Federal Bank Limited is a major Indian commercial bank in the private sector, headquartered at Aluva, Kochi, Kerala. Federal bank is the fourth largest bank in India in terms of capital base. Federal Bank provide personal loans with Hassle free processing, Simple Documentation, Affordable interest rates and more. Loan will be sanctioned against bank deposits, LIC Insurance policy, NSC, KVP, IVP, Govt. & RBI Non-cumulative bonds, Govt. & RBI cumulative bonds etc. To know more, follow some simple steps given below to get attractive deals.
Federal Bank Personal Loan
Federal Bank is a key banking institution in South India, dating back to the pre-independence era. The bank was founded by Mr. K.P Hormis and was initially known as the Travancore Federal Bank, changing its name to Federal Bank in 1947. The bank is headquartered in Aluva, Kerala and has over a thousand branches across India. Federal Bank believes in following a customer centric approach and prides itself on being the trusted banking partner to millions in India.
Federal bank offers personal loans to meet any requirement of the customer, offering specialised services to them.
Why choose Federal Bank Personal Loan
Federal bank offers personal loans for multiple needs, ensuring that a customer can go through life without having to worry about monetary issues. The need for a personal loan can arise at any moment, and lack of money could hamper life. Federal bank personal loans allow people to live life to the fullest, without worrying about external factors. Loans can be availed for any personal reason, from travel to weddings to home needs.
The customer centric approach followed by Federal bank places the customer first, and the bank tries its best to ensure that no customer leaves unsatisfied. A simple loan process and low interest rates ensure that a personal loan does not become taxing on consumers. A blend of traditional values and modernity make Federal Bank personal loans an extremely viable option.
Features of Federal Bank Personal Loan
The customer first policy adopted by Federal Bank ensures that customers get a slew of exciting features to choose from. Some of the key features of Federal Bank Personal Loan are mentioned below.
- Quick Loan Approval – Federal Bank tries to ensure that their loan application process is as quick as possible, striving hard to get timely loan approvals in all legitimate cases.
- Minimal Paperwork – The loan approval process followed by Federal Bank utilizes minimal paperwork, making it simpler and faster to get loans. Minimal paperwork also ensures that the entire process is streamlined and hassle free.
- High Loan Amount – Individuals can obtain high loan amounts for their needs, ensuring they have sufficient money to fulfil their dreams. The loan amount depends on the individual concerned and his/her financial standing.
- Flexible Repayment Period – Federal Bank offers a longer and flexible time period for individuals to pay their loan. The bank offers longer repayment terms, ensuring the individual has sufficient time to clear pending dues without worrying too much.
- Low Interest Rate – The interest rates charged by Federal Bank are extremely competitive and affordable, varying according to the type of loan obtained.
- Vast network – Federal Bank has over a 1000 branches in the country, ensuring that customers are supported regardless of where they are.
Federal Bank Personal Loan Interest Rate
The interest rate for Personal Loans offered by Federal Bank depends on the type of personal loan availed. Federal Bank has a base interest rate of 9.95% per annum, which has been in effect since June 18, 2015. The interest rate for personal loans varies from Base Rate + 5.30% to Base Rate plus 10.85% per annum, i.e, from 15.25% per annum to 20.80% per annum. The bank charges a processing fee of 0.5% or a maximum of Rs 500 for each loan.
The interest rates are subject to the policies followed by the bank and depend on different factors including the risk profile of the individual.
Federal Bank Personal Loan Eligibility Criteria
Individuals who wish to apply for a personal loan from Federal Bank need to meet the following eligibility criteria.
- Minimum Age – The applicant should be at least 21 years old.
- Maximum Age – The applicant should be less than 55 years old.
- Employed – The applicant should be a salaried or self-employed individual with a regular source of income.
An applicant is also required to furnish the following documents to obtain a personal loan.
- Valid ID proof – This could be any government approved photo ID card like passport or driving license.
- Passport size photographs.
- Address proof – This could be a utility bill or a ration card.
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