Federal Bank Personal Loan of 3 Lakh

Seeking a personal loan of up to 3 Lakh? Federal Bank presents a reliable solution, offering customised financial assistance to meet diverse needs, whether for medical emergencies, home renovations, or weddings. For broader options, consider Urban Money, a digital platform facilitating the comparison of loan offerings from over 20 lenders, enhancing convenience and choice for borrowers. This document serves as a comprehensive guide for Federal Bank Personal Loan of 3 Lakhs, elucidating the application process and exploring alternative lending avenues through Urban Money, aiming to equip individuals with the necessary knowledge for informed financial decision-making.

Personal Loan Options for 3 Lakh in Federal Bank

Federal Bank offers various personal loan schemes designed to meet different financial needs. For a Federal Bank loan amount of 3 Lakh, applicants can choose from general personal loans or specific purpose-driven loans offered by the bank. The selection of the appropriate loan type would depend on the borrower’s specific needs, eligibility criteria, and the interest rates applicable.

Features of Federal Bank 3 Lakh Personal Loan

The following pointers depict the features of a 3 Lakh Loan from Federal Bank. 

• Loan Amount: While the specific range may vary, Federal Bank typically offers personal loans from amounts as low as ₹50,000 up to ₹25 lakhs, making a ₹3 lakh loan well within the offering spectrum.
• Interest Rates: The interest rates on personal loans can vary based on various factors, including the applicant’s credit score, income, loan tenure, and relationship with the bank. Federal Bank’s personal loan interest rates are competitive and designed to make repayment manageable.
• Tenure: The repayment period for a personal loan from Federal Bank can range from 12 months to 60 months, giving borrowers flexibility in managing their monthly payments.
• Minimal Documentation: Federal Bank requires minimal documentation for personal loans, typically including identity proof, address proof, income documentation, and bank statements.
• Quick Processing: The bank emphasises quick loan processing, with streamlined procedures for loan approval and disbursal, making it possible to get a personal loan quickly, often within 24 to 48 hours after application submission, subject to meeting all the eligibility criteria and documentation.

Can I get a 3 Lakh personal loan instantly from the Federal Bank?

Yes, it’s possible to obtain a 3 Lakh personal loan instantly from Federal Bank, provided you meet the eligibility criteria and have all the necessary documentation in order. The bank offers fast processing for personal loans, especially for existing customers or those with a good credit history and sufficient income to cover the repayments. However, the term “instantly” should be understood as within a few hours to a couple of days, considering the time required for application review and processing.

What is the EMI for a 3 Lakh loan?

EMI stands for equated monthly installment, which is a fixed amount of money that a borrower has to pay every month as repayment of a loan. The EMI depends on three factors: the loan amount, the interest rate, and the loan tenure.

To calculate the EMI for a 3 Lakh loan, you can use the following formula:

EMI = (1 + r) n − 1 P × r × (1 + r) n​

where P is the loan amount, r is the monthly interest rate, and n is the number of monthly installments.

For example, if you take a 3 Lakh loan at an interest rate of 11.99% for 5 years, then the EMI would be:

EMI = (1 + 0.00999 ) 60 − 1300000 × 0.00999 × (1 + 0.00999) 60​

EMI = 6672.01

This means you have to pay ₹ 6,672 every month for 5 years to repay the loan.

The following table shows the EMI for different loan tenures and interest rates for a 3 Lakh loan:

Eligibility Criteria 3 Lakh loan in Federal Bank

To be eligible for a 3 lakh personal loan, you must:

• Be between 21 and 55 years of age.
• Have a steady source of income.
• Meet the bank’s credit score requirements.

Documents Required 3 Lakh Federal Bank loan

The documents required for a 3 lakh personal loan are minimal:

• Identity proof (Aadhaar/PAN)
• Address proof
• Income proof (salary slips, bank statements)

How to Apply for a 3 Lakh Personal Loan From Urban Money?

To secure a 2 Lakh personal loan through Urban Money, an online marketplace that facilitates connections between borrowers and various lenders for different loan types, including personal, home, and business loans, you can follow the simplified steps below:

• Navigate to the Urban Money website.
• Select the ‘Personal Loan’ section and input your location and employer details.
• Specify the desired loan amount (in this case, 2 Lakh) along with your monthly take-home pay.
• Press the ‘Apply Now’ button to review personalised loan proposals from over 20 lenders
• Compare loan offers based on interest rates, repayment terms, monthly instalment amounts, processing charges, and other relevant criteria to find the most suitable option for you.
• Once you enter your details, authenticate your mobile number.
• Please expect an immediate response from Urban Money regarding the status of your application. Following approval, the loan amount will be transferred directly.