Federal Bank Personal Loan (Offered through Fi Money)
Federal Bank has partnered with epiFi Technologies Private Limited to source Federal Bank Digital Personal Loans on Fi Money Mobile Application. This partnership allows customers to easily apply for Federal Bank personal loans directly through the Fi Money mobile app, thereby facilitating a seamless, efficient, and user-friendly borrowing experience.
Features & Benefits
|
Regulated Entity (RE) |
Lending Service Provider (LSP) |
Digital Lending Application (DLA) |
Partner Website |
|
Federal Bank |
epiFi Technologies Private Limited |
Fi Money |
For more details, click here |
Know more about personal loans offered by Federal Bank on Fi Money.
|
Interest Rates 12% p.a. – 16.5% p.a. |
Loan Amount |
Pre-closure / Pre-Payment charges. 3% of Outstanding Amount + 18% GST |
Loan Tenure 12-48 Months |
Fulfil your financial obligation with a Federal Bank Personal Loan, now available on Fi Money. You can instantly borrow amounts upto ₹5 Lakhs through an end-to-end digital application journey for a Federal Bank Personal Loan on the Fi Money App/Website. Get great benefits like competitive interest rates starting from 12.00% p.a., tenures of up to 48 months, low processing fees and more with a Federal Bank Personal Loan.
Enjoy a complete end to end digital onboarding journey for a Federal Bank Personal Loan.
Get Federal Bank Personal Loans at attractive interest rates starting from 12.00% p.a.
Avail Federal Bank Personal Loan within tenures ranging from 12 months to 48 months.
With the completely digital application procedure, the documentation process is very convenient and hassle-free.
Get Federal Bank Personal Loans at Processing Fees starting from 2%.
All Fees and Charges mentioned in the Key fact Statement (KFS) shared with the customer on Loan execution.
Eligibility
The Eligibility criteria for a Federal bank Personal Loan are as follows:
- Nationality and Residence - India
- Only Salaried individuals allowed.
- Age bracket - 21 years to 55 Years
- Eligible as per “Federal Bank Credit Policy”
Along with fulfilling the aforementioned criteria, keep the following documents handy when applying for a Federal Bank Personal Loan:
- PAN card
- Aadhaar card
Interest Rates and Charges*
Here are the interest rates and other associated charges of the Federal Bank Personal Loan that you should know about:
|
Interest Rates* |
12.00% p.a. - 16.50% p.a. |
|
Processing Fees* (One time charge) |
2.00% of loan amount + 18% GST |
|
Foreclosure Charges (One time charge) |
3% of Outstanding Amount at the time of closure + 18% GST |
|
NeSL Reporting Charges (One time charge) |
Rs 29.50/- (including 18% GST) |
*Disclaimer: The aforementioned charges are subject to the Credit Score of the customer as per the Federal Bank Credit Policy. The final Interest Rates, Fees and Charges will be mentioned in the KFS shared with the borrower on his/her registered Email ID.
Loan Collection and Recovery
Bank has engaged the following collection agents and recovery agents subject to strict adherence to the code of conduct prescribed by RBI in this regard.
EMI Calculator
A Federal bank personal loan is a type of unsecured loan with a fixed interest rate which helps to meet the borrower’s current financial needs. There is no specific end use requirement, and the fund can be used for personal need of the borrower.
In accordance with the RBI’s notification on “Guidelines on Digital Lending” (RBI/2022-23/111 DOR.CRE.REC.66/21.07.001/2022-23) the bank has partnered with Fi Money to offer Federal Bank Personal loan on Fi Money App wherein the Federal Bank acts as the Regulated Entity (RE), epiFi Technologies Private Limited acts as the Lending Service Provider (LSP) and Fi Money app acts as the Digital Lending Application (DLA).
You can borrow up to ₹5 Lakhs using a Federal Bank Personal Loan. However, the amount you are sanctioned depends on whether you fulfil the eligibility requirements as per the Federal Bank credit policy.
Federal Bank Digital Personal Loans are not secured by any collateral or security and are disbursed at the discretion of the bank, based on the creditworthiness of the borrower. There is also no need for any co-signee or guarantor either. Instant Personal Loan is provided online without any security so that you can get easy access to credit for your personal needs.
No, you do not have to visit the branch to apply for an online personal loan. You can simply visit Fi Money Mobile Application and choose to apply for a Federal Bank Personal loan subject to availability basis your eligibility.
Digital Personal Loans are extended to Salaried individuals within the age limit of 21 years to 55 years currently. The final eligibility for the loan will be based on your credit score, income, and your existing liabilities.
The interest rate ranges from 12.00% to 16.50%.
Kindly keep the following ready before applying for Federal Bank Digital Personal Loan:
- Aadhaar Card
- PAN Card
All the charges that are incurred during applying for Federal Bank Digital Personal Loans are listed out in the Key Fact Statement (KFS) which is displayed before availing the loan and also send to the email id of the borrower before availing the loan.
The pre-closure amount can be found in the Fi Money App. The borrower may transfer the pre-closure amount directly into his loan account, the IFSC for the same shall be FDRL0005555. After clearing the dues, please get in touch with the contact centre contact@federalbank.co.in for processing the request. Once loan is closed NOC will be shared to the registered email ID within 48 hours. The charges for foreclosure are provided under the ‘Interest Rates and Charges’ column.
The EMI will be due on 5th of every month, the same is mentioned in the KFS shared with the borrower over the registered email ID before loan disbursal.
The Key Fact Statement (KFS) is shared with the customer over the registered email ID of the customer immediately on the execution of loan agreement before disbursal of the loan. Additionally, you can drop a mail to contact@federalbank.co.in to availing the same again.
The loan Repayment Schedule is shared with the registered email ID of the customer on successful disbursal of the loan. Additionally, you can drop a mail to contact@federalbank.co.in to availing the same again.