Federal Bank Personal Loan for Lawyers

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If you are a lawyer who needs a personal loan to buy a new car, renovate your home, pay for your child’s education, or grow your legal practice, you want a convenient, economical, and easy loan. That’s why Federal Bank presents FedPremia, a personal loan product tailored to salaried people like you.

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Table of Content

1. Federal Bank Personal Loan for Lawyers Highlights

2. Compare Federal Bank Personal Loan for Lawyers from Other Banks

3. Federal Bank Personal Loan for Lawyers Fees and Charges

4. Federal Bank Personal Loan for Lawyers Documents Required

5. Federal Bank Personal Loan for Lawyers Eligibility Criteria

Written By

Kirti Bansal

Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

FedPremia is a personal loan that offers up to Rs. 35 lakhs at competitive interest rates from 10.49% to 17.49% p.a. Depending on your repayment capacity, you can choose a loan tenure of 12 to 48 months. You don’t have to provide security or a guarantor. You also enjoy zero prepayment charges for floating-rate loans and low processing fees of up to 2% of the loan amount.

Federal Bank Personal Loan for Lawyers – Highlights

Federal Bank’s Personal Loan for Lawyers is designed to offer financial flexibility with competitive interest rates and a quick application process. Here are the key highlights:

Feature	Detail
Loan Amount	Up to ₹25 Lakhs
Interest Rate	Ranges from 10.49% p.a. to 17.99% p.a.
Tenure	Up to 60 months
Processing Fee	Up to 3% of the loan amount

Compare Federal Bank Personal Loan for Lawyers from Other Banks

Here is a table that shows Federal Bank’s Personal Loan for Lawyers compared with other banks that offer loans for professionals, such as HDFC Bank, IndusInd Bank, and Bank of America, highlighting some of the key features and benefits of each loan option:

Loan Provider	Loan Amount	Interest Rate	Tenure	Processing Fee	Collateral
Federal Bank	Up to Rs. 35 lakhs	Ranges from 10.49% p.a. to 17.49% p.a.	12 to 48 months	Up to 2% of the loan amount	No
HDFC Bank	Up to Rs. 75 lakhs	10.75% – 11.75% p.a.	12 to 72 months	Up to 2.5% of the loan amount	No
IndusInd Bank	Up to Rs. 35 lakhs	11.50% p.a.	12 to 48 months	Up to 2% of the loan amount	No
Bank of America	Up to $5 million (approximately Rs. 37 crores)	3.25% – 4.25% p.a. (variable)	10 to 25 years (variable)	0.5% of loan amount (optional)	Yes

Federal Bank Personal Loan for Lawyers – Fees and Charges

Understanding the costs associated with a loan is crucial. Here’s a breakdown of the fees and charges for Federal Bank’s Personal Loan for Lawyers:

Processing Fee: Up to 3% of the loan amount.
Prepayment/Foreclosure Charges: Nil for floating-rate loans; 3% for fixed-rate loans.
Penalty for Delayed Repayment: 2% per month of the overdue amount.

Federal Bank Personal Loan for Lawyers – Documents Required

The documentation process is straightforward, requiring the following:

Identity Proof: Passport, Voter’s ID, Driving License, or PAN Card.
Residence Proof: Passport, Electricity Bill, Ration Card, Telephone Bill, or Lease Agreement.
Income Proof: Latest salary certificate, last 3 months’ salary slips, or Income Tax Returns for the last 2 years.

Federal Bank Personal Loan for Lawyers – Eligibility Criteria

To be eligible for this loan, applicants must meet the following criteria:

Age: Between 25 to 65 years.
Income: Annual income of more than ₹1 lakh.
Experience: 3 to 5 years as a working professional.
Professional Standing: Registered member of the Bar Council and assessed under Income Tax for at least the last 2 years.