Federal Bank is one of the largest private sector banks in the country, boasting of a legacy spanning over 8 decades. It offers a range of products and services to meet the demands of its customers and if you are looking to buy a car and need a car loan you should consider the loan option provided by the bank. Drive home with a Federal Car Loan. To know more, follow some simple steps given below to get attractive deals.
Documentation needed to apply for an Federal Bank Car Loan
Federal Bank Car Loan Interest RatesUpdated on 22 Jan 2020
In an average Indian’s life, owning a car is a major milestone. True, a while back, this was a luxury that would have been out of reach of a majority of Indians, but the situation has dramatically changed in the last few decades. Today, a car isn’t a luxury- but is an essential component of modern living. And with friendly, customer centric car loan offerings from progressive institutions like the Federal Bank, more and more Indians are driving their own dream cars into the sunset. The Federal Bank Personal Car Loan is a comprehensive product, designed specifically for Indian customers.. The following article examines this dynamic product in detail, and helps you answer that primary question- ‘Why apply for a Federal Bank Car Loan?’
Introduction to Federal Bank Personal Car Loan
Dating back to the pre-independence era, the Federal Bank has always been an influential and respected banking institution in the south of India. Headquartered in Kerala, and with an active presence across the country, the Federal Bank has earned a reputation as a very stable and customer centric banking organization. The personal car loan from Federal Bank is a very dynamic product, inclusive of a number of thoughtful features and attractive benefits. A simple application process, low EMIs and hassle free loan processing make this product stand out from the rest.
Why Choose Federal Bank Personal Car Loan?
Purchasing a car is a big decision, which can have major financial implications. It is imperative that one chooses a car loan which does not strain his/her resources, while at the same time providing sufficient financial aid to purchase the car. As such Federal Bank’s Personal Car Loan is extremely beneficial. One can get a loan which covers the entire cost (ex-showroom price) of a car model. The bank offers loans at extremely competitive rates, with personal accident insurance added as well.
This loan can be used to buy either a new car or a used car, with Federal Bank following a simple and hassle free procedure to sanction the loan.
Features of Federal Bank Personal Car Loans
Some of the key features of the Personal Car Loan are highlighted below:
- Both resident Indians and NRIs can apply.
- It is possible to avail loans upto 100% of the ex-showroom price of the car.
- Low EMIs alongside very friendly car loan interest rate.
- Long repayment tenure of upto 7 years.
- Hassle free, transparent and fast loan application, processing and disbursement cycles.
- Loan can be used to buy either a new car or a used car.
- Limited documentation and simple terms and conditions.
- Personal accident insurance provided free of cost.
- No pre closure charges (for individuals).
Federal Bank Personal Car Loan Interest Rates
The rate is computed after factoring the MCLR.
Eligibility Criteria for Federal Bank Personal 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.
- n individual can club the income of his/her spouse to meet the minimum income criteria..
The documents needed for the Federal Bank Personal Car Loan vary, depending on the applicant.
Additionally, the applicant will also have to provide address proof, age proof, recent passport size photos and ID proof, along with the sale letter of a used car (if the car is used). In case of NRI applicants a copy of the passport/visa/work permit needs to be provided.
In cases where the loan amount is in excess of Rs.25 lakh the applicant will have to provide property documents for the same.
How to Calculate EMI for Federal Bank Personal Car Loans?
Computing the EMI for a Federal Bank Personal Car Loan is simple and straightforward. One can choose to use the Calculator tool on the official website of Federal Bank or could use the car loan EMI calculators tool provided by Creditupchar. All one has to do is enter a few basic details like the loan amount, loan tenure, interest rate, etc. and the calculator will compute the EMI.