In today’s world, people have become dependent on money. We use the money for specific needs. Sometimes a person does not have the full amount of the prize money at a certain time they want. In these cases, they take up loans. A loan is where a borrower goes to a lender and asks for extra funds to meet his/her needs. They promise to return the borrowed money to the lender under the tenure. Issuing loans has become a great and common phenomenon today. Due to this popularity of loans, different types of loans have been created namely, Personal loans, Gold Loans, Car Loans, Home loans etc.
Personal loans are loan schemes, which one can utilise for more than one reason. Personal loans are Unsecured kinds of loans. Unsecured loans are where the borrower does not have to worry about providing collateral. They simply can apply for a personal loan based on their credit score. A lot of banks give out great deals for personal loans. One such bank is Federal Bank. A Federal Bank personal loan Ed Generic Store is a great option to look at if you are looking for banks with the best deals for a personal loan. Like most banks, Federal bank also has some unique features along with eligibility criteria. Here’s how you can apply for a Federal Bank personal loan.
Features of personal loan at Federal Bank
Before we dive into the steps to apply for a personal loan at Federal Bank let us understand the features that are important to consider.
No collateral required
As discussed above, Personal loans do not require any kind of collateral. You just need to maintain your credit score which is 750 or higher. Having a lack of collateral can lessen your worry of losing something important to the bank or lender. This is also helpful if you do not have a very worthy asset to be kept as collateral.
A personal loan is best known for its multiple purposes. You can request a personal loan according to your requirements. You can issue or request a personal loan if you want to plan a vacation with your friends and family, renovate your house, buy your dream car, repay certain debts or even for unseen medical emergencies. This is one of the most important factors to be looked at when getting a personal loan.
A personal loan is the quickest processed loan scheme. In the application process, there is minimal documentation. These days most people apply online for personal loans via the bank’s official website, making the process hassle-free. You have to go to the bank’s website and fill in essential information like your name, address, income, etc. These steps and options make it quick to apply for a personal loan. The approval step of this entire process isn’t slow either. If you happen to be associated with the bank in previous transactions then you can get your loan approved in a matter of hours. Your loan amount is transferred to your account within 24 hrs if the bank pre-approves your loan.
Flexible tenure and amount
In terms of tenure and loan amount, personal loans are favoured. The lenders give you tenure and the funds after understanding your comfort and your capacity to repay the money. Generally, lenders provide tenure ranging from 12 to 60 months (5 years). Moreover, Federal Bank offers loan amounts up to Rs.40 Lakhs.
Also Read: Complete Detail about SBI Gold Loan
Eligibility criteria for a personal loan at Federal Bank
Now that we have understood the features that are present in a Personal loan, let us now check the factors that make you eligible for applying for a personal loan.
- The borrower needs to be an Indian citizen.
- You need to have a Credit or Cenforce of above 750 points
- The borrower must have an experience of 1 to 3 years with your current employer.
- You can be an employee of the public or private sector and even local, state or national bodies.
- Individuals should have a monthly salary above Rs.25,000.
How to apply for a personal loan at Federal Bank
Let us learn the steps that occur for applying for a personal loan at the Federal bank.
- Go to the official website provided.
- Search for the bar “Personal loans”
- Fill up the documents and information asked.
- Once done, click “Submit”
Once you complete the process the bank will contact you.
Pro tip: Federal bank has an official website from where you could apply for a personal loan online.
A personal loan is the best option if you are in urgent need of funds. It has attractive rates of interest and is flexible in both period and loan amount grants. Federal bank is a reputed bank so you should consider it for its loan deals. Also, look at the updated Federal Bank personal loan interest rate to avail the best personal loan plans.