Lowest Federal Bank Personal Loan Interest Rate To The Borrower

Federal Bank is one of the largest private sector bank in India, which offers various banking products such as personal loans. Federal Bank personal loan interest rates are reasonable and you can use it for any purpose. You can easily get a low-interest rate on your loan amount, depending on your loan eligibility. There are a lot more benefits of Federal Bank personal loans let just take a look at them.

Benefits of Federal Bank Personal loans

You can get many benefits with Federal Bank Personal loans such as:

• Applicant can get a maximum loan amount of Rs.25 Lakh, Federal Bank provide you loan depending on the net monthly income and the capacity to repay. 
• You can pay the loan amount with the applicable interest rate on a maximum tenure of 48 Months.
• Federal Bank personal loan interest rate is starting from 11.49% to 14.49%. Bank decides the interest rate on the loan amount by checking the applicant CIBIL score. If the applicant CIBIL score is less than 750 then he has to pay high interest on the loan amount.
• The Federal Bank after the completion of loan approval provide you the loan amount instantly. 
• You do not need to provide a bunch of documents as Federal Bank provide you loan at minimal paperwork.

What is the Eligibility for a Federal Bank Personal loan?

When you apply for a personal loan there are certain eligibility criteria the bank has set for the applicant which is as follows:

Age of the borrower: Federal Bank calculates eligibility of the borrower based on the age as it is used to calculate the maximum loan tenure for which Federal Bank will offer a loan. A longer loan tenure results in lower EMI and hence, higher loan eligibility from Federal Bank. Federal Bank provides loan to both salaried and self-employed between the age of 21 years to 55 years.

Income of the applicant: Federal Bank personal loan eligibility is based on your income. Minimum monthly net income to get a loan from Federal Bank is Rs. 25,000 & above. Further, the bank also estimate your total monthly expenses and compare the same with your salary to calculate your potential to repay the loan amount. You will get a loan only if your fixed expenses divided by your net salary is less than maximum FOIR. Your loan amount will be calculated based on the EMI you can afford to pay after paying your other fixed expenses.

Interest rate: Federal Bank will calculate the loan tenure you are eligible for based on your age and interest rate. These two factors are also used to calculate your loan eligibility. Higher the loan tenure, lower will be the EMI and hence, higher will be the loan eligibility. Similarly, lower the interest rate, lower will be the EMI which will convert into higher loan eligibility.

List of documents required for Federal Personal loan

To apply for a personal loan you need to submit some important documents to the bank. It helps in knowing your personal & income details so that the Federal bank can avail a loan. Some required documents are as follows:

• Applicant identity proof (Passport / Voters ID card/ Driving License/PAN Card) 
• Permanent address proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport)
• Copy of PAN Card
• Current Passport size photo of the applicant (2 copies)
• 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