eligible digital personal loans, the bank credits the approved loan amount directly to the borrower’s operative account after completing the required formalities.
- Funds for personal needs: Borrowers can use the loan for genuine and lawful personal expenses, subject to the bank’s terms and eligibility conditions.
Federal Personal Loan with Buddy Loan
- Step 1: Visit buddyloan.com or download & install the Buddy Loan app (Android or iOS)
- Step 2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount. Next, choose the Personal Loan option
- Step 4: Choose the employment type (salaried or self-employed) and the salary mode (bank or cash).
- Step 5: Enter your work details (including company name, years of service, and designation)
- Step 6: Enter your personal details (including full name, PAN, address, DOB & gender)
- Step 7: Provide your communication address and income details, and click the ‘Submit’ button.
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