*Please note quotes shown will be from Our Partners

Personal Loan

Federal offers Personal loan to carry out your requisite of funds to meet any of your expenses. Federal Personal loan can be availed by visiting any of their nearest branches; else you can also apply for a Federal Personal Loan online through the link given on their website.


Federal personal loan is easy to avail with its fast processing and less documentation. You can avail personal loan from federal bank to accomplish all your dreams like home renovation, start up new business, plan your holidays, etc.


Federal bank provides various types of personal loans under personal segment like- home loan, car loan, gold loan, property loan, other Federal Personal loans like- easy cash, personal loan, loan against fixed deposit, etc. They are providing hassle free loan sanction process with least requirement of documentation which make your life easy and give you required amount of funds as per your financial background at the time of urgent need.


Federal Bank, initially it was known as Travancore Federal Bank, has it’s headquarter at Aluva in Kerala.  This bank is giving its services before independence. It is a customer centric bank and Federal Bank offers Personal Loans which are very simple and innovative products as per the need of the customers. Federal bank works in every segment i.e. deposits, loan, cards, insurance and other banking services. It is the most trusted bank among the customer.


Federal Bank is number one bank of Kerala with its branches and ATM’s across the major states of India. It’s a commercial bank in private sector. They work towards satisfaction of their customers. They are working in so many segments like- personal banking, NRI, SME-business, corporate and Agriculture segment.

Federal Premia

Federal Bank offers personal loans called Fed premia is offered only to salaried individual with the minimum earning of Rs 50000/- per month. At present this Federal Personal loan is available at only selected location of federal bank which includes- Bangalore, New Delhi and NCR, Chennai, Mumbai, Pune, Kochi and Thiruvanthapuram.


Main Features of Federal Personal Loan:
 

 

Minimum

Maximum

Age at Entry

21

55

Federal Personal Loan Amount

up to 10 lakh

Tenure

up to 48 months

Rate of Interest

11.75%

14.65%

 

  • To avail Personal Loans from Federal Bank, customer needs to be at least 21 years of age. Maximum age limit to avail this Federal Personal loan is 55 years. So Federal Personal Loan should be given to any individual between 21years to 60years age group who qualifies for rest of the eligibility criterion.
  • Very minimum documentation is required to complete the loan sanction formality. So no need to going through the hassle of submitting loads of documents for getting Federal personal loan.    
  • It is a multipurpose loan which can be used to satisfy any of your legal requirements for personal loans be it a house renovation, purchase of long awaited gadget, a dream holiday at some exotic location, purchase of any consumer durable item, capital for your business, your business expansion, list is endless.
  • Federal bank takes very less time in processing of your loan formalities. Thus the whole process right from submission of application to sanction of loan is very short and fast. It hardly takes any of your precious time and provides you funds right at the time of your need.
  • You will get a flexible repayment period of 4 years to pay back your Federal Personal loan amount. Federal Personal Loan EMI payment will start within a year of availing the Federal Personal Loan. Applicant can choose the loan term anywhere between 1 year and 4 year. But the tenure for Federal Personal Loan should not exceed time frame of 48 months.
  • If you want to foreclose your Federal Personal Loan then this option is also available. You not need to pay any surcharge for the purpose of pre closing your account.
  • Rate of interest offers by Federal bank are very competitive and affordable as per customers need. If the applicant is current customer of bank they will get the privilege of mark down and other attractive offers while availing personal loan.
  • It’s very easy to avail personal loan from federal bank irrespective of the place where you are. Because of their growing network and vast number of branches you can approach them easily from your own place. Currently facility of Fed premia is only available at the selected location.

Federal Personal Loan amount Eligibility:
 

There is certain criterion which needs to be fulfilled to avail Fed Premia Personal Loan from Federal Bank. Eligibility criterion for loan amount and interest rates differ from person to person based on their location, repayment capacity, CIBIL score, past repayment record of Federal Personal loans if any etc. Below mentioned is the list of eligibility criteria for banks to offer personal loans.
 

  • Only salaried individual residents are eligible to avail personal loan from federal bank. The loan can be issued to salaried employees of Government organization, private organization of repute, state government, and central govt. Self employed persons are not eligible to avail personal loan from federal bank. So anyone who is salaried whether central government employee or working in private organization or state government employee is eligible to avail personal loan from federal bank.
  • Federal bank offers personal Loan to individuals aged at least 21 years. That means a person has to be at least 21 years of age to become eligible for Federal personal loan. Maximum age at entry is 55 years. Person needs to be less than 55 years of age to avail personal loan from Federal bank.
  • The person should have the job experience of at least 3 years. Furthermore he should have working in his current organization from past 3 years (conditions apply). That means the individual should have employed for no less than 3 years are only eligible for availing this Federal Personal Loan. Company can reject the application if person should fail to fit in this criterion.
  • Only Individuals who are employed in the selected location like - Bangalore, New Delhi and NCR, Chennai, Mumbai, Pune, Kochi and Thiruvanthapuram are eligible to avail Fed Premia personal loan from Federal Bank.

Individuals who are earning minimum salary of Rs 50000/- are eligible to avail this loan. That means whose salary is less than Rs 50000/- are not eligible for this Federal Personal Loan.


Repayment of loan-
 

Federal Personal Loan can be paying off in equated monthly EMI i.e. Equated Monthly Installment. EMI amount is usually unchanging throughout the loan period. It includes Principle settlement as well interest payment. Customer can simply calculate EMI for Federal Personal Loan on the calculator provided at the website of the Bank. Three factors plays major role in the calculation of EMI- loan amount, loan term and Interest rate. EMI is generally calculated on reducing balance.


Borrower has complete flexibility while choosing the method to pay the EMI. It can be directly deducted from your account if you opt for ECS facility. Else you can put the cheques in drop box. You can also register for Standing Instruction with your branch. If you have Internet banking facility, then you can also make online payment by using your Fed Net account. Also you can down load their mobile app known as Fed Mobile to pay your EMI.

Federal easy Cash

This loan quenches the need of urgent requirement of money. If you require money on urgent basis you can apply for a Federal Personal Loan easy cash to satisfy the purpose.
 

Main Features of Federal Personal Loan:
 

 

Minimum

Maximum

Age at Entry

21

55

Loan Amount

Up to 10 lakh

Tenure

Up to 72 months

Rate of Interest

11.75%

14.65%

 

  • To avail a loan from capital first customer need to be at least 21 years of age. Maximum age limit to avail this loan is 55 years. So this loan should be given to any individual between 21years to 60years age group who qualifies for rest of the eligibility criterion.
  • Loan will be granted against your bank deposits, NSC, LIC life insurance policy, IVP, KVP, Government and RBI Non cumulative bonds, Government and RBI cumulative bond. It means federal bank accepts all the mentioned deposits as a security and you can avail loan against it. Now you can get easy liquidity on your savings and you can use money for any of your urgent need. No need to take the premature payment for your savings. You can simply take loan against it and use it as an overdraft facility. When you arrange for money or your deposits get matured you can repay your loan.
  • Very minimum documentation is required to complete the personal loan requests. So no need to going through the hassle of submitting loads of documents for getting personal loan.    
  • Federal bank takes very less time in processing of your loan formalities. Thus the whole process right from submission of application to sanction of loan is very short and fast. It hardly takes any of your precious time and provides you funds right at the time of your need.
  • You will get a flexible repayment period of 6 years to pay back your loan amount. Applicant can choose the loan term anywhere between 1 year and 6 year as per their convenience. But the tenure of loan should not exceed time frame of 72 months. Moreover the maximum period of loan should not exceed the remaining maturity period of the security given by borrower.
  • Rate of interest offers by Federal bank are very competitive and affordable as per customers need. If the applicant is current customer of bank they will get the privilege of mark down and other attractive offers while availing personal loan.
  • It’s very easy to avail personal loan from federal bank irrespective of the place where you are. Because of their growing network and vast number of branches you can approach them easily from your own place. This facility is currently available at more than 1000 branches of federal bank.

Federal Personal Loan Eligibility:
 

There are certain criterions which are necessary for the personal loan to avail Easy cash facility from Federal Bank. Below mentioned is the list of eligibility criteria for availing personal loan:-
 

  • Any Individual, Firms, trust, and companies are eligible to avail easy cash loan from federal bank.
  • Minimum age to avail the loan is 21 years. That means a person has to be at least 21 years of age to become eligible for personal loan. Maximum age at entry is 55 years. Person needs to be less than 55 years of age to avail personal loan from Federal bank.

Repayment of loan-
 

  • You have to repay this loan in lump sum only. You can repay your loan within the term selected by you which should not be more than 6 years. Under this scheme you just need to pay the interest amount as your monthly installments and principal loan amount should be pay in lump sum at the date of maturity of loan term.  This way it is very affordable to your pocket and no need to pay principal loan amount immediately.

Federal Bank Travel Loans

This is another type of Personal Loan offered by the bank which provides for undertaking travel, both for leisure or for a job. There are two more sub-categories for this type of personal loan. One is meant for taking a vacation while the other is for taking a job-related trip.
 

  • Shubh Yatra Loan – a loan which can be taken for taking a holiday with family. The features of the loan are as follows:
     
  • The loan is processed quickly without any hidden charges or big penalties
  • Federal Personal Loans can be taken for a maximum amount of Rs.3 lakhs
  • The loan can be taken for meeting the cost of train or flight, other conveyance expenses and any trip-related costs
  • The travel undertaken using the loan should be for a foreign destination
  • The loan amount should be paid back within 12 months to 33 months with a cushion period of 3 months
  • If the applicant is a salaried individual, he should repay Federal Personal Loan before retirement
  • Spouse is required to apply as a co-borrower of the loan. if other major family members are included in the journey financed using the loan, they should also act as co-borrower.
  • A collateral security would be required for availing the loan which can be land and building, gold ornaments at market value, NSC or KVP certificate at their present values, LIC policy at its surrender value, deposits with banks, shares of high growth companies which are traded for a minimum of 3 times of their face value
  • Resident individuals with sufficient income required for Federal Personal Loan can apply for the loan. if salaried, the minimum basic pay should be Rs.2000
  • A loan processing fee of 0.50% of the loan amount with a minimum of Rs.200 is payable and a late payment fee of 2% of the outstanding loan amount is payable every month for delayed installment payment.
  • Bon Voyage Loan – a type of Federal Personal loan for undertaking business trips. The features include:
     
  • Federal Personal Loans up to Rs.5 lakhs granted for overseas trips
  • The Federal Personal loan comes with an insurance cover
  • Federal Personal Loans are available to meet the cost of an overseas trip for business or for taking employment. Skilled and professional individual can avail the loan like doctors, engineers, nurses, management consultants, etc.
  • The loan requires a collateral security which can be in the form of bank FDs, Liquid market instruments or immovable property such as a residential property.
  • A maximum of 60 months or 5 years is granted as the loan repayment tenure
  • A loan repayment holiday is also available under the Federal Personal loan which would be either 3 months from the date of departure or 6 months from the date of loan disbursal, whichever is earlier.

The expenses covered under the Federal Personal loan include one way air fare, incidental expenses for getting the passport, Visa endorsement, cost of travel in India, costs incurred to avail medical fitness certificate, permissible bank travel quota, emigration deposit with government, amount paid to sponsoring agency, dress expenses, other miscellaneous local expenses.

Documentation

Required documents

  • Application for loan duly signed
    and filled by customer
  • Income proof of customer
  • Security cheques and cancelled cheques
  • Address Proof
  • Id Proof
  • Age proof
  • Any other documents as required by bank


Know your customer (KYC) formalities:
 

  • Identity Proof. One can give their Aadhaar details, PAN card, Driving License, passports or Voter Id card as a proof of their identity.
  • Address Proof. Electricity bill not older than last 3 months, Ration card, Rent agreement, Lease agreement, passport, Trade license, Sales tax certificate.
  • Copy of your PAN card.

Income Proof:
 

  • For salaried applicant-
  • Latest salary certificate of the applicant or last three months salary slips.
  • Income Tax returns of last two years.
  • Form 16
  • Bank account statements of last 6 months

Loan application form duly signed and filled by applicant.

Other Conditions

  • Easy cash loan will only be available to the person who owns the security on their name. Otherwise this loan cannot be granted. If the securities are in joint names then loan shall be sanction jointly. That means only the owner of the securities can avail easy cash loan.
  • Stock brokers are not allowed to avail loan under easy loan scheme. You can’t avail loan against your shares/stocks. The return on these possessions is not fixed neither there is any fixed maturity date in these chattels therefore bank cannot accept it as a security.
  • Bank will provide loan up to 90% of security value with the margin of 10%. But it should not exceed the maximum limit of loan amount provided by federal Bank.
  • Loan will be sanctioned for the Maximum period of 72 months. With this elongated loan tenure you will get enough time to arrange for the money to pay back the loan amount.
  • Maximum period of loan should not exceed the outstanding maturity period of security. Suppose a person avail loan on 5th September 2015 against his fixed deposits of Rs 200000/-. This fixed deposit will get mature on 13th September 2019. So this person is eligible for the loan term of 4 years only not more than that.
  • Penalty of 2% will be charged on the overdue amount 30 days after the due date. So to avoid this penalty amount customer has to pay their EMI on regular basis.

Applying for a Federal Personal Loan

Federal Personal Loan can be applied for online by visiting the Paisabazaar.com website and completing the necessary formalities easily. The online application process provided by the website is both easy and convenient which enables the applicant to make enquiries, determine the EMI payable for the Federal Personal Loan and apply for the loan. The whole process takes a few minutes and cuts down on the time usage factor. One can also compare between the available personal loans and determine the installments payable for the loan.