Personal Loan is an unsecured loan where the applicant doesn’t need to pledge any security or collateral while availing for the loan. The personal loan helps us to meet our financial requirements and the loan amount can be use as per their needs as there is no restrictions on the use. It helps the person to fulfill its financial requirements such as for renovating the house, medical emergency, marriage expenses and for some other purposes also.
Federal Bank Personal Loan Eligibility
There are some Eligibility Criteria regulated by Banks to provide a loan. You will have to qualify the eligibility criteria if you want finance to meet your requirement. Check your Eligibility in 1 minute. Apply Online and get Personal Loan. There are two categories of the applicants.
There are different criteria for both categories. Let us see both of them one by one.
- The minimum age of the applicant should be 21 years and maximum up to 60 years.
- If the applicant is residing in a metropolitan city then they should have a minimum income of Rs 18,000. And if the applicant is from a non-metropolitan city then they should have the minimum income of Rs 12,000.
- The applicant should have the work experience of the last three years and the salary should come in their account only.
- If an applicant is applying for the personal loan then they must have a good credit history.
- The documentation process is easy they just have to submit their bank statement of the last three months and the salary slip of the last six months.
- The minimum age of the self-employed applicant should be 25 years and maximum up to 65 years.
- The applicant should file ITR for the last three years.
- The credit score of the applicant should be good and no debt should be left due and the credit score should be more than 650.
- The ITR which the applicant files should be of Rs 2.5 lakhs per annum at least.
- And if the applicant is having a business than his business should be running from the last three years.
Federal Bank Personal Loan Documentation
- Identity Proof: (Aadhaar Card/ Driving License/ Voter Card/Passport)
- Residence Proof: (Aadhaar Card/ Driving License/ Voter Card/Passport/ Ration Card) and if the applicant lives in a rental apartment then they have to submit Water and electricity bills, rental agreement and the owner’s address
- Income Proof (Salary Slips of last three months or online bank statement)
- Two Passport size photographs.
Last 3 Months Salary Slips
Latest 3-month bank statements (Savings or Salary A/C)
2 Passport Size photographs
Photocopy of PAN Card
Address Proof: Aadhaar Card/ Driving License/ Voter Card/ Passport/ Ration Card and if in rental apartment then submit rented agreement, electricity & water bill and the owner’s address
Identity Proof: Aadhaar Card/ Driving License/ Voter Card/ Passport
1 One Cancelled Cheque
Federal Bank Personal Loan Interest Rate
Starting Interest Rate = 10.75% per annum. But this rate is not fixed. Ii can vary according to the salary, company profile, job profile and the CIBIL Score of the applicant.
Federal Bank Personal Loan Tenure
The tenure of the loan is from 1 year to 5 years.
Federal Bank Personal Loan Features
- No security required
- Simple documentation process
- Fast approval of loans
- Flexible Interest Rate
Federal Bank Personal Loan Advantages:
- Secure Loan Tenure: Pay off the Federal Bank Personal Loan at ease. The applicant can apply for the loans amounting from Rs 50,000 to Rs 7, 50,000 and repay with ease by opting for tenures ranging from 12 months to 36 months.
- Existing customer advantage: The bank provides extra benefit to its current customers. Current customers can avail the Federal Bank Personal Loan without providing income papers.
- Easy documentation: Here you can avoid multiple documentation processes. At Deutsche Bank, it is easy to apply for a Personal Loan, as the documentation process is simple and friendly.
- Quick approval process: The applicant doesn't have to wait too long to get a personal loan anymore. At Federal Bank, they are prepared to meet the urgent financial needs of the people. They will get the money when they need it most. It will take a maximum of 12 hours to get the loan disbursed.
How to Apply?
- First of all visit www.dialabank.com.
- After that, fill the online application form.
- Enter your contact number.
Why choose Dialabank for Personal Loan?
- It is very easy to avail loan from every bank online.
- But Dialabank is only one place with different banks in hand.
- It is a financial platform where you can check and compare different loan rates across different banks.
- Even you can solve all of your queries on the phone by dialing toll-free number 60011600. You will get personalized service on the phone from our trained relationship manager.
Is CIBIL important in a Personal Loan?
CIBIL Plays a significant role in the approval of the Personal Loan. If the CIBIL Score is not good, then the applicant will not be able to apply for a Personal Loan.
About Federal Bank
Federal Bank was founded in 1931. Federal Bank is a public sector bank with 1251 branches all over the country. Banks headquarter is in Kerala. Federal Bank personal loan helps you to meet needs like medical, education loans, marriage, etc. To avoid over expenditure, various loan schemes are provided. Personal Loans provide quick help to people who are seeking help financially.
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