Federal Bank situated in India has over 1395 branches operating physically and digitally for the consumer’s services. In this post, I’ll cover the information for loan details, eligibility, application procedure, etc. for your reference.
Table of Contents
Loan Details
SL.NO.
Category
Data
1
Interest rate
10.49-17.99%
2
Amount of Loan
Up to 25 Lakhs
3
Tenure
Up to 48 Months
4
Processing charge
3% + GST
5
Lowest EMI
Rs 2,560 per lakh
6
Pre-payment charge (Penalty)
3%
7
Minimum monthly income
Rs 25,000
Steps to Apply for Federal Bank Loan
Following are the steps that will guide you on applying for a personal loan at Federal Bank:
Step-1: Specify if you are a salaried applicant or self-employed
Step-2: Drop your Name and Mail address in the text area
Step-3: Pick up your residential city from the dropdown menu
Step-4: Fill out the current employer details
Step-5: Specify what loan amount you need
Step-6: Fill up this form and you’ll receive a call from the advisor for further procedure
Features of Federal Bank Personal Loan
Loans are easily customizable
Low processing charges
No collateral or security is required
Zero pre-payment charges but if penalty is levied then it is of 3%
Very low interest rates
Flexible tenure of repayment
Types of Federal Personal Loans
There are 3 types of federal personal loans. They are mentioned as:
Aashray Loan: This scheme is specially designed for senior citizens. Amount of Rs 2000 to 25000 is provided against the mortgage of the residential property whose value should be of 60% of availed loan.
FedPremia Loan: This loan is for salaried individuals who have a monthly income of around Rs 25,000.
Federal easy cash: This loan is for urgent needs to the applicants working in the area of business, industries or firms. Maximum loan can be taken up to 10 lakhs.
Eligibility Criteria
The eligibility criteria as per the types of personal loans are mentioned as below:
For Aashray Loan:
Minimum applicant age: 50 years
Applicant should own a property under their name
Any residential property should be at mortgage against loan
For FedPremia Loan:
Minimum work experience required: 3 years
Minimum applicant age: Above 23
Minimum monthly salary: Rs 25,000 or more
Maximal age at loan maturity stage: 60 years
For Federal Bank easy cash:
Applicant must be working under firm or company
Minimum applicant age: Above 23
Federal Personal Loan comparison with other banks
SL. NO.
Bank
Interest Rates
Processing charges (without GST)
Maximum loan amount
1
ICICI
10.5-19%
2.25%
25 Lakhs
2
Citi
10-16%
2%
30 Lakhs
3
HSBC
9.7-15%
1%
30 Lakhs
4
Axis
10.25% onwards
2%
15 Lakhs
5
IDBI
Till 14%
2%
10 Lakhs
6
Deutsche
9.9-11.4%
2%
15 Lakhs
Required Documentation
The documents requirement differs as the type of personal loan differs. Further information is given below.
