Looking for a loan? Get Federal Bank Personal Loan with easy Eligibility Criteria 2021

The Federal Bank personal loan is known as FedPremia – Personal Loans. Given below are the details identified with the eligibility and different components identified with the personal loans of the bank.  

As referenced above, Federal Personal Loan is a universally useful loan of the bank. The Federal Bank personal loan eligibility criteria to guarantee that a larger part of the candidates can get the advantage of the loan. This loan is principally to address the issues of salaried people. The eligibility criteria for this loan are set dependent on many variables like the age of the candidate, the income of the candidate, work insight, and so on.  

These components for the eligibility of the loan are talked about inside and depth hereunder.  

• Residential Status  

The residential status of the candidate is the primary thought while inspecting the eligibility for a personal loan of the bank. Government Bank gives personal loans under the Federal Personal Loan category just for resident people.  

• Eligible Applicants  

FedPremia Personal Loans are accessible to meet the personal requirements of people who are in the work of the reputed organizations or Government entities.  

• Age of the Applicant  

The age of the candidate is one more significant condition to be eligible for the loan. Government Bank has set an age limitation for a person to be eligible for personal loans. According to the bank rules, the most extreme age of a candidate to be eligible for the loan is 60 years toward the finish of the loan tenure.  

• The income of the Applicant  

The income of the candidate is additionally thought of while approving the loan. This measure guarantees that the candidate has adequate ability to repay the loan availed. The minimum income needed by a person to be eligible for the loan is a net month-to-month income of Rs.25,000.  

• Work Experience  

One more basis of Federal Bank likewise requires the candidates to have least work insight to be eligible for the personal loans of the bank. The minimum work experience needed by a person to be eligible is 3 years in the current organization.  

What are the documents required for Federal Personal Loans?  

The documents needed for Federal Personal Loans are twofold. The candidate needs to give KYC documents just as documents identified with the income verification of the candidate. The details of the same are given below:   

Identity Proof  

The following documents can be submitted as proof of identity of the candidate  

• Passport  
• Aadhaar Card  
• Voter ID  
• Driving License  
• PAN Card  

Address Proof  

The following documents can be submitted address proof of the candidate  

• Passport  
• Aadhaar Card  
• Voter ID  
• Driving License  
• Most recent Utility Bills  
• Rent Agreement/Lease Agreement  
• Income Proof  

The documents for income proof of the candidate are given below,  

• Most recent Salary slips  
• Most recent 3 months income slip  
• Form 16  
• ITR for the past two years  
• Salary account statements for 6 months  

Bank Statements  

• 6 months Bank statement  
• Recent Passport Size Photographs  

These documents given above must be submitted alongside the duly filled and marked application form to finish the application process.  

What are the features of FedPremia Personal Loans?  

The personal loans of the bank are accessible at very reasonable loan fees for eligible candidates. These loans are accessible through fast processing and quicker disbursement dependent on the documents submitted according to the bank’s discretion. 

The different components of the personal loan of the bank are mentioned below.  

• Loan Amount  

The loan amount that can be authorized as personal loans relies upon different variables like the CIBIL rating of the candidate, repayment tenure of the candidate, and so on. The greatest loan amount that can be approved by the bank under its own loan scheme is Rs. 25,00,000.   

• Rate of interest  

The rate of interest for the personal loan of the bank changes dependent on many components like the loan profile of the candidate, loan sum, tenure for the loan among others. The rate of interest for the personal loans of the bank goes from 10.49% to 17.99% per annum.

• Tenure

The tenure of the loan is the period inside which the loan must be repaid by the borrower. Government Bank requires the borrower to repay the loan availed in a limit of 4 years.  

• Processing Fees  

The processing fees are important for each loan approved. The processing fees are charged at the hour of approval of the loan. Government Bank charges 3% of the loan sum.  

What is a personal loan?  

Personal loans are among the most widely recognized loans that can be availed by a person. These loans are viewed as fast loans and can be availed with the least documentation and quick loan disbursement. Personal loans are otherwise called universally useful loans and can be profited for any reason like gathering the personal costs of the borrower. These personal costs incorporate costs like wedding, travel, home remodeling, training costs of self or ward relatives, and so on.  

What is a Personal Loan Eligibility Calculator?  

The personal loan eligibility calculator is a tool accessible on the site of the bank. This tool empowers the candidate to get a loan amount. The information that is required to the estimate is:  

• Loan tenure  
• Rate of interest  
• Age of the candidate  
• The current month to month income of the candidate  
• Present liabilities (assuming any) 

Conclusion: 

In the conclusion, Federal Bank personal loan comes with easy personal loan eligibility criteria at low cost with minimal documentation. One can check the Federal Bank personal loan eligibility criteria with Afinoz’s eligibility calculator. 

To know more-

Best way to avail Citibank Personal Loan at low-Interest Rate 2021