Do you need a quick loan? checkout Federal Bank Personal Loan for the Best Deals

Over the  years in the Indian financial system, Federal Bank personal loan has created a name for itself. It offers quick loans without any collateral. The loan amount is high enough to cover any emergency requirement. If you are looking for a quick cash, this lender could be an ideal choice.  

The Federal Bank Personal Loan 

Here are the details for Federal Bank personal loan such as interest rate, loan repayment and the loan amount.  

Features-  

• The rate of interest starts at 10.40% per annum. 
• The loan repayment tenure is up to 4 years.  
• It offers loan amount up to Rs 10 lakhs.  
• Processing Fees is up to 3% of loan amount 
• Pre Closure Charge is Zero 
• Late Payment Penalty is 2% of loan amount  
• Prepayment Charge – Up to 3% of principal amount prepaid 
• Documentation charge -Nil to Rs.10,000, depending upon loan 

• Prepayment charge – Nil or 3% (on the basis of the scheme) 
• Charges for switching loan scheme-  0.25% of the outstanding loan balance 
• Cersai registration and modification charges- Zero 
• CIBIL report charges is zero 

Types of Federal Bank Personal Loan  

1. FedPremia  
2. Fed-E-Credit 
3. Shubh Yatra Loan 
4. Bon Voyage Loan 

Why you should choose Federal bank personal loan?  

• The loan amount is up to Rs 10 laksh, enough to cover an emergency.  
• The interest rate is competitive at par with other lenders.  
• The loan tenure is also long up to 4 years.  

Federal Bank Personal Loan Eligibility Criteria 

When choosing a borrower , Federal bank personal loan has several criteria to follow mentioned below. They might change from case to case basis.  

• The age should be minimum 21 years old.  
• The nationality should be Indiain.  
• The borrower should be a Salaried  Individual or Self-employed.  

• The borrower should be rmployed/In-business for at least 2 yrs. and at least 1 yr. with current employer/business 
• Minimum Income – Min Rs.4000 – Rs.20000 per month, depending upon where borrower is currently living 
• Credit Score – Min Preferred 750 

Federal Bank personal loan documentation requirement?  

Here are the list of documents you will need to submit for Federal Bank personal loan.  

• Identity proof  – Voter ID Card,  PAN Card, Driving License, Passport 
• Address Proof – Lease Agreement, Electricity Bill Ration Card, Passport, PAN Card 
• 2 Latest Passport size photo  
• Income proof documents– Latest salary certificate, Last 3 months’ salary slip 
• Form 16, Income Tax Returns for previous 2 years 

• Previous 6 months salary account statement 
• loan application form duly signed 

How to reach out to Federal Bank personal loan customer care?  

To reach out to the  Federal Bank personal loan customer care, You can use any one of the following methods: 

• You can check out the  toll-free numbers 1800 420 1199 or 1800 425 1199. or Email them at contact@federalbank.co.in 

 How to apply for Federal Bank personal loan online?  

• Visit the official web site of Federal Bank. You can also apply for a Federal Bank loan through a web marketplace  such Afinoz.com.  
• Now, fill out personal and professional information.  

• Once you’ve  have submitted the appliance type, Federal Bank can check your eligibility and supply you with data concerning the eligible quantity you’ll avail. 
• If you comply with method the appliance, then you’d be needed to submit the essential documents which may even be uploaded on-line. 
• Finally, your documents are processed by Federal Bank, and on roaring approval of the loan, the funds are disbursed to your Federal checking account directly. 

Conclusion 

Federal Bank personal loan offers an ideal deal for a quick loan. However, whatever amount you will choose should be based on your requirement rather than depeding upon the lender to figure it out.