About 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.
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 i.e. a good CIBIL score.
- 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.
- 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 or at least more than 650 and no debt should be left due.
- 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 then, 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.
Salary of individuals
Details of Identity
Details of Residence
Signature verification from the bank
Certificate of Degree & Certificate of practice
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.
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
- No security required forFederal Bank Personal Loan
- Simple documentation process is involved in Federal Bank Personal Loan
- 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 20,00,000 and repay with ease by opting for tenures ranging from 12 months to 60 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 Federal 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 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?
- First of all visit www.dialabank.com.
- After that, fill the online application form.
- Enter your contact number and other details asked.
- You will immediately recieve a call from our relationship managers, they will guide you further.
Why Choose Dialabank for Personal Loan?
- It is very easy to avail a loan from any bank online.
- Dialabank is only one place where you get details of all the banks and their offers.
- It is a financial platform where you can check and compare different loan rates across different banks.
- 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 About Federal Bank Personal Loan
Q. What is Federal Bank Personal Loan?
FedPremia Personal Loan is the loaning product of Federal Bank to help you meet all your financial needs. Under this scheme, you can avail a maximum loan amount of ₹25 Lakhs for a tenure of 48 months. You can either visit the nearest branch or contact their customer care number for more information.
Q. How does Federal Bank Personal Loan work?
FedPremia Personal Loan is a one-stop solution for your financial problems. You can easily avail this scheme from Federal Bank by visiting the nearest branch with your documents along with a duly filled and signed loan application form. Upon approval, the loan amount is transferred to your bank account.
Q. What is Personal Loan rate of interest in Federal Bank?
Rate of interest for FedPremia Personal Loans start at 11.49% per annum. Visit Dialabank’s website to learn more about the rates of interest offered by different banks across India and choose the loan that best suits your needs.
Q. How can I get Federal Bank Personal Loan?
You will need to visit the Federal Bank branch nearest to you to get a FedPremia Personal Loan that can fulfil all your personal financial needs.
Q. How to apply for Personal Loan in Federal Bank?
You can apply for a Personal Loan from Federal Bank by walking into the nearest branch with your documents and applying for a FedPremia Personal Loan. You can also alternatively apply with Dialabank to avail personalized assistance and get the best offers currently prevailing in the market.
Q. Why apply for Federal Bank Personal Loan?
Federal Bank through its FedPremia Personal Loan scheme helps you fulfil your financial needs. You can avail a maximum loan amount of ₹25 Lakhs at attractive interest rates for a loan tenure of up to 48 months. The repayment options for your Personal Loan are easy and convenient.
Q. How much EMI on Federal Bank Personal Loan?
Calculate your Federal Bank FedPremia Personal Loan EMI using your loan tenure, loan amount, and rate of interest using the EMI calculator available on Dialabank’s website.
Q. How much CIBIL score required for Federal Bank Personal Loan?
You will need to have a CIBIL score of at least 700 to avail a Personal Loan under FedPremia Personal Loan scheme. CIBIL score is a necessary criterion for Personal Loans because these are unsecured in nature.
Q. Minimum credit score needed for Federal Bank Personal Loan?
The credit score is a measurement and estimate of your creditworthiness. Federal Bank requires you to have a credit score of at least 700 to consider your loan application for approval.
Q. How to calculate Federal Bank Personal Loan EMI?
You can easily calculate your FedPremia Personal Loan EMI using any EMI calculator available online.
Q. What can I use Federal Bank Personal Loan for?
Your FedPremia Personal Loan can be used to finance all your personal expenses. A wedding, a vacation, medical bills, renovation of your home, buying or upgrading consumer products, and etc.
Q. Can I prepay Federal Bank Personal Loan?
Yes, you can prepay your FedPremia Personal Loan by visiting the nearest branch with your loan documents and applying for foreclosure with your banker.
Q. How to repay Federal Bank Personal Loan?
Federal Bank lets you repay your Personal Loan through a number of ways. You can give a standing instruction at your branch for automatic deduction, you can sign up for ECS for monthly EMIs, use FedMobile app, or FedNet internet banking facility.
Q. What documents are needed for Federal Bank Personal Loan?
Proof of identity, an address proof, PAN Card, latest passport-sized photographs, salary slips, ITR, and bank statement of last 6 months are required to be submitted along with a duly signed application form for Federal Bank Personal Loan.
Q. How to check Federal Bank Personal Loan status?
Visit your nearest branch or contact the customer care number of Federal Bank to know the status of your loan application.
Table of Contents
- 1 About Federal Bank Personal Loan
- 2 Federal Bank Personal Loan Eligibility
- 3 Federal Bank Personal Loan Documentation
- 4 Federal Bank Personal Loan Interest Rate
- 5 Federal Bank Personal Loan Tenure
- 6 Federal Bank Personal Loan Features
- 7 Federal Bank Personal Loan Advantages
- 8 How to Apply for Federal Bank Personal Loan?
- 9 Why Choose Dialabank for Personal Loan?
- 10 FAQs About Federal Bank Personal Loan
- 10.1 Q. What is Federal Bank Personal Loan?
- 10.2 Q. How does Federal Bank Personal Loan work?
- 10.3 Q. What is Personal Loan rate of interest in Federal Bank?
- 10.4 Q. How can I get Federal Bank Personal Loan?
- 10.5 Q. How to apply for Personal Loan in Federal Bank?
- 10.6 Q. Why apply for Federal Bank Personal Loan?
- 10.7 Q. How much EMI on Federal Bank Personal Loan?
- 10.8 Q. How much CIBIL score required for Federal Bank Personal Loan?
- 10.9 Q. Minimum credit score needed for Federal Bank Personal Loan?
- 10.10 Q. How to calculate Federal Bank Personal Loan EMI?
- 10.11 Q. What can I use Federal Bank Personal Loan for?
- 10.12 Q. Can I prepay Federal Bank Personal Loan?
- 10.13 Q. How to repay Federal Bank Personal Loan?
- 10.14 Q. What documents are needed for Federal Bank Personal Loan?
- 10.15 Q. How to check Federal Bank Personal Loan status?