Elegant dresses, exotic venues, and cherished moments with loved ones- planning your dream wedding is an exciting process. However, turning these dreams into a reality often entails a financial boost. The Federal Bank understands the desire for this most prestigious day in your life. Therefore, they offer personal loans at very low interest. Learn more about Federal bank personal loan through the article.
Features of Federal Personal Loan
Federal Bank personal loan is taken and recommended by many borrowers as they offer multiple beneficial features over the personal loan that can aid in your wedding ceremony planning. Here are some of the most common features of Federal bank personal loans.
The Federal Bank does not charge mortgage commitments or security fees while taking personal loans. Thus, it gives an individual an easy and convenient option to take a personal loan for marriage and pay later peacefully without worrying about getting stuck in high debt.
High Level of Customisation
Federal Bank personal loan comes with a high-degree customization option. Based on the requirements, the borrower can apply for a personal loan defining their necessities. Customization option eases their process of repayments.
No prepayment Charges
Federal Bank offers zero fees for floating-rate personal loan prepayments. However, for a fixed-rate personal loan, Federal Bank levies a 3% prepayment penalty from the borrower. The rates are attractive when compared with other banks, capturing borrowers’ attention for availing personal loans for weddings.
Low Preprocessing Fees
Federal Bank offers up to a 3% processing charge of the total loan amount plus GST, where GST is the Goods and Services Tax.
Flexible Repayment Tenure
Federal Bank personal loan offers flexible repayment durations that every individual can repay conveniently. A borrower can repay the loan within the tenure of 6 to 48 months. The tenure provides ease for the borrower to repay the loan amount taken for a wedding without worrying about getting stuck in higher interest debts.
Competitive Interest Rates
Unlike other commercial banks, Federal Bank personal loans can be availed at low-interest rates that can vary from 11.49% per annum. The interest rate is convenient for salaried people to make them emerge in free debt by the end of their loan repayments. This feature reduces the burden on the wedding planner seeking a wedding loan.
Federal Bank personal loans can be sanctioned up to INR 25 lakhs without any security fees, collateral charge or guarantor. It helps the borrower to turn their dream wedding into reality at low interest and no other hectic fees.
Why Opt for Federal Bank?
People tend to get confused among numerous bank facilities. Federal Bank provides features with clarity and transparency with their terms and conditions. Here are some reasons why borrowers must apply for a Federal Bank personal loan.
- They provide attractive interest rates on your customized personal loans.
- There is fast processing of personal loans for weddings.
- The paperwork required for a Federal Bank personal loan is minimal.
- Federal Bank makes friendly Equated Monthly Instalments (EMI) concerning the borrower’s repayment conditions.
- Federal Bank offers multiple repayment methods, including FedNet (Internet banking solution) and standing instruction registration at the branch where the loan application has been submitted.
- Automated payment can be done through Fed Mobile (mobile banking app) or ECS (Electronic Clearing Service).
- Salaried individuals can apply for personal loans hassle-free.
- Federal Bank offers FedPremia personal loans through all their branches.
A Federal Bank personal loan is a perfect dissolution for wedding planning. Turn your dream into reality by taking a personal loan at low interest rates. There are no security fees and collateral charges for personal loans at Federal Bank. In addition, personal loans provide flexible tenure and customization options for wedding personal loan suiting the borrower’s requirements.