Calculate you car loan EMI
About Federal Bank Car Loans
Your happiness gives a green signal when your dream car takes its first ride with your hands. While the market offers a variety of car loan offers, Federal Bank offers car loans at competitive interest rates. Let us help you to make the right decision to finance your car.
Features and Benefits of Federal Bank Car Loans
✔️ Full Financing: Take the wheel with funding covering up to 100% of the ex-showroom price, to ensure that your dream ride becomes a reality.
✔️ Repayment Duration: Repayment Options can help extend the loan repayment duration up to 84 months, which allows you to help manage finances.
✔️ Personal Protection: An additional feature of free personal accident insurance worth Rs. 10 lakhs.
✔️ Pre-closure Perks: For individuals, sail smoothly towards financial freedom as Federal Car Loan has nil pre-closure charges.
✔️ Comprehensive Scope: Whether it's a new car, used car, or even a new two-wheeler, Federal Car Loan gears up for your diverse needs.
✔️ Swift Reimbursement: Get back on the road faster with reimbursement within just one month of the car purchase date.
✔️ Hassle-Free Process: Say goodbye to income document worries with Federal Bank's no-income document scheme, making the process smoother.
✔️ Faster Processing: Experience lightning-fast loan processing, ensuring you hit the road at the earliest.
Factors influencing Federal Bank Interest Rates
Several Factors can influence your rate of interest if you apply for a car loan. These can include:
Salaried Professionals or Self-Employed: Your source of Income can influence the interest rates as well as loan duration.
Incase of a used vehicle, the age of the vehicle (should not be more than 3 years) also influences the interest rate.
Your Credit Score plays a key role in determining the rate of interest.
Existing Debt can also include previous education loans or other categories of loans and your repayment history.
Federal Bank Car Loan EMI Calculator
If you wish to check for your monthly EMIs, you can use the EMI calculators, which are easily accessible online. We recommend calculating your Car Loan EMI using the Federal Bank EMI Calculator, which can calculate the EMI according to the Bank Rules and Regulations.
While this is a good predictor, the loan along with interest rates can change subject to the changes made according to the documents presented and decision from the Bank branch.
Applying for the Federal Bank Personal Loan
To apply for the Federal Bank Car loan online, you can fill out the enquiry form, which will include the basic personal information. Once the form is complete, the individuals that apply receive a callback from the representatives. They will guide you through the further process for getting your personal car loan from Federal Bank.
Eligibility for Federal Bank Car Loan
If you wish to apply for the car loan, there are certain eligibility criteria laid by the bank for the applicants. While the details of such eligibility are available on their website, we have listed them down for you, here itself.
Both resident Indians and NRI customers are eligible to apply for the car loan.
In urban areas, income of the applicant must be 20,000 INR or more considering the equated monthly installments (proposed one).
Salaried, self-employed professionals, companies, educational institutions and businesses can apply for the loan.
Essential Documents for Federal Bank Car Loan
While you apply for a Federal Bank loan, there are some KYC documents required to be presented to take home your loan amount. These include:
| Applicant Type | Required Documents |
|---|---|
| Resident Salaried | Latest Salary Certificate / Salary Slip (3 months) Copies of IT returns (2 years) or Form No.16 (2 years) Latest 6 month's Bank Account statement evidencing the salary credits |
| Resident Self Employed | Proof of Business existence & Business Profile Last 12 months bank a/c statements IT returns for 2 years supported by Balance Sheet, P&L Account for the past two years. Where available, Tax paid challans may also be collected OR Last 2 years IT returns supported by Tax calculation sheet & Tax paid challans |
| Non-Resident Salaried | Option 1: - NRE account statement with any bank for last one year - Embassy / CRO certified Salary Certificate/ latest 3 months salary Slip OR Latest Salary Certificate / Slip (3 months) supported by 6 months Salary Crediting Statement Option 2: - Two years NRE a/c statement of the customer and/or resident accounts of spouse/parents (with us/other Bank) in which remittance is made |
| Non-Resident Self Employed | Option 1: - Proof of Business existence & Business Profile - Last 12 months bank a/c statements - Balance Sheet, P&L Account for the past two years. Where available, Tax paid challans may also be collected Option 2: - Two years NRE a/c statement of the customer and/or resident accounts of spouse/parents (with us/other Bank) in which remittance is made |
Along with the above additional documents including two passport size photos and Identity and Address Proofs ( Aadhar, Voter ID Card, Driving license etc. ). For NRIs work permit, Visa and certified copy of passport is required.
Pros and Cons of Federal Bank Car Loan:
Pros:
One of the lowest Interest rates (repo rate included) on Cars in the market.
No-income document scheme
Nil Pre-closure charges
Personal Accident Cover
Cons:
Minimum monthly income criteria
Loan tenure influences the interest rate
The loan amount reimbursement scheme is subject to likes and dislikes
As a borrower, you are required to make the right choice. Financing shall not be a red signal when your dream car is in consideration. We hope this article helped you gain insights. For comparisons, visit our other blogs about loans offered.
What's the maximum repayment duration for Federal Bank Car Loans?
Up to 84 months (7 years).
Who can apply for a Federal Bank Car Loan?
Salaried, self-employed, companies, and NRI customers.
Is there a maximum funding limit for a car loan?
Up to 100% of the ex-showroom price.
Are there any pre-closure charges for individuals?
No, pre-closure charges for individuals.
How fast is the loan reimbursement process?
Reimbursement within one month of car purchase.