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  • Federal Bank Car Loan Eligibility Calculator is Rated as "Great!" by 48 Users

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    Federal Bank Car Loan Eligibility Calculator

    Your search for finding the best financing scheme for your new car has just ended. Avail a Federal Bank car loan and enjoy complete transparency with regards to charges and faster processing of loans. The personal car loan scheme from Federal Bank comes with low EMI options and affordable interest rates to suit every type of borrower. Salaried individuals can take longer loan tenures up to 84 months with competitive interest rates. For customers who take car loans, Federal Bank offers personal accident insurance worth up to Rs.10 lakh free of cost. The personal car loan offered by the bank can be used for both new cars as well as used cars


    Federal Bank Car Loan Eligibility

    Federal Bank car loans can be procured by salaried individuals, self-employed businessmen, corporate firms and Non-resident Indians (NRIs).Customers who wish to take the car loan must meet the following eligibility criteria:

    • The minimum take-home income of the applicant after meeting all the loan EMI commitments including the proposed one must be at least Rs.20,000 per month.
    • The monthly take-home income requirement can be relaxed for applicants living in rural and semi-urban locations.
    • The minimum monthly income requirement for applicants earning agricultural income or rental income is Rs.40,000. Agricultural income/rental income can be clubbed with regular come while determining the eligibility.

    Factors affecting Federal Bank Car Loan Eligibility

    Net Take Home - Most banks have a specific net take-home amount that applicants have to meet in order to cross the eligibility mark. If an applicant’s income after deductions does not meet the required net take home amount, banks might not sanction car loans. This is generally done to ensure that borrowers have the financial capacity to comfortably repay their car loans.

    CIBIL Score - Every bank that sanctions any type of car loan ensures that applicants have a good credit history and are regular in their bill payments and repayments. For getting easy sanctions and quick approvals, having a good credit score always plays a key role for borrowers. This is one of the criteria that banks will consider to ensure that the applicant will pay back the car loan without any hassles.

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    Profession - The profession of an applicant is a major factor that affects the eligibility for a car loan. Federal Bank approves car loans with longer loan tenures for salaried professionals. The loan amount approved for a person is also influenced by his/her profession.

    How do you increase your eligibility for a Federal Bank Car Loan?

    The following list provides you with the easy ways to increase your eligibility for a car loan from Federal Bank:

    • If your spouse is a working professional, it is better to take your spouse as the co-applicant. This will ensure that the income eligibility to be considered for the application will improve as the bank takes the combined income of the applicant and co-applicant into account.
    • Federal Bank car loan borrowers can also include any other form of income like house rent or additional agricultural income to increase their eligibility criteria. The minimum monthly income of the applicant has to be atleast Rs 40,000/-.
    • An easy solution to improve your eligibility for a Federal Bank car loan, is to pay off all pending debts and loans. This will positively increase your eligibility, allowing the bank to sanction higher loans amounts.
    • In cases, where pre-closure or full repayments of debts are not feasible, then the applicant should consider increasing the loan tenure for an existing loan. This will lower the current EMI amounts and will also provide some funds to procure the new car loan.

    Federal Bank Car Loan Eligibility Calculators

    Federal Bank car loan borrowers should also ensure that they meet the required eligibility criteria with regards to age and income before reaching out to the banks for approvals. Doing a check on their eligibility before a loan is approved, helps them assess their financial situation and adjust their funds to suit the criteria given by the bank. Helping them here are specially designed tools named car loan eligibility calculators, which instantly inform borrowers whether they meet the eligibility criteria. These tools are easily available on the Internet and require very minimum inputs. A car loan eligibility calculator requires details like name, age, profession, income, make of the car, model of the car, ex-showroom price or on-road price, etc. The result is displayed in matter of seconds to users, and it helps them understand whether they qualify or not.

    Car Loan Reviews

    • Federal Bank Car Loan
      "Immediate"
      0.5 4.0/5 "Great!"
      I have a Car Loan with Federal Bank. They offered me a interest rate of 9% which am satisfied. The loan duration is 5 years and till now 3 to 4 months completed. I have purchased a New car. The process was immediate and the disbursement was happened within 3 days.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 19, 2018
    • Federal Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My experience was good with Federal Bank for car loan, the process was smooth and i received my loan amount on time. Customer service was good with this bank and they collected documents on time. The tenure period for this loan is 7 years
      Was this review helpful? 2
      , kochi
      Reviewed on Oct 15, 2018
    • Federal Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the car loan within a week time from the FEDERAL BANK. The customer support service is good with the FEDERAL BANK and they were prompt in their response part. The rate of interest and the charges are average with the FEDERAL BANK car loan services.
      Was this review helpful? 2
      , bangalore
      Reviewed on Feb 08, 2018
    • Federal Bank Car Loan
      "Swift "
      0.5 5.0/5 "Blown Away!"
      Federal bank car loan is very swift in processing the request. I had some issues they executed the request after analyzing my needs. Though i am not a customer of Federal bank they have considered my profile and details they have processed the loan with ease. Because of the above mentioned reasons i prefer using Federal bank services
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 30, 2017
    • Federal Bank Car Loan
      "Federal bank car loan"
      0.5 5.0/5 "Blown Away!"
      My experience with Federal bank is far beyond words, as they have accepted my proposal with one hour and the funds were disbursed in 2 days, they took 2 days because there was some delay with the deliver of car because of waiting period it took 2 day s otherwise they were ready to do it instantly. No prepayment nor processing fee. I can even repay the amount the very next day of receiving the loan amount. I hardly pay only 1000 as the documentation charge which is too meager. I had changed the car model initially it was MARUTI SUZUKI BALENO later I changed it.
      Was this review helpful? 1
      , pune
      Reviewed on Sep 27, 2017
    • Federal Bank Car Loan
      "Timely Service"
      0.5 5.0/5 "Blown Away!"
      The interest rate with Federal bank for the car loan is around 8.9%. They had already approved my car loan application. And they are providing timely service. It is in process. They are calling me and updating the status of the loan properly.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 23, 2017
    • Federal Bank Car Loan
      "Good Process"
      0.5 5.0/5 "Blown Away!"
      Interest rate is around 8.5% for the car loan from Federal Bank. Actually the car showroom suggested the federal bank for my loan process and the entire process was taken care by the showroom people. The loan process went smooth and I got the loan on time without any hassles.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 01, 2017
    • Federal Bank Car Loan
      "Very Good"
      0.5 5.0/5 "Blown Away!"
      Federal bank have provided the car loan with the rate of interest as 7% , also they have provided funds up to 95% of the cost of car. Response was really good one like the loan amount got disbursed within three days of time. Documentation procedures were really nominal one with them.
      Was this review helpful? 1
      , ahmednagar
      Reviewed on May 23, 2017
    • Federal Bank Car Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      From Federal Bank, I got the better interest rate for my car loan. The interest rate is 8.64%. Also, it was easy to avail a loan from them, the process went without any hassles. They were very responsive on my loan application and they provided all the information on my loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 27, 2017
    • Federal Bank Car Loan
      "Excellent and prompt service"
      0.5 5.0/5 "Blown Away!"
      Federal bank had coordinate well they gave very prompt and genuine service. They processed the application very shortly disbursed the amount on time.I am happy about the Rate of interest was normal of 9.75% it was normal. I totally had very good service from Federal.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 15, 2016
    • Federal Bank Car Loan
      "Best "
      0.5 3.5/5 "Pretty good"
      Bank Bazaar is Best For Loan, Details, Contact, Everything is up to date I wish You To help Me With The Car Loan For the New suzuki Swift Desire Car first time I am applying For the loan Fir The Procees Am Hoping For A Positive Response ThankYou Bank Bazaar.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jul 15, 2016
    • Federal Bank Car Loan
      "Quick processing "
      0.5 5.0/5 "Blown Away!"
      I bought a Mahindra Xylo and the finance was for Rs.4.75 Lakhs for a tenure of 4 years, around 3 years back. I had availed a car loan from Federal bank on the basis of a current account with them. The rate of interest offered at the time was 12-12.5% and the processing fee was approximately 2-3k and they took about 10 days to process the application. This includes documentation, verification and disbursal. The rest I chose to pay as down payment.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 21, 2016
    • Federal Bank Car Loan
      "Recommendable "
      0.5 4.0/5 "Great!"
      When i took the car loan with federal bank before two years the service was not up to the mark but now they are very good . They took one month to disburse the amount but the interest rate is very less compared do the other bank and payment option are flexible. The paper required are little complicated.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 11, 2016
    • Federal Bank Car Loan
      "Best service "
      0.5 5.0/5 "Blown Away!"
      I was not requiring for a loan since I have bought a used car.The service provided federal bank was really good.They have responded very quick for the application being submitted.The interest rate applied in the loan was a best rate.I would like to recommend about this service to others.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 04, 2015
    • Federal Bank Car Loan
      "Good service "
      0.5 5.0/5 "Blown Away!"
      I am satisfied with the service provided by Federal Bank based on the car loan application.I have postponed the plan of getting this loan.They have applied 7% as the precessing fee for this loan.I would definitely recommend about Federal Bank to others.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 04, 2015
    • Federal Bank Car Loan
      "Good response "
      0.5 5.0/5 "Blown Away!"
      It was a very good experience with Federal Bank based on the car loan application submitted.They have responded very immediately regarding the application being submitted.The response provided was good and they are providing clear information about the service.
      Was this review helpful? 0
      , kochi
      Reviewed on Nov 04, 2015
    • Federal Bank Car Loan
      "Very good.."
      0.5 5.0/5 "Blown Away!"
      Federal bank is my bank as I am an employee. Once I file the car loan application within a day the loan got sanctioned. They are giving 10.30% in floating and that is for public. Though I am an employee I got it as in public rate. Soon I get reduce in the rate.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 31, 2015
    • Federal Bank Car Loan
      "Response can be provided on time!"
      0.5 2.5/5 "Just OK"
      Processing time was pretty late with Federal Bank car loan application. It took around a week for them to respond to my application. I would suggest them to improve their customer service and the response can be provided on time, so that they will not miss the applicants.
      Was this review helpful? 1
      , kochi
      Reviewed on Sep 22, 2015
    • Federal Bank Car Loan
      "Proper reason can be disclosed !"
      0.5 2.0/5 "Expected more"
      Follow up is properly done by the Federal people, when I applied for a car loan with them. Even though my application got closed with them, there is no reason disclosed for that. It would be better if they disclose the proper reason of closure to the applicants.
      Was this review helpful? 1
      , calicut
      Reviewed on Sep 22, 2015
    • Federal Bank Car Loan
      "Good response!"
      0.5 2.0/5 "Expected more"
      The car loan application process is very good with Federal bank. There is no basic requirement to take the loan with them. Since I got my personal loan amount sanctioned, there is no need for me to take the loan with them. The customer service is well offered by them.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Sep 19, 2015
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