Federal Bank Salaried Employee Personal Loan

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Federal Bank provides a specialised loan called FedPremia Personal Loan, which is exclusively designed for individuals who receive a regular salary. This loan is a customised financial solution that caters to the needs of salaried employees. With attractive interest rates and a straightforward application process, you can effortlessly fulfil your aspirations and desires. Federal Bank ensures a smooth and trouble-free experience by offering personal loans to salaried individuals who earn a minimum monthly salary of Rs.25,000/-.  Whether for unexpected medical expenses, home renovation, or a dream vacation, this instant loan service ensures quick processing, minimal documentation, and rapid disbursement of funds. The Federal Bank salaried employee instant loan is an ideal choice for salaried individuals looking for a reliable and efficient way to manage their financial needs.
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Table of Content

1. Highlights:

2. Compare Federal Bank Salaried Employee Personal Loan from other Banks

3. Federal Bank Personal Loan for Salaried Employee Fees and Charges

4. Federal Bank Personal Loan for Salaried Employee Documents Required

5. Federal Bank Personal Loan for Salaried Employee Eligibility Criteria

Read more
Written By
Kirti Bansal
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
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.

Highlights:

Federal Bank salaried employee personal loan interest rate and other key parameters are as follows: 

Interest Rate 11.49% to 14.49%
Maximum Loan Amount 25,00,000
Maximum Loan Tenure 60 Months
Processing Fees Up to 3% of the loan amount
Minimum Monthly Salary 25,000

Compare Federal Bank Salaried Employee Personal Loan from other Banks

Below is the comparison of a Federal Bank salaried employee personal loan with other banks across India:

Lender Name Interest Rate 
Yes Bank  10.99% p.a. onwards
Axis Bank 10.49% p.a. onwards
HDFC Bank 10.50% p.a. onwards
IDBI Bank 9.50% p.a. onwards
State Bank of India 10.55% p.a. onwards
Bank Of Baroda 12.15% p.a. onwards
Kotak Mahindra Bank 10.99% p.a. onwards

Federal Bank Personal Loan for Salaried Employee – Fees and Charges

Listed below are the fees and charges that are relevant to an instant loan for salaried individuals from Federal Bank:

Fee/Charge Amount
Interest rate 11.49% to 14.49%
Processing Fee Up to 3% of the loan amount
Prepayment Charges Floating Rate Scheme- NIL, Fixed Rate Scheme (including Byom Loans)- 3%
Late Payment Fees 2% per month 
Converting Fixed Fees to Floating Fees and Vice Versa 0.25% of outstanding balance/ drawing power, whichever is higher

Federal Bank Personal Loan for Salaried Employee – Documents Required

Indicative List of Documents Required for Federal Bank Salaried Employee Personal Loan processing are provided below.

KYC Documents:

  • Proof of Identity (Passport / Voters ID card/ Driving License/ PAN Card) 
  • Address Proof (Ration card/ Electricity Bill/ Lease agreement/ Passport)
  • Copy of PAN Card
  • Latest Passport size photo of the applicant (2 copies)

Income Documents:

  • 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

Federal Bank Personal Loan for Salaried Employee – Eligibility Criteria

Federal Bank salaried employee personal loan eligibility criteria are as follows: 

  • The loan maturity age should not exceed 60 years. 
  • The minimum monthly salary required is Rs 25,000. 
  • Additionally, at least 3 years of experience in the current job is mandatory.
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