Federal Bank Personal Loan of 8 Lakh

Federal Bank offers a personalised loan of 8 lakhs that is designed to assist you in overcoming any financial obstacles. Whether you are preparing for a huge purchase, a wedding, a home improvement project, or dealing with an unexpected crisis, this loan is the ideal solution. It comes with competitive interest rates, making it a cost-effective option for your borrowing needs. Additionally, the repayment options are flexible, allowing you to select a schedule that aligns with your budget and makes the repayment process more manageable. The application process is simple and digital, ensuring quick processing and disbursement of funds. Furthermore, minimal documentation requirements make the application process even smoother. By choosing this loan, you receive financial assistance and partner with a bank that comprehends and supports your aspirations. Our commitment to customer satisfaction and convenience is unwavering.

Personal Loan Options for 8 Lakh in Federal Bank

You can use the Federal Bank personal loan of 8 Lakh for any purpose, including:  

• Wedding Costs: To ensure your wedding day is unforgettable and financially stress-free, a Federal Bank personal loan covers all expenses, including venue, food, decorations, and attire.
• Debt Consolidation: Simplify your financial situation by combining multiple high-interest debts into one loan with a lower interest rate. This will allow for easier monthly payments and improved money management.
• Education: Invest in your children’s future by financing higher education, including tuition, books, living expenses, and other necessities, with a Federal Bank personal loan of 8 Lakh.
• Medical Emergencies: Tackle urgent medical needs, surgeries, or treatments not covered by insurance with the help of a personal loan, providing the necessary funds for your well-being.
• Travel: Fulfill your travel dreams, whether an international adventure or exploring local destinations, without depleting your savings.
• Major Purchases: You can buy valuable items like electronics, furniture, or vehicles or cover any significant one-time expense without financial strain.

Features of Federal Bank 8 Lakh Personal Loan

The Federal Bank Personal Loan, which amounts to 8 Lakh rupees, provides a range of features tailored to meet borrowers’ financial needs and preferences. Here are some of the notable aspects of this loan offering:

• Federal Bank offers competitive interest rates on its 8 lakh personal loan, making it an affordable choice for borrowers.
  
• Borrowers can select a repayment period that aligns with their financial circumstances. Options typically span 12 to 60 months.
  
• Applying for a personal loan with Federal Bank is streamlined and requires minimal documentation.
  
• As an unsecured loan, borrowers are not required to provide any collateral to access this loan.
  
• The personal loan can be used for various purposes, such as home renovation, education, wedding expenses, medical emergencies, travel, and debt consolidation.
  
• Federal Bank offers an online application process for its personal loans, allowing applicants to submit their applications conveniently from any location.

Can I get an 8 Lakh Personal Loan Instantly from Federal Bank?

With Urban Money, you can instantly secure an 8 Lakh rupee loan from the Federal Bank. Urban Money is an online platform that collaborates with over 50 leading lenders in India. On this platform, you can effortlessly compare all the loan choices available and select the one that best aligns with your needs and preferences. Once you have submitted your loan application, our dedicated loan expert will contact you to discuss your chosen lender. They will also offer continuous assistance and advice throughout the process, addressing any concerns or queries until the loan amount is successfully transferred to your bank account.

What is the EMI for an 8 Lakh Personal Loan?

The EMI for an ₹8 lakh personal loan from Federal Bank, with an interest rate of 11.49% per annum for 12 months, would be approximately ₹70,888. ​​

Eligibility Criteria 8 Lakh Personal Loan in Federal Bank

8 Lakh personal loan eligibility in Federal Bank are as follows: 

• A maximum age of 60 years at the time the loan reaches maturity.
• A minimum monthly salary of Rs 25,000
• A total of 3 years of experience in their current job. 
• Additionally, having a good credit score of 750 or above is important to increase the chances of loan approval.

Documents Required for an 8 Lakh Personal Loan

A list of documents required for loan processing is provided below:

• Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card) 
• Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport)
• Copy of PAN Card
• Latest 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

How to Apply for an 8 Lakh Personal Loan From Urban Money

To apply for an 8 Lakh personal loan from Federal Bank online, follow these steps:

1.  Visit the official website of Urban Money.
2.  Select the “Loan” tab and choose “Personal Loan.”
3.  You will be taken to a page dedicated to personal loans.
4.  Scroll down to view a list of top banks in India.
5.  Find “Federal  Bank” and click the “Apply Now” option.
6.  A simple online form will appear on your screen.
7.  Fill in your name, mobile number, and city.
8.  You will receive a 6-digit OTP on your mobile.
9.  Enter the OTP and click on the “Submit” button.
10.  Within a day, a loan specialist from Urban Money will contact you.