Federal Bank Personal Loan of 2 Lakh

Suppose you need a loan of 2 lahks to fund your home renovation, vehicle repair, wedding expenses, or any other specific need. In that case, you may consider Federal Bank’s personal loan for 2 lakh. Here, learn about Federal Bank’s personal loan for 2 lakh, including its features, benefits, eligibility, documents, and application process. We will also answer some frequently asked questions about Federal Bank’s personal loan for 2 lakh.

Personal Loan Options for 2 Lakh in Federal Bank

There are a few variants of Federal Bank Personal Loan of 2 Lakh. These include the following. 

FedPremia

This personal loan scheme is for salaried individuals with a minimum monthly income of Rs. 25,000. You can borrow up to Rs. 25 Lakh for a maximum tenure of 60 months. The interest rate ranges from 10.49% to 17.99% per annum, depending on your credit score and other factors.

Pre-Approved Personal Loan

This is a digital and paperless personal loan product for existing Federal Bank customers. With just a click, you can get instant approval and disbursal of the loan amount in your account. The loan amount and interest rate are based on your existing relationship with the bank and your credit history.

Digital Personal Loan

This is an online personal loan product for new Federal Bank customers. The loan amount can be up to Rs. 10 Lakh for a maximum tenure of 36 months. The interest rate starts from 11.99% per annum and varies according to your eligibility and credit profile. 

Features of Bank 2 Lakh Personal Loan

Federal Bank’s personal loan for 2 lakh comes with the following features:

• Maximum loan amount of 2 lakh: You can borrow up to 2 lakh from Federal Bank to meet your personal expenses. The loan amount will depend on your income, credit score, and repayment capacity.
• The maximum tenure of 60 months: You can repay your loan with easy instalments for up to 60 months. Choose a tenure that suits your budget and cash flow.
• Attractive interest rate starting from 10.49% p.a.: Federal Bank offers competitive interest rates for its personal loans, starting from 10.49% p.a. The interest rate will vary depending on your credit profile, loan amount, tenure, and other factors.
• Faster processing and minimal paperwork: Federal Bank ensures fast and smooth loan processing with minimal documentation. If you meet the eligibility criteria and submit the required documents, you can get instant approval for your loan application.
• No collateral or guarantor required: Federal Bank’s personal loan is an unsecured loan, which means you do not need to pledge any asset or provide any guarantor to take it out.
• No prepayment or foreclosure charges: Federal Bank charges no fee for prepaying or foreclosing your loan. You can save on interest by paying off your loan before the due date.

Can I Get A 2 Lakh Personal Loan Instantly From The Federal Bank?

Yes, you can instantly get a 2 Lakh personal loan from the Federal Bank if you meet their eligibility criteria and submit the required documents. Federal Bank offers a digital and paperless product called Pre-approved Personal Loan, which gives you instant approval and quick disbursal of the loan amount. You can apply for this loan through the bank’s website or mobile app. You must have your Aadhaar card, PAN card, salary account statement, and mobile number linked to your Aadhaar to apply for this loan. The interest rate for this loan ranges from 11.99% to 17.49%, and the tenure ranges from 12 months to 60 months. You can also use the online EMI calculator to estimate your monthly instalments based on the interest rate, loan amount, and tenure. 

What is the EMI for a 2 Lakh loan?

EMI stands for Equated Monthly Installment, which is the fixed amount of money you must pay monthly to repay your loan. The EMI depends on the loan amount, interest rate, and tenure.

To calculate the EMI for a 2 Lakh loan, you can use the following formula:

EMI = [P x R x (1+R)N]/[(1+R)N-1]

Where,

P = Principal amount (loan amount)

R = Monthly interest rate (annual interest rate / 12)

N = Number of monthly instalments (tenure in months)

The following table shows the EMI for a 2 Lakh loan for different tenures and interest rates:

Eligibility Criteria 2 Lakh loan in Federal Bank

To be eligible for Federal Bank’s personal loan of 2 lakh, you need to meet the following criteria:

• You must be a salaried individual with a minimum monthly income of Rs. 25,000.
• You must be between 21 and 60 years of age.
• You must have a minimum of 2 years of work experience, with at least 1 year in the current organisation.
• You must have a good credit score and repayment history.

Documents Required 2 Lakh Federal Bank Loan

To apply for Federal Bank’s personal loan for 2 lahks, submit the following documents:

• Identity proof
• Address proof
• Please provide salary slips for the last 3 months, bank statements for the last 6 months, Form 16, IT returns, etc.
• A loan application form that is duly filled out and signed
• Passport-size photographs.

How to Apply for a 2 Lakh Personal Loan From Urban Money?

Urban Money is an online platform that connects borrowers with lenders for various types of loans, such as personal, home, business, etc. You can apply for a 2 Lakh personal loan from Urban Money by following these steps:

• Visit the Urban Money website.
• Click the Personal Loan option to enter your city and company name.
• Enter the required loan amount (2 Lakh) and your monthly net salary.
• Compare the interest rates, tenures, EMIs, processing fees, and other features of the loan offers and choose the one that suits your needs and preferences.
• Click the Apply Now button and fill in your personal details.
• Rest assured that Urban Money will assist you end-to-end without a smooth loan sanction.