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Federal Bank Personal Loan Details With Interest Rate

Kindly Check Complete Details For Federal Bank Personal Loan.


Federal Bank
Personal Loan
12.82%-14.62%
0.50%
10 lacs
Upto 48 months
Full Details for Federal Bank Personal Loan

1.FedPremia 

Hassle free personal loans for salaried individuals with minimum monthly salary of Rs.50,000/-. FedPremia Personal Loans are offered at select locations - Bangalore, Chennai, New Delhi & NCR, Mumbai, Pune, Thiruvanathapuram & Kochi . 

Features

  • Maximum Loan amount of Rs.10 Lakh
  • Maximum Tenure of 48 Months
  • Attractive rate of interest
  • Faster processing
  • Minimal paperwork 

Documents Required for Federal Bank Loan processing

KYC documents

  • Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card) 
  • Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport)
  • Copy of PAN Card
  • Latest Passport size photo of the applicant (2 copies)

Income documents

  • Latest salary certificate/Last 3 months salary slips
  • Form 16/Income Tax Returns( last 2 years)
  • Last 6 months salary account statement
  • Loan application form duly signed

Repayment

  • Repayment of the loan is made as Equated Monthly Installments (EMI).

Any one of the following methods can be used to repay the loan:

  • Standing instruction registration at your branch
  • FedNet – Our Internet Banking solution
  • Automated Payment through ECS (Electronic Clearing service)
  • Fed Mobile- Our Mobile Banking App

2.Federal Bank Travel Loans

This is another type of Personal Loan offered by the bank which provides for undertaking travel, both for leisure or for a job. There are two more sub-categories for this type of personal loan. One is meant for taking a vacation while the other is for taking a job-related trip.
 
Shubh Yatra Loan – a loan which can be taken for taking a holiday with family. The features of the loan are as follows

  • The loan is processed quickly without any hidden charges or big penalties
  • Federal Personal Loans can be taken for a maximum amount of Rs.3 lakhs
  • The loan can be taken for meeting the cost of train or flight, other conveyance expenses and any trip-related costs
  • The travel undertaken using the loan should be for a foreign destination
  • The loan amount should be paid back within 12 months to 33 months with a cushion period of 3 months
  • If the applicant is a salaried individual, he should repay Federal Personal Loan before retirement
  • Spouse is required to apply as a co-borrower of the loan. if other major family members are included in the journey financed using the loan, they should also act as co-borrower.
  • A collateral security would be required for availing the loan which can be land and building, gold ornaments at market value, NSC or KVP certificate at their present values, LIC policy at its surrender value, deposits with banks, shares of high growth companies which are traded for a minimum of 3 times of their face value
  • Resident individuals with sufficient income required for Federal Personal Loan can apply for the loan. if salaried, the minimum basic pay should be Rs.2000
  • A loan processing fee of 0.50% of the loan amount with a minimum of Rs.200 is payable and a late payment fee of 2% of the outstanding loan amount is payable every month for delayed installment payment.

Bon Voyage Loan – a type of Federal Personal loan for undertaking business trips.

The features include:

  • Federal Personal Loans up to Rs.5 lakhs granted for overseas trips
  • The Federal Personal loan comes with an insurance cover
  • Federal Personal Loans are available to meet the cost of an overseas trip for business or for taking employment. Skilled and professional individual can avail the loan like doctors, engineers, nurses, management consultants, etc.
  • The loan requires a collateral security which can be in the form of bank FDs, Liquid market instruments or immovable property such as a residential property.
  • A maximum of 60 months or 5 years is granted as the loan repayment tenure
  • A loan repayment holiday is also available under the Federal Personal loan which would be either 3 months from the date of departure or 6 months from the date of loan disbursal, whichever is earlier.
  • The expenses covered under the Federal Personal loan include one way air fare, incidental expenses for getting the passport, Visa endorsement, cost of travel in India, costs incurred to avail medical fitness certificate, permissible bank travel quota, emigration deposit with government, amount paid to sponsoring agency, dress expenses, other miscellaneous local expenses.
  • Federal easy Cash
  • This loan quenches the need of urgent requirement of money. If you require money on urgent basis you can apply for a Federal Personal Loan easy cash to satisfy the purpose.
  • To avail a loan from capital first customer need to be at least 21 years of age. Maximum age limit to avail this loan is 55 years. So this loan should be given to any individual between 21years to 60years age group who qualifies for rest of the eligibility criterion.
  • Loan will be granted against your bank deposits, NSC, LIC life insurance policy, IVP, KVP, Government and RBI Non cumulative bonds, Government and RBI cumulative bond. It means federal bank accepts all the mentioned deposits as a security and you can avail loan against it. Now you can get easy liquidity on your savings and you can use money for any of your urgent need. No need to take the premature payment for your savings. You can simply take loan against it and use it as an overdraft facility. When you arrange for money or your deposits get matured you can repay your loan.
  • Very minimum documentation is required to complete the personal loan requests. So no need to going through the hassle of submitting loads of documents for getting personal loan.    
  • Federal bank takes very less time in processing of your loan formalities. Thus the whole process right from submission of application to sanction of loan is very short and fast. It hardly takes any of your precious time and provides you funds right at the time of your need.
  • You will get a flexible repayment period of 6 years to pay back your loan amount. Applicant can choose the loan term anywhere between 1 year and 6 year as per their convenience. But the tenure of loan should not exceed time frame of 72 months. Moreover the maximum period of loan should not exceed the remaining maturity period of the security given by borrower.

Rate of interest : offers by Federal bank are very competitive and affordable as per customers need. If the applicant is current customer of bank they will get the privilege of mark down and other attractive offers while availing personal loan.
It’s very easy to avail personal loan from federal bank irrespective of the place where you are. Because of their growing network and vast number of branches you can approach them easily from your own place. This facility is currently available at more than 1000 branches of federal bank.

Applying for a Federal Personal Loan

Federal Personal Loan can be applied for online by visiting the Paisabazaar.com website and completing the necessary formalities easily. The online application process provided by the website is both easy and convenient which enables the applicant to make enquiries, determine the EMI payable for the Federal Personal Loan and apply for the loan. The whole process takes a few minutes and cuts down on the time usage factor. One can also compare between the available personal loans and determine the installments payable for the loan.

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