Are you in need of quick funds to fulfill your personal aspirations or meet unexpected financial obligations? Look no further than Federal Bank Personal Loan. Federal Bank offers a wide range of financial products and services tailored to suit the diverse needs of its customers. In this article, we will know the features, benefits, and eligibility criteria of Federal Bank Personal Loan, making it easier for you to make an informed decision.
Benefits of Federal Bank Personal Loan
- Maximum Loan Amount of Rs.25 Lakh: Whether you are planning a dream vacation, funding your child’s education, or renovating your home, Federal Bank Personal Loan provides you with the financial flexibility you need. With a maximum loan amount of Rs.25 lakh, you can meet your personal financial goals.
- Maximum Tenure of 60 Months: Federal Bank understands the importance of a comfortable repayment period. That’s why they offer a flexible tenure of up to 60 months, allowing you to choose a repayment schedule that suits your financial capacity. This extended tenure ensures that your monthly installments remain affordable, giving you peace of mind.
- Attractive Rate of Interest: Federal Bank Personal Loan comes with competitive interest rates, making it an affordable financing option. The bank offers interest rates ranging from 11.49% to 14.4% P.A. This means you can achieve your financial goals without worrying about excessive interest charges.
- Faster Processing: At Federal Bank, customer satisfaction is a top priority. The bank ensures quick processing of personal loan applications, enabling you to access funds when you need them the most. The streamlined loan approval process minimizes waiting time and ensures a hassle-free experience.
- Minimal Paperwork: Federal Bank aims to simplify the loan application process for its customers. With a focus on convenience, the bank requires minimal documentation for personal loan applications. This means you can avoid the tedious paperwork and get your loan approved swiftly.
- Available at All Branches: Federal Bank Personal Loan is available at all branches across the country. This wide network ensures that you can conveniently apply for a loan at a branch near you. The bank’s customer-centric approach ensures that assistance is readily available whenever you need it.
Eligibility Criteria Federal Bank Personal Loan
To be eligible for a Federal Bank Personal Loan, you need to meet the following criteria:
- Resident individuals with a monthly net salary of Rs.25,000/- and above.
- Maximum age of 60 years at the end of the loan tenure.
- A minimum of 3 years in the present job.
Documents Required for Federal Bank Personal Loan
When applying for a Federal Bank Personal Loan, you need to submit the following documents:
- KYC documents: Proof of Identity (Passport/Voters ID card/Driving License/PAN Card)
- Address Proof (Ration card/Tel/Electricity Bill/Lease agreement/Passport)
- Copy of PAN Card
- Latest Passport size photo of the applicant (2 copies)
- Income documents: Latest salary certificate/Last 3 months salary slips,Form 16/Income Tax Returns (last 2 years),Last 6 months salary account statement.
- Loan application form duly signed.
Interest Rate Federal Bank Personal Loan
Federal Bank Personal Loan offers competitive interest rates ranging from 11.49% to 14.4% per annum. The exact rate depends on various factors, including the loan amount, tenure, and applicant’s creditworthiness.
Federal Bank Customer Care
For more information on Federal Bank Personal Loan, you can contact the nearest branch at select locations. Alternatively, you can reach out to the bank’s customer care at 1800 425 1199 or 1800 420 1199.
FAQ
Q: Can I apply for a Federal Bank Personal Loan if I am self-employed?
A: No, Federal Bank Personal Loan is currently available only for resident individuals with a monthly net salary of Rs.25,000/- and above. However, the bank offers other financial products and services that may cater to the needs of self-employed individuals.
Q: Can I prepay my personal loan before the completion of the tenure?
A: Yes, Federal Bank allows prepayment of personal loans.
Federal Bank Personal Loan offers a host of benefits, including a maximum loan amount of Rs.25 lakh, a flexible tenure of up to 60 months, attractive interest rates, faster processing, minimal paperwork, and availability at all branches.
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