A Short Guide to the federal bank and Bandhan bank personal loan

When you need a personal loan, the first thing you look at is various lenders. In India, due to the Fintech revolution, an ordinary person has a lot of different options. There are banks, NBFCs, and apps based lenders. Everyone has heard big names such as SBI personal loan, Kotak Mahindra Bank personal loan, etc.

However, today we will tell you about two unusual lenders who are not famous, but they offer a fantastic personal loan product. They are federal bank personal loan and Bandhan bank personal loan. We will tell you about their details, such as the eligibility criteria, loan amount, required documents, and how to apply.

Federal Bank personal loan

Federal bank offers several kinds of financial products such as loans, investment, banking, and more. The loan amount is relatively high comparing to other lenders. It has fast processing as well as requires minimal paperwork. Its personal loan is named FedPremia.

• Federal banks offer personal loans up to Rs 25 lakhs.

• The rate of interest ranges from 11.49% to 14.49% P.A

• The loan tenure is from 12 months to 48 months.

• The processing fee is 0.5% of the loan amount.

• The lowest EMI per lakh is Rs 2,608.

Types of federal bank personal loan

• FedPremia personal loan

• Federal Easy cash personal loan

• Federal Shubh Yatra loan

• Federal Bon Voyage loan

The eligibility criteria for a personal loan

• The borrower should be a salaried individual.

• The borrower's maximum age should not be more than 60 years.

• The borrower's minimum salary should be at least Rs 25,000 monthly.

• The borrower should be working in the same company for at least 3 years.

Required documents for federal bank personal loan

There are two sets of documents you will have to submit.

• KYC Documents

1. Proof of identity ( Aadhar card, PAN card, Voter ID card, driving license)
2. Proof of address ( electricity bill, rental agreement, ration card)
3. two Passport size photographs

• Income documents

1. Salary slips for the last 3 months
2. Form 16
3. Salary account statement for the last 6 months
4. Loan application form duly signed

How you could repay the loan

• Fed Mobile – Federal bank mobile application

• Automated Payment through ECS ( electronic clearing service)

• FedNet – Internet banking solution

• Standing instruction registration at the borrower's branch.

How to apply for a Federal bank personal loan?

You could apply for a federal bank personal loan at the nearest branch. To get any more information, call on the number 1800 425 1199 or 1800 420 1199. Now, let’s check out the next lender, Bandhan bank personal loan.

Bandhan Bank personal loan

Bandhan bank personal loan is famous for offering a customizable personal loan as per the borrower’s need. The Bandhan bank account holders, as well as first-time loan customers, both are eligible for the instant personal loan. However, it does not include Bandhan bank employees.

• Bandhan Bank offers a personal loan from Rs 50,000 to Rs 5 lakhs.

• The rate of interest ranges from 15% to 16.18% P.A

• The loan tenure is from 12 months to 36 months.

• The processing fee is 1% of the loan amount.

• There is no prepayment charge.

What is the eligibility criteria for a Bandhan bank personal loan?

• Both salaried individual and self-employed professionals are to eligible to apply for the personal loan.

• The borrower age should be between 21 years and 60 years.

• The borrower should have a relationship with Bandhan bank for minimum of 6 months.

• The account should be operational with a minimum 1 debit and credit card induced per month.

What documents will be required for a personal loan?

• Proof of identity ( Aadhar card, PAN card, Passport, Voter ID card, Driving license)

• Address proof ( Electricity bill, Rent agreement, post paid bill, telephone bill)

• Signature proof: PAN Card/Passport

• Salary slip for the last 3 months

• Form 16 for the last 1 year

• ITRs for last 3 year, Balance sheet, and P/L for self-employed professional

Features of Bandhan Bank personal loan

• It has an attractive rate of interest.

• It requires minimal paperwork.

• There are no hidden charges.

How to apply for Bandhan's personal loan?

You could apply for Bandha Bank personal loan online as well as offline. However, when the verification process begins, you will have to present original KYC documents for verification at the branch. To apply, you have to go to Bandhan Bank official website.

Conclusion

Both Federal bank personal loan and Bandhan Bank personal loan offer fantastic deals. It is up to you what you want to do. One more thing you should know before you sign the loan agreement, do read it from cover to cover to make sure you know everything about the deal.

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