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