{"id":6411,"date":"2018-06-15T09:25:56","date_gmt":"2018-06-15T03:55:56","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=6411"},"modified":"2019-09-25T14:01:05","modified_gmt":"2019-09-25T08:31:05","slug":"federal-bank-used-car-loan","status":"publish","type":"post","link":"https:\/\/www.antworksmoney.com\/blog\/federal-bank-used-car-loan\/","title":{"rendered":"Federal Bank Used Car Loan"},"content":{"rendered":"<p>Having won several awards and accolades, Federal Bank offers multiple services to its Indian and NRI customers. It also offers Gold Loans, Property Loans, House Loans and Car Loans for the purchase of both new and used\/pre-owned cars. With features like faster processing,\u00a0competitive rates of interest\u00a0, lower EMIs, immense credibility and transparency, Federal Bank Used Car Loans make it very easy for you to\u00a0purchase your dream car.<\/p>\n<h2>Features and Benefits of Federal Bank Used Car Loan \u2013<\/h2>\n<ul>\n<li>Lower and affordable Equated Monthly Instalments (EMIs)<\/li>\n<li>Lower and affordable interest rates<\/li>\n<li>Enjoy a longer repayment period \u2013 60 months<\/li>\n<li>Faster and hassle-free loan processing<\/li>\n<li>Practical and transparent charges<\/li>\n<li>The loan can be availed by both resident individuals and corporates.<\/li>\n<\/ul>\n<h2>Conditions for availing loan for used\/pre-owned vehicles<\/h2>\n<ul>\n<li>The vehicle should not be more than 3 years old.<\/li>\n<li>Even a part of the year shall be counted as one whole year.<\/li>\n<li>Depreciation value of the vehicle will be calculated using the Straight Line Method @15% for the first year and @ 10% for the subsequent years.<\/li>\n<\/ul>\n<h2>Income of the loan applicant \u2013<\/h2>\n<p>75% on lower of depreciated\/ market\/ purchase value makes you an eligible applicant for used car loan.<\/p>\n<div class=\"row btm-pad product-landing-btn-block\"><\/div>\n<h2>Documents required to apply for Federal Bank Used Car Loans<\/h2>\n<ul>\n<li>Your proof of identity and address.<\/li>\n<li>Recent passport size photograph.<\/li>\n<li>Proof of your employment or business.<\/li>\n<li>Proof of your income (relevant documents)<\/li>\n<\/ul>\n<p>In addition to the aforementioned documents, a salaried individual will also need the following \u2013<\/p>\n<ul>\n<li>Form 16 for the last 2 years<\/li>\n<li>Last 3 months salary-slip<\/li>\n<li>Bank statement of last 6 months<\/li>\n<\/ul>\n<p>Alternatively, if you are a self-employed individual or a businessman, you will need the following documents (in addition the common documents) \u2013<\/p>\n<ul>\n<li>Audited Balance Sheet<\/li>\n<li>Profit and loss statements of your firm<\/li>\n<li>ITRs\/ tax paid challans<\/li>\n<\/ul>\n<div class=\"row btm-pad product-landing-btn-block\"><\/div>\n<h2>Federal Bank Used Car Loan Interest Rates<\/h2>\n<p>Federal Bank offers an <a href=\"https:\/\/www.antworksmoney.com\/blog\/ready-save-money-car-loan\/\">Auto Loan<\/a> to customers looking to purchase a used car. The interest on this loan is computed using MCLR or Marginal Cost of Funds based Lending Rate, which primarily takes factors like the repo rate, cash reserve ratio, operating costs, etc. into consideration while calculating the interest for a particular period.<\/p>\n<p>Federal Bank Marginal Cost of Funds based Lending Rate (MCLR) (For new borrowers)<\/p>\n<p>New customers who opt for an auto loan to purchase a used car will fall under the purview of MCLR, with Federal Bank publishing new rates on a regular basis. The table highlights the MCLR rates for the month of July 2016.<\/p>\n<table class=\"table table-curved\">\n<tbody>\n<tr>\n<td><strong>MCLR Benchmark Tenure (Period)<\/strong><\/td>\n<td><strong>Benchmark Rates (MCLR)<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Overnight<\/td>\n<td>9.08% per annum<\/td>\n<\/tr>\n<tr>\n<td>1 month<\/td>\n<td>9.41% per annum<\/td>\n<\/tr>\n<tr>\n<td>3 months<\/td>\n<td>9.55% per annum<\/td>\n<\/tr>\n<tr>\n<td>6 months<\/td>\n<td>9.54% per annum<\/td>\n<\/tr>\n<tr>\n<td>1 year<\/td>\n<td>9.49% per annum<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"col-md-12 link-section\"><\/div>\n<p><strong>Used car loan interest rates \u2013 July 2016<\/strong><\/p>\n<p>The interest rate charged by Federal Bank on its auto loan are highlighted in the table below.<\/p>\n<table class=\"table table-curved\">\n<tbody>\n<tr>\n<td><\/td>\n<td>Minimum<\/td>\n<td>Maximum<\/td>\n<\/tr>\n<tr>\n<td>Interest Rates (Based on MCLR)<\/td>\n<td>MCLR + 0.40% per annum<\/td>\n<td>MCLR + 1.00% per annum<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Federal Bank Base and Prime Lending Rates (For existing borrowers)<\/strong><\/p>\n<p>Existing customers of Federal Bank can choose to migrate to MCLR or stick to the base rate.<\/p>\n<table class=\"table table-curved\">\n<tbody>\n<tr>\n<td>Federal Bank Base Rate<\/td>\n<td>9.63% per annum (effective 1st Dec, 2015)<\/td>\n<\/tr>\n<tr>\n<td>Federal Bank Prime Lending Rate<\/td>\n<td>17.75% per annum (effective 7th Nov, 2011)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Federal Bank interest rate for used car loans (Based on Base Rate)<\/strong><\/p>\n<p>The interest rate for existing borrowers depends on the security offered, with the rate varying on a case to case basis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Having won several awards and accolades, Federal Bank offers multiple services to its Indian and NRI customers. It also offers Gold Loans, Property Loans, House Loans and Car Loans for the purchase of both new and used\/pre-owned cars. With features like faster processing,\u00a0competitive rates of interest\u00a0, lower EMIs, immense credibility and transparency, Federal Bank Used &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/federal-bank-used-car-loan\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Federal Bank Used Car Loan&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-6411","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Federal Bank Used Car Loan - Antworks Money<\/title>\r\n<meta name=\"description\" content=\"Having won several awards and accolades, Federal Bank offers multiple services to its Indian and NRI customers. 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