Eligibility requirements for Fab Personal Loan
☑️ Minimum monthly salary of INR 20,000
☑️ Employed for at least six months in the current organization
☑️ Must be a resident of India with valid identification
☑️ Ability to allocate up to 50% of monthly income for loan repayment
Required documents
📄 Valid photo ID (passport, Aadhaar, or equivalent)
📄 Recent proof of address
📄 Latest bank statements (minimum of three months)
📄 Payslip or employment verification letter
Approval depends on meeting the eligibility criteria. The bank may request additional documents if needed.
How to apply for Fab Personal Loan
Applying for the Fab Personal Loan is a straightforward process. Start by visiting the FAB website or your nearest branch. Fill out the loan application form with basic details such as your income, employment information, and contact details. Once submitted, the bank will evaluate your application and provide a personalized loan offer.
To enhance your chances of approval, ensure all documents are updated and accurate. After approval, the funds will be disbursed promptly to your account. If the application is denied, you can review the reasons provided and reapply after addressing any issues.
Prepare the refund of the installments!
Repaying the loan is simple and can be done through various methods such as direct debit, online transfers, or via the FAB mobile banking app.
It’s advisable to choose a payment date aligned with your salary cycle to avoid delays. Always ensure sufficient funds in your account before the due date to maintain a good credit history.
Fees and costs
The Fab Personal Loan has clear and competitive terms. Interest rates start at 4.74% annually on the reducing balance. A one-time processing fee of 1.05% is applied to the loan amount, with a minimum fee of INR 525 and a maximum of INR 2,625.
Late payments may incur penalties, and optional life insurance fees may also apply. For detailed terms, refer to the FAB service guide.
A Overview
The Fab Personal Loan offers a practical financial solution with benefits such as high loan limits, competitive interest rates, and flexible repayment terms. It’s suitable for various needs, from personal projects to unexpected expenses. However, ensure you understand the associated costs, such as processing fees and interest rates, before committing.
Are you ready?
This loan is a reliable tool for achieving your goals, provided you manage it responsibly. Take the next step and explore how Fab Personal Loan can make a difference in your financial journey.