Federal Bank Self Employed Personal loan

For all the self-employed folks working hard to run their businesses and chase their dreams, Federal Bank has something special for you. They know it's only sometimes smooth sailing when you're your boss, so they've come up with personal loans for people like you. These loans are like a helping hand, giving you a boost when you need to invest more in your family or get through tough times. Federal Bank is all about backing up the dreamers and doers, ensuring you've got the cash flow to build your dreams and keep your business moving forward.

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Table of Content

1. Federal Bank Personal Loan for Self Employed- Highlights

2. Federal Bank Personal Loan for Self Employed- Fees and Charges

3. Compare Federal Bank Self Employed Loan from other Banks

4. Federal Bank Personal Loan for Self Employed Documents Required

5. Federal Bank Personal Loan for Self Employed Eligibility Criteria

Written By

Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal 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.

Federal Bank Personal Loan for Self Employed- Highlights

Feature	FedPremia Personal Loans	Pre-Approved Personal Loans	Digital Personal Loans
Who Are Eligible?	Self-employed individuals with min. Income Rs. 25,000	Pre-selected based on banking relationship	Self-employed individuals aged 21 to 55 years
Maximum Loan Amount	Up to Rs. 25 Lakh	Up to Rs. 7.5 Lacs	Rs. 50,000 to Rs. 500,000
Loan Tenure	Up to 60 months	12 to 48 months	12 to 60 months

Federal Bank Personal Loan for Self Employed- Fees and Charges

Loan Type	Interest Rates	Processing Fee	Pre-closure Charges
FedPremia Personal Loans	10.49% p.a to 17.99% p.a	2% of loan amount + GST	Varies; Contact bank
Pre-Approved Personal Loans	11.99% to 17.99%	2% of loan amount + GST	No pre-closure charges
Digital Personal Loans	11.99% to 17.49%	2% of loan amount + GST	3% of outstanding balance + GST

Compare Federal Bank Self Employed Loan from other Banks

Banks/NBFCs	Interest Rates(p.a.)
Axis Bank	10.49% onwards
IndusInd Bank	10.49% onwards
IDFC First Bank	10.75% onwards
HDFC Bank	10.50% onwards
ICICI Bank	10.65% onwards
Kotak Mahindra Bank	10.99% onwards

Federal Bank Personal Loan for Self Employed – Documents Required

For an Employee applying for a Federal Bank personal loan, documents may include:

KYC (ID and address proof)
Income proof (salary slips, bank statements)

Federal Bank Personal Loan for Self Employed – Eligibility Criteria

Here are the eligibility criteria to get a Federal bank self-employed personal loan:

FedPremia Personal Loans

Self Employed individuals with a minimum monthly income of Rs. 25,000.
Age, employment stability, income level, and credit score.

Pre-Approved Personal Loans (BYOM)

Customers who are pre-selected based on their banking relationship, credit history, and account activities.
Pre-approval is based on the bank’s internal criteria, which likely include credit score and account performance.

Digital Personal Loans

Self-employed individuals aged 21 to 55 years, with eligibility based on credit score, income, and existing liabilities.
Proof of income through salary statements, age, and creditworthiness.
Direct eligibility is only possible with a personal income. Joint applications or leveraging a spouse’s income (if the bank allows) could be potential pathways.