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Amir Azam
by on August 25, 2021
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Federal Bank personal loan is offered to salaried individuals earning Rs.25,000 or more each month. You can borrow up to Rs.25 lakh for a period of four years at interest rates as low as 10% per annum. The processing cost is 3% of the total loan amount, plus any relevant taxes. 

Why should I go with Federal Bank for a personal loan? 

There are several benefits to taking out a FedPremia personal loan from Federal Bank. These advantages can be summarised as follows:  

  • Quick loan approval 
  • Paperwork is kept to a minimum. 
  • Loan amounts up to Rs.25 lakh are available, with interest rates starting at 10% p.a. 
  • A loan with a flexible payback period of up to 48 months is available. 

Whar are the documents required for a personal loan? 

The documents required for obtaining a FedPremia personal loan can be divided into two categories:  

(1) those required for obtaining a FedPremia personal loan and  

(2) those required for obtaining a FedPremia personal loan. 

Documents proving your identity:  

  • PAN Card (Personal Identification Number) 
  • Rental agreement, current utility bills, passport, and other forms of proof of address are acceptable. 
  • Identification documents such as a voter's ID card, a PAN card, a passport, a driver's licence, and so on. 
  • 2 copies of the applicant's most recent passport-sized photos 

Income-related documents include:  

  • Salary slips from the previous three months or the most recent salary certificate  
  • Income Tax Returns from the previous two years or a Form 16 Salary Account Statement from the previous six months 
  • Application for a loan that has been completely filled out and signed. 

Interest rates on Federal Bank Personal Loans are influenced by a number of factors. 

As noted below, a number of factors influence the interest rates offered on Federal bank personal loans.  

  • Loan tenure: The interest rate charged by Federal bank is determined on the loan duration selected by customers. When a consumer chooses a short loan term, the bank is more likely to charge a higher interest rate than when the customer chooses a longer loan term. 
  • Relationship with the Federal Reserve Bank of New York: There is no trust deficit if a customer has a solid relationship with his or her bank. As a result, the bank will be able to lower the interest rates it offers privileged customers. In addition, a bank's long-term customer might negotiate a lower interest rate if he or she meets all of the requirements for obtaining a personal loan. 
  • Borrower repayment capability: A borrower's repayment capacity is critical. Banks typically issue personal loans up to ten times a customer's monthly earnings. An applicant's CIBIL score is used by banks to estimate his repayment capacity. Will a federal bank offer enticing interest rates? to loan applicants who have a steady source of income and a good credit history 
  • Information about the job: The customer's employment history and profile are crucial in deciding the interest rates offered by Federal bank. Salaried employees working for high-net-worth corporations may be provided cheaper interest rates than self-employed persons who, by definition, do not have a consistent income. 

Checking the Status of a Federal Bank Personal Loan on the Internet 

You may track Federal Bank personal loan status using a variety of techniques.  

  • You can check your balance using net banking or a mobile app. 
  • Number of mobile application to track 
  • On the Federal Bank's website, enter the application reference number. 

Federal Bank personal loan status can be followed online using the Netbanking Portal by completing the procedures below: 

  • Federal Bank's official website can be found here. 
  • Now, use your User ID or cellphone number to log in to your net banking account. 
  • Select the track application option next. Your Personal Loan application's status can now be viewed. 

Using a Cell Phone Number 

You can track the personal loan status in Federal Bank using your mobile number. The following are the steps to track the status: 

  • Federal Bank's official website can be found here. 
  • Now, use your User ID or cellphone number to log in to your net banking account. 
  • Next, pick the track application option, and then select mobile number under the Choose Application Status by option. 
  • An OTP will be issued to your phone after you enter your mobile number. To check the status of your application, type the same. 
  • Using a Proposal or Reference Number 
  • Federal Bank's official website can be found here. 
  • Now, use your User ID or cellphone number to log in to your net banking account. 
  • Select the track application option next. 
  • Select application reference under the 'Choose Application Status Option By' option. 
  • Finally, to check the progress of your Personal Loan application, enter your reference number. 

Offline Monitoring of Federal Personal Loans 

It is relatively simple to check the Federal Bank Personal Loan status using offline methods. All you have to do is go to your local Federal Bank branch and inform the employee that you want to know the status of your loan application.  

Keep the appropriate documentation with you during your visit, such as an application acknowledgement receipt or a reference number, to guarantee that you receive an update on the status of your loan application. 

You can also check the status of your loan application by calling one of Federal Bank's toll-free numbers listed below.  

For Indian citizens, there is a toll-free number. 

1800-425-1199 / 1800-420-1199 

For NRIs, there is a toll-free number. 

080-61991199 

To track the status of a federal personal loan, you'll need certain information. 

The most significant thing you'll need to follow your Federal Bank Personal loan status is the application reference number. This loan application reference number is generated and provided to you through email and SMS when you submit your application. This reference number must be saved for future communication. 

You must also enter your registered mobile number in addition to your application reference number in order to receive updates on the status of your loan application with Federal Bank. 

Factors Influencing the Status of Your Federal Personal Loan Application 

Whether or not your Federal Bank personal loan application is approved is determined by a number of criteria, including:  

  • Credit rating 
  • History of credit 
  • Amount of Money 
  • Age 
  • Occupation 
  • Existing credit cards and loans 
  • Submission of all required documentation 

All of these aspects must meet the bank's requirements; otherwise, your loan application will almost certainly be rejected. 

How do I check the status of a federal personal loan using Afinoz? 

If you applied for a Federal Bank personal loan through our website or mobile app, you may check the status of your application with Afinoz. To check the status of your loan application on Afinoz, follow these simple steps:  

  • To begin, go to www.Afinoz.in and log in using your registered mobile number by clicking on the ‘My Account' option. 
  • Second, once you've logged in, select the 'Track Application Status' option. 

Conclusion: 

Lastly, as mentioned above you can check your Federal Bank personal loan status 2021 online with basic information. That means you can avail and manage Federal Bank personal loan 2021 with home comfort and to make it even simpler and easier you can come to Afinoz at anytime. 

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