Federal Bank Personal Loan of 5 Lakh

Federal Bank personal loan of 5 lakh is a handy credit option. The Bank ensures eligible applicants can receive the funds within 2 to 7 business days. As it falls under collateral-free finance, you can secure the necessary funds without plunging your assets as collateral. Whether you want to renovate an existing home, consolidate high-interest debts, or any other financial expenses, the Bank is ready to disburse the necessary funds on time, making it a more borrower-friendly credit option. Besides, it features lower interest rates, easy-to-meet eligibility criteria, and a paperless application process, further enriching the overall appeal. To gain more insight into this remarkable personal finance, continue scrolling down. Hereunder, we detailed all you need to know about a 5 lakh personal loan instant credit with Federal Bank. 

Let’s examine the popular options or reasons that people opt for a Federal Bank personal loan of 5 lakh: 

• Medical Emergency: It provides a way to manage unforeseen medical emergencies or other unexpected events.
• Debt Consolidation: This allows you to merge multiple debts into a single payment, often at a lower interest rate.
• Home Improvement: This option enables you to remodel, repair, or expand your home.
• Funding Vacation: This allows you to visit your dream destination without concern for the costs involved.
• Wedding Expenses: This can help cover the expenses of your or a loved one’s wedding ceremony.

Features of Federal Bank 5 Lakh Personal Loan

Let’s examine the expected features of an instant 5 lakh loan from Federal Bank:

• Loan Amount: You can apply for a minimum of ₹50,000 and up to a maximum of ₹5,00,000.
• Tenure: The loan tenure ranges from 12 to 60 months, depending on your preference and convenience.  
• Interest Rates: Interest rates are fixed and range from 11.99% to 17.49% throughout the loan tenure.
• Processing Fee: A processing fee of 2% of the loan amount plus GST is applicable, making it a cost-effective credit option. 
• Documentation: The application process is digital and requires no manual documentation. 

Can I Get a 5 Lakh Personal Loan Instantly From Federal Bank?

Urban Money offers the opportunity to obtain a 5 Lakh personal loan with instant fund disbursement. As a leading fintech platform in India, Urban Money provides a wide selection of loan and credit options from more than 50 lenders, including Federal Bank. You can easily compare different credit solutions, determine your eligibility, calculate your anticipated monthly EMI, and select the most suitable option. Following this, a personal loan specialist from our team will contact you and guide you through the application process until the loan amount is deposited into your account. Typically, the funds are transferred within 24 business hours.

What Is the EMI for a 5 Lakh Loan?

Let’s examine the 5 lakh personal loan EMI, with varying loan tenure ranges from 1 year to 5 years:

Eligibility Criteria 5 Lakh Loan in Federal Bank

5 lakh personal loan eligibility in Federal Bank is as follows: 

• The applicant must be aged somewhere between 21 and 55 years old. 
• The applicant must have a regular income source covering the loan EMI.
• The applicant must have a good credit score and a positive repayment history. 
• The applicant must be an Indian citizen.

Documents Required 5 Lakh Federal Bank Loan

5 Lakh personal loan documents in Federal Bank are as follows: 

• Identity proof includes a PAN card, Driving license, Passport, or Aadhaar card.  
• Address proof such as Utility Bills, Ration Cards, or Voter’s ID.
• Income proof such as Salary Slip, Form 16/Income Tax Returns, or Bank Statement. 

How to Apply for a 5 Lakh Personal Loan From Urban Money.

The application process for a Federal Bank personal loan of 5 Lakh is as follows:   

• Go to the Urban Money official website.
• Tap “Loan” and select the “Personal Loan” option.
• You will be directed to a new page titled “Personal Loan.”
• An array of leading banks across India will appear as you scroll down. 
• Locate “Federal Bank” and click the “Apply Now” button.
• A brief online form will appear on your display.
• Enter your name, mobile number, and city.
• You will receive a 6-digit OTP on your phone.
• Input the OTP and click the “Submit” button.
• A loan expert from Urban Money will contact you within a day.