Federal Bank Personal Loan | Features, Elements, EMI Calculator and Documentation

Federal Bank Personal Loan: Nowadays, every other individual is in search of a good bank that provides personal loans. Personal loans refer to a type of loan that does not need security or collateral. Minimal paperwork is required, and the fund offered by this loan can be used for legitimate personal needs.

Various banks offer this loan, but the federal bank has fascinating features that make it different from the others. The federal bank personal loan calculator allows individuals to calculate their EMIs easily, and the federal bank instant loan offer also provides easy acceptance of loan applications.

One can use the federal bank BYOM personal loan apply online feature and apply for this loan by sitting at their houses.

Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.

Federal Bank

Federal Bank Overview

Federal Bank is an important commercial bank of India in the private sector maintaining more than 1250 sectors and more than 1800 ATMs across various states in India. In  Nedumpuram under the Travancore Companies Regulation,  the Bank was integrated on April 23, 1931, as  Travancore Federal Bank. However initially it was recognized as Travancore Federal Bank, but it deliberately transformed into a developed bank.

The bank gives multiple banking outcomes for its clients within the states well as abroad. It gives different kinds of loans at active rates with adjustable reimbursement choices. These loan properties contain personal loans which can be benefited by any individual to fulfill their requirements.

Federal Bank Features

  • Federal Bank gives several kinds of current accounts to its clients for helpful and productive business banking.
  • Federal Bank gives different kinds of savings account to its clients with details like e-statements, Internet Banking, budget transfers, etc.
  • It offers 5 types of credit cards and 2 types of debit cards to its clients to fulfill their requirements.
  • The account owners of this bank can benefit from mini- statements ATM, Mobile banking, SMS, Net banking, etc.

Federal Bank Personal Loan Eligibility Criteria

FedPremia is a personal loan of the bank for general-purpose. These characteristics for the eligibility of the loan are mentioned below:

  • Available to resident individuals.
  • The application needs to be a maximum of 60years at the end of the term of the loan.
  • It is used to fulfill the personal requirements of individuals who are in the assistance of respected associations or Government matters.
  • The minimum earnings needed by a person to be competent for the loan are net monthly earnings of 25,000 rupees.
  • The lowest work knowledge needed by an individual to be worthy of the loan is three years in the prevailing job.

Federal Bank Personal Loan Documents Required

For the identification proof

A copy of your passport, Voter Card, driving license, PAN Card

Bringing only one will be enough.

For the address or residence verification

A copy of the Ration Card, Electricity bill, lease agreement, passport, PAN Card

Recent photographs of the applicant are required. At least two must be there, and the pictures should be in passport size.

The loan application should be filled and signed properly

For the Income proof

  • The latest salary certificates
  • The salary slips for the last three months
  • Form 16
  • The salary account statement of the individual for the last six months.
  • The Income Tax Return for the previous two years
  • The bank statement for the last six months is also required

Federal Bank Personal Loan Features

The federal bank has various unique features that make it one of the best options for a personal loan. The features include the loan amount, interest rate, fast and easy processing, etc.

Some of the essential elements of the Federal Bank Personal Loan are mentioned below:

Flexible tenure: The tenure provided by the federal bank for a personal loan is highly flexible. It goes up to 48 months and hence provides an individual with enough time for repayment. One can even choose their desired time as per their convenience.

Suitable offers: The federal bank personal loan provides amazing offers regarding the loan. Individuals can take the loan according to their own needs and do not need to give any security commitment. The bank customizes the loan offer according to the consumer’s needs, hence making the federal bank personal loan a great choice.

Interest rate: The interest rate is greatly within the range of 10.49% to 17.99% per annum. The maximum amount of the loan provided by the bank also goes up to an amount of Rs. 25 lakh.

Extra charges: The processing fee for the federal bank personal loan is meager. It is only 3% along with the GST amount. There are no prepayment charges for a floating rate of personal loan. If the rate is fixed, then a commission of 3% is levied.

Simple documentation: The paperwork for a federal bank personal loan is straightforward and hassle-free. An individual does not need to go through a difficult documentation process for the sanction of the loan.

Repayment options: The federal bank provides multiple options or choices for the repayment of personal loans. One can choose an option according to their convenience. Standing registration at the nearest branch, Automated payment through Electronic Clearing Service is one of the possibilities.

Types of Personal Loan Offered by the Federal Bank

  • Fedpremia Private loans
  • Fed-E-Credit
  • Federal Shubh Yatra credit
  • Federal Easy funds

Takeaways from the Article

This article consists of the details about personal loans offered by federal banks. Hope it will help you with the information as it is essential to keep all appropriate data regarding the loan you are willing to apply for as it will also help you calculate your credit value to make sure that you can qualify for the loan

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