Federal Bank Personal Loan

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About Federal Bank Personal Loan

Federal Bank Personal Loan

Personal Loan is an unsecured loan where the applicant doesn’t need to pledge any security or collateral for availing the finances of a personal loan. It is an instant finance option, that provides the borrower with funds which he can use it the way he wants it to, without having it to intimate it to the bank. It helps the borrower to fulfill his financial requirements such as, renovating the house, medical emergency, marriage expenses and for other purposes.

Federal Bank Personal Loan Eligibility

There are some eligibility criteria followed by the banks to provide a loan. You will have to qualify the eligibility criteria for getting the finances. Check your eligibility criteria before applying for the loan. Apply online and get a personal loan easily. There are two categories of the applicants.

  1. Salaried
  2. Self-employed

There are different criteria for both categories. Let us see both of them one by one.

Salaried Applicant

  1. The minimum age of the applicant should be 21 years and maximum up to 60 years.
  2. 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.
  3. The applicant should have the work experience of the last three years and the salary should come in their account only.
  4. If an applicant is applying for the personal loan then they must have a good credit history i.e. a good CIBIL score.
  5. The documentation process is easy, you just have to submit your bank statement of the last three months and the salary slip of the last six months.

Click here to know more – Salaried Applicant

Self-employed Applicant

  1. The minimum age of the self-employed applicant should be 25 years and maximum up to 65 years.
  2. The applicant should file ITR for the last three years.
  3. The credit score of the applicant should be good or at least more than 650 and no debt should be left due.
  4. The ITR which the applicant files should be of Rs 2.5 lakhs per annum at least.
  5. And if the applicant is having a business then, his business should be running from the last three years.

Click here to know more – Self-employed Applicant

Federal Bank Personal Loan Documentation

  1. Identity Proof: (Aadhaar Card/ Driving License/ Voter Card/Passport)
  2. 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
  3. Income Proof: (Salary Slips of last three months or online bank statement)
  4. Two Passport size photographs.

Document

Salary of individuals

Professionals

Businessmen

2 photographs

Yes

Yes

Yes

Details of Identity

Yes

Yes

Yes

Details of Residence

Yes

Yes

Yes

Signature verification from the bank

Yes

Yes

Yes

Certificate of Degree & Certificate of practice

No

Yes

No

Details of Income

Form 16 and Latest pay slip (Form 16 required only when applying under holiday finance)

Balance Sheet and IT returns P/L statement of account for the last 2 years

IT Returns and Balance Sheet & P/L statement of Account for the last 2 years

Statements of bank account

On last 3 months

On last 6 months

In the last 6 months

Federal Bank Personal Loan Interest Rate

Starting Interest Rate = 10.75% per annum. But this rate is not fixed. It can vary according to the salary, company profile, job profile and the CIBIL Score of the applicant. If you are an internal customer of the bank then also you will be considered for a good deal on the interest rate.

Click to know more about Interest Rates on Personal Loan

Federal Bank Personal Loan Tenure

The tenure of a personal loan is flexible. The bank lets its customers choose the tenure according to their own convenience. The tenure of the loan is from 1 year to 5 years.

Federal Bank Personal Loan Features

  1. No security required forFederal Bank Personal Loan
  2. Simple documentation process is involved in Federal Bank Personal Loan
  3. Fast approval of loans
  4. Flexible Interest Rate

Federal Bank Personal Loan Advantages

  1. 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 20,00,000 and repay with ease by opting for tenures ranging from 12 months to 60 months.
  2. 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.
  3. Easy documentation: Here you can avoid multiple documentation processes. At Federal Bank, it is easy to apply for a Personal Loan, as the documentation process is simple and friendly.
  4. 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 the most. It will take a maximum of 12 hours to get the loan disbursed after the verification process is done.

How to Apply for Federal Bank Personal Loan?

  1. First of all visit www.dialabank.com.
  2. After that, fill the online application form.
  3. Enter your contact number and other details asked.
  4. You will immediately recieve a call from our relationship managers, they will guide you further.

Why Choose Dialabank for Personal Loan?

  1. It is very easy to avail a loan from any bank online.
  2. Dialabank is only one place where you get details of all the banks and their offers.
  3. It is a financial platform where you can check and compare different loan rates across different banks.
  4. You will get personalized service on the phone from our trained relationship manager.

Is CIBIL Important In Federal Bank 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 financial help.

FAQs

What is the minimum salary to get a personal loan?

To get a personal loan the minimum salary of the applicant should be Rs. 18,000 per month.

How is the interest on a personal loan calculated?

To calculate the personal loan interest rate you can use Personal Loan EMI Calculator.

How is EMI on a personal loan calculated?

EMI Formula

E = P*R (1+r) n/ ((1+r) n-1))

Where

E is EMI

P is Principal Loan Amount

R is the Rate of Interest calculated every month.

What is the tenure of personal loan in Federal Bank?

The loan tenure of the Personal Loan is from one year to five years.

How much personal loan amount I can borrow from Federal Bank?

The applicant can take a loan amount of Rs. 50,000 to a maximum amount of Rs. 50 Lakh. It depends on your income and job profile also.

How much does Federal Bank charge processing fee on a personal loan?

The processing fee charged is 1% to 3%.

Is age an eligibility factor in getting a personal loan from Federal Bank?

Yes, age matters a lot while applying for a personal loan. The minimum age of the applicant should be 21 years and the maximum is 60 years.

How to use the loan calculator?

You just have to visit EMI calculator. After that, enter the amount of loan, tenure of loan and interest rate. Your EMI will automatically get calculated.

How much CIBIL score is required for a personal loan?

The minimum CIBIL score required for a personal loan is generally 700. This would mean that the applicant is creditworthy and the applications are processed without hassle. In general credit scores range from 300 – 900; 300 being on the lower end of the range and 900 on the higher end.

How to pay Federal Bank personal loan EMI through net banking?

Choose your net banker from drop down or click on pay. You will be securely redirected to the payment interface of your selecting net banking option. Confirm your payment money towards your  Loan account. You will get an online transaction confirmation as well as a Transaction Reference Number.

How to close Federal Bank personal loan before one year?

Visit Federal Bank branch nearby with all documents. Secondly, you may be required to fill a form or write a letter requesting pre-closure of the Personal Loan account. After that, pay the pre-closure amount. Sign the necessary documents if any. Take acknowledgment of the balance amount you have paid.

Since a Personal Loan is unsecured loan, no asset needs to be released from the bank. Your Loan will close automatically once the bank receives the applicable money. The bank will dispatch a loan closing document that you need to keep safe.

Closing a Personal Loan is as easy as applying for one.

Other Leading Personal Loan Providers

Bank

Interest Rate

HDFC Bank

10.75%

ICICI Bank

11.00%

Bajaj Finserv

10.75%

Tata Capital

11.12%

Kotak Bank

12.00%

Fullerton India

10.76%

IndusInd Bank

10.98%

Axis Bank

11.89%

Andhra Bank

11.45%

Bank of Baroda

13.00%

Corporation Bank

11.06%

United Bank Of India

13.45%

Vijaya Bank

11.56%

Indian Bank

12.00%

Bank of India

12.87%

Canara Bank

10.99%

Yes Bank

12.02%

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