In india Federal Bank offers personal loan for their customers in helping them to meet their personal needs at competative rates of interest.
From the Federal Bank one can get the personal loan upto an amount of Rs. 2 lac very quickly with simple documentation without any tension in a hassle free process.
Eligibility Criteria:
- Salaried group (permanent confirmed employees with a future service of minimum one year)
- Basic Pay not less than Rs 2,000 Total deduction towards loans including the present loan should not exceed 50 % of gross salary.
- If husband and wife are salaried and both join the documents, their combine income can be considered for fixing loan amount. For others annual income should not be less than Rs 1 Lakh and minimum net worth should be double the loan amount.
- Minimum 100% collateral security is required.
- Loans to NRIs are to be covered by collateral securities in the name of borrowers it self.
Quantum of Loan: 6 times monthly salary or 50 % of annual income of previous year
Margin: No margin is required.
Period:
- Up to Rs 50,000 – 30 months
- Above Rs 50,000 – 60 months
Repayment: Equal Monthly Installments (EMI )
Proof of income:
- Salaried residents Salary Certificate and wherever applicable, supported by Form No.16 / IT returns / Tax paid challans.
- Employees of State / Central Government / Public Sector Undertakings – Where there is difficulty in getting salary certificate, salary slip will be sufficient.
- Salaried NRIs – Latest Salary slip supported by remittance in NRE account with us & Copy of Identity card issued by Employer.
- Others – Previous two financial year’s IT returns or Audited Balance Sheet & Profit and Loss Accounts of the individual / firm / business concern.
Co-obligants & Security:
- For residents, spouse should join as co-obligant. Collateral security is required to cover the loan amount
- For non-residents, spouse should join as co-obligant and Collateral security in the name of NRI borrowers is required to cover the loan amount
