Find details of federal bank car loan through Federal Bank EMI calculator. Just enter the loan amount of car you want to get financed and rate of interest. Federal Bank EMI calculator automatically calculates the installment on reducing balance and it does not have any other processing fee.
New Car Loan Rates
| Tenure | 3 Years |
| Down Payment | 0.1 |
| Processing Fee | Rs.1500 |
| Interest Rate | 8.50% |
| Document Charges | |
Federal Bank avails you with host of services and facilities online with which you can get car loan approval in an easier way. The customers who are dreamt of owning their desired car will turn their dream into reality via the golden opportunity provided by Federal Bank. The eligibility criteria set by the bank that any individual having minimum gross income of Rs. 1.00 lakh per annum erases the hindrance that only silver-spooned can purchase the latest available cars. The bank even churns out the repaying capacity of an individual who had applied for loan by extending the tenure up to 8 years for new car while it is 5 years for used cars. Vicky. in proves to be the powerful tool through the provision of accurate information on processing fee, documentation charges, EMI amount of such banks
Loan Eligibility Calculator
Federal Bank Car Loan eligibility, Interest Rate, documents and process
Who can apply?
- Resident Individuals.
- Corporates.
Documents Required:
- KYC Documents of Borrowers(Proof of Identity and Proof of Address)
- Recent Passport Size Photograph of borrowers
- Proof of Employment/Business
- Income Documents(Indicative Only)
Salaried
- ITR/Form 16 for 2 years
- Salary Slip for last 3 months
- 6 Months Bank Statement
Business/Self Employed
- Balance Sheet(Audited Wherever mandated)
- P&L Statement
- Tax Paid Challans/ITRs
NRIs
- Salary Certificate & Proof Of Employment/Business(Embassy attested if possible)/Balance Sheet in case of Business.
- 6 Months external account statement
- 2 years NRI Account Statement
Other Terms & Conditions
Income of the applicant
- Minimum take Home after meeting all monthly EMI commitments including the proposed one should be at least Rs.7500
- Spouse’s income can be clubbed.
- Agricultural Income/Rental can be clubbed with regular income(minimum monthly income to be At least Rs.40,000, including agriculture income/rental income)
- In the case of used vehicles 75 % on lower of depreciated /market / purchase value only eligible.
Period of the loan
- New Vehicles (other than two wheelers) – 60 months
- New Vehicles (for Salaried) – 84 months*
Used Vehicles – 60 months
New two wheelers – 48 months
- *Salaried Category as per Bank’s Policy
Security
- Hypothecation of Vehicle Purchased
- Co-obligancy of Spouse/Another Person
- No Collateral for loans up to Rs.10 lakhs. Collateral waived for loans between Rs.10 Lakhs and Rs.20 Lakhs, in case funding is limited to 75% of the ex-showroom price else Collateral covering full value of the loan is required.
- Collateral Required for loans above Rs.20 Lakhs
Conditions for used vehicles
- Depreciation using Straight Line Method @ 15% for the first year and @ 10% for subsequent years.
- Part of the year shall be counted as one year.
- Age of vehicle not more than 3 years
