The erstwhile Travancore Federal Bank, now known as Federal Bank offers personal loan, the Federal Bank Personal Loan, based on Federal Bank Personal Loan interest rate, and convenient Federal Bank Personal Loan eligibility criteria, as will be amply visible in this Federal Bank Personal Loan review, here on money-superbazaar. The loan is offered on easy Federal Bank Personal Loan rate.    

Federal Bank Personal Loan Interest Rate:

The loan is available on the Federal Bank Personal Loan rate of interest:

The base rate stands at 8.50%, w.e.f. January, 2011. Based on this, the Federal Bank Personal Loan interest rate is as follows:

Ratings of the loan                        Corresponding Federal Bank Personal Loan rate

There are no charges levied if the customer asks for a change in basis of Federal Bank Personal Loan rate, i.e. from fixed to floating Federal Bank Personal Loan interest rate.

The rates have no relation with the Federal Bank Personal Loan eligibility conditions stipulated, as is evident in the Federal Bank Personal Loan review.      

Federal Bank Personal Loan Eligibility:

Following are the Federal Bank Personal Loan eligibility criteria:

Salaried class (permanently confirmed employees of an assured minimum service period of one year.)
a) Basic Pay should be not less than Rs 2,000

b) Total deduction in tax, towards all loans taken,( including the present loan) must not exceed 50 % of gross salary.

c) In case of joint borrowing (husband and wife), their joint income would be considered for deciding the loan amount, according to the Federal Bank Personal Loan review.   

d) Annual Income should be at least Rs.1lac

e) Minimum net worth must be double the loan amount asked for.

Quantum Of Federal Bank Personal Loan:

The maximum amount offered is Rs 2 lacs, subject to a minimum of 6 times monthly salary or 50 % of annual income of previous year, of the loan-seeker.

Procedure For Applying For Federal Bank Personal Loan:

The processing fee/administrative fee stands at 0.5%, subject to a minimum of Rs.500

If the loan amount asked is not sanctioned, then 50% of processing fee that had been collected in advance, will not be refunded.

Documents For Applying For Federal Bank Personal Loan :

Salaried Indian residents – Salary Certificate/ ITRs

Or Form No.16

Employees of Government PSUs (central/state) – Salary slip/salary certificate.

Others (not included in above two) – Previous 2 years’ ITRs or P&L Statement of the concern.

Tenure Of The Personal Loan:

If the amount offered is Rs 50,000 or less - 30 months
If the amount offered is above Rs 50,000 - 60 months

Repayment of the Federal Bank Personal Loan:

The loan payment is to be done through EMIs or easy monthly installments.

Defualt In Loan Payment:

In case, there is any delay in repayment of the loan EMIs, then 2% is charged of the amount due or outstanding.

Pre-Closure Of Federal Bank Personal Loan:

The Federal Bank Personal Loan review states that there are no pre-closure charges of any kind in Federal Bank Personal Loan.

Product page url is: http://www.federal-bank.com/Personal_Loans_PersonalLoan.aspx

Branch Office Address (In Table)