Car Loan 

Federal Bank Car Loans | Interest Rates 2024 | Documents

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Fedbank Car loans – Get instant quotes on Documents, Interest Rates, EMI, Eligible loan amount for federal car loans in India. Use Calculator tool to calculate loan EMI. Finance shall not be a red signal when your dream car opens door for you. Drive home with Federal Car Loan.

Key Features

  1. Lower EMIs (Equated Monthly Installments)
  2. Lower interest rates – 8.50% onwards
  3. Longer repayment period
  4. Faster processing
  5. Transparent charges
  6. Can be availed for buying new as well as used four wheelers and new two wheelers

Who can apply? – Federal Bank Car Loan

  • Resident Individuals.
  • Corporates.

Federal Bank Car Loan Interest Rates 2022

  • Personal Car Loan (floating rates) – 8.50% to 13.80%

    • 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

    1. ITR/Form 16 for 2 years
    2. Salary Slip for last 3 months
    3. 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

    1. Minimum take Home after meeting all monthly EMI commitments including the proposed one should be at least Rs.7500
    2. Spouse’s income can be clubbed.
    3. Agricultural Income/Rental can be clubbed with regular income(minimum monthly income to be At least Rs.40,000, including agriculture income/rental income)
    4. 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

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