Federal Bank Car Loans: Get Details on Eligibility, Documents Requirement, Process & Other Terms & Conditions required for Federal Bank Personal Car Loan in India.
- 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.
- 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
- Minimum take home salary after meeting all monthly loan commitments including that of the proposed loan should be more than Rs.7500
- Deductions including the proposed loan shall be within 50 % of salary.
- Spouse’s income can be clubbed.
- If agricultural income is considered, the borrower should own at least 2.5 acres of land with yielding cash crops.
- 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
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