Federal Bank Limited is a noteworthy Indian business bank in the private division, headquartered at Aluva, Kochi, Kerala. It is the fourth biggest bank in India as far as capital base. Fund should not be a red flag when your fantasy auto opens entryway for you. Commute home with Federal Car Loan. To know more, take after some basic advances offered beneath to get appealing arrangements.
Documentation needed to apply for a Federal Bank Car Loan
- Residence proof
- Signed application form with photograph
- Photo ID and age proof
- Last 6 months bank statement
- Documentation for salaried applicants:
- Last 3 months salary – slips
- Form 16 or Income Tax Returns
- Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Federal Bank Car Loan Interest Rates
| Interest Rate (Monthly reducing balance) | 9.75% |
| Processing Fees | Up to Rs.5L – Rs.1500/-, Above Rs.5L – Rs.2500/ |
| Loan Tenure | 1 year to 5 years |
| Pre Closure Charges | 2% on the principal outstanding |
Features of Federal Bank Car Loans
As with any competent loaner, Federal Bank has loaded its car loan product with sufficient attractive features to reign in your undivided attention-
- Both resident Indians and Corporates can apply.
- Low EMIs alongside very friendly interest rates.
- Long repayment tenure of upto 7 years for salaried individuals.
- Hassle free, transparent and fast loan application, processing and disbursement cycles.
- Loan applies for both new and used four wheelers.
- Limited documentation and easy terms and conditions.
- Spouse’s income can be clubbed with the main applicant’s to improve eligibility.
Federal Bank Car Loan Interest Rates
Offering one of the most competitive and customer friendly interest rate when it comes to car loans is one of the prime reasons for the enduring popularity of car loans from Federal Bank. Currently, the applicable interest rates are as follows-
| Interest Rate Type. | Condition. | Interest Rate. |
| Floating | Personal Car Loan | 10.90% to 12.25% |
| Fixed | Upto 48 months | 10.40% to 11.40% |
| Fixed | Above 48 months | 10.30% to 11.30% |
Eligibility Criteria for Federal Bank Car Loan
An applicant, seeking the car loan offering from Federal Bank must satisfy the following conditions to qualify for this loan,
- The applicant must be a resident Indian or a documented NRI.
- He/she must not be younger than 21 years or older than 65 years at loan maturity.
- Both individuals and corporates can apply.
- The applicant must take home a minimum salary of Rs.7,500 after meeting all his loan EMI commitments.
- If the applicant’s own numbers don’t match up for eligibility, his/her spouse’s income can also be clubbed into the equation. Also, income from agriculture/rental undertakings can also be clubbed with the regular income.
Documentation
At the time of loan application, the following documents must be supplied for verification,
- Completed loan application form, with signatures of all borrowers.
- Identity proof (any document that displays the applicant’s identity and is issued by the State/Central government)
- Address Proof (any document that displays the applicant’s permanent address and is issued by the State/Central government)
- Proof of employment or business ownership
- For salaried individuals- 1) ITR/Form-16 accounting for two years, 2) Last 3 months salary slips, 3) Last 6 months bank statement
- For Businessmen or Self employed- 1) Audited balance sheet, 2) Profit and Loss statement, 3) ITR copies
- For NRIs- 1) Salary certificates, 2) Proof of employment (attested by embassy), 3) Balance sheet (if owning a business),
- NRI account statement for the previous two years, 5) External account statement for the previous six months
- Any other documents as and when required by the bank