Federal Bank Salaried Employee Personal Loan

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.

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.