What is Federal Bank Personal Loan Interest Rate?

I was eligible for a pre-approved personal loan from the Federal Bank. However, I wasn’t sure about the application procedure and other details, including the Federal Bank personal loan interest rate. I consulted with my brother, a banking employee, who guided me through the same. He said usually; the rates range from 10.49% p.a. to 17.99% p.a. I learned that the Federal Bank has a BYOM portal where you can avail a loan on the digital platform, and the eligible customers for pre-approved loans are usually contacted via email/ SMS. Let me share some more information. 

What is the Federal Bank Personal Loan Rate of Interest?

My brother further said, the pre-approved

personal loan interest rate Federal Bank

ranges from 11.99% to 17.99%, which is fixed throughout the tenure of the loan. Let me share with you some benefits of BYOM, a platform introduced by the bank.

• BYOM stands for Be Your Own Master, where the customers can avail loans digitally. 

• The interest rate for BYOM personal loans starts from 11.99 %.

• Processing fee is 2% of the loan amount plus GST.

• Since the loan is pre-approved, there is no hefty documentation process.

• You can get a loan up to Rs. 7.5 lakhs.

• There are no pre-closure charges.

• The loan tenure ranges between 12 months to 48 months, depending on your profile.

How to Avail Pre-Approved Personal Loan by Federal Bank?

I found you just need to follow three steps to avail the pre-approved BYOM personal loan.

1. Authenticate using your mobile number and OTP

2. Accept the digital terms and conditions and personal loan offer

3. Then digitally sign the loan documents using your AADHAR OTP.

I hope this helps you understand the Federal Bank loan application process and the interest rates. 

My friend availed a personal loan from Federal Bank so when I planned to avail one, I went to her for some suggestions. I wanted to know about the Federal Bank personal loan interest rate, application process, and other details, and I learned everything from her. It seems you are also planning to avail a personal loan from Federal Bank, so let me share the details here.

What is the Federal Bank Personal Loan Rate of Interest?

The personal loan interest rate federal bank

based on one’s creditworthiness and other factors. You can visit the

to learn about it in detail. 

Federal Bank Personal Loan Applying Documents Online

The documents that you will need to apply for a personal loan in the Federal Bank are:

• Identity Proof (Passport/Voter/Aadhar etc.)

• Address Proof

• PAN Card

• Passport Size Photographs

• Salary certificate/last 3 months salary slip

• Fprm 16/Income Tax Return 

• Last 6 months salary account statement

• Loan application form duly signed

You can get a loan amount of a maximum of Rs 25 lakh and a maximum tenure of 60 months. My friend mentioned that she had never faced any issues with the bank so like me, you can definitely opt for Federal Bank.

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