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Federal Bank Car Loan: Interest Rates | Documents & Eligibility

Federal Bank Car Loans: Get Details on Eligibility, Documents Requirement, Process & Other Terms & Conditions required for Federal Bank Personal Car Loan in India.

Key Features

  • Lower EMIs (Equated Monthly Installments)
  • Lower interest rates
  • Longer repayment period
  • Lighter penalties
  • Faster processing
  • Transparent charges
  • Can be availed for buying new as well as used four wheelers and new two wheelers

Who can Eligible?

  • Resident Individuals.
  • Corporates.

Documents Required

  • Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
  • Recent Passport size photograph
  • Copy of Driving license
  • Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate)
  • Copy of RC Book

Other Terms & Conditions

Income of the applicant

  1. Minimum take home salary after meeting all monthly loan commitments including that of the proposed loan should be more than Rs.7500
  2. Deductions including the proposed loan shall be within 50 % of salary.
  3. Spouse’s income can be clubbed.
  4. If agricultural income is considered, the borrower should own at least 2.5 acres of land with yielding cash crops.
  5. 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

Used Vehicles – 60 months

New two wheelers – 48 months

Security

Hypothecation of vehicle to be acquired out of the loan amount

Collateral security is not required for loans up to Rs.10 L and loans to Educational institutions & Corporates.

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