6 June 2019 – RBI reduces repo rate to 5.75% by 25 bps
Federal Bank car loan interest rate for new cars is 9.15% p.a. (One Year MCLR being 9.15% p.a.). For used car loans, the interest rate is 14.95% p.a. (with 9.15% p.a. being the One Year MCLR). The loans come with a repayment period of up to 84 months.
|Features||New Car Loan Scheme||Used Car Loan Scheme|
|Interest Rates||9.15% (One Year MCLR – 9.15% p.a.)||14.95% (One Year MCLR – 9.15% p.a.)|
|Repayment Tenure||Up to 84 months||Up to 84 months|
|Insurance Cover||Free insurance cover up to Rs.10 lakh|
|Financing||Up to 100% of car’s ex-showroom price|
The rates of interest for car loans offered by Federal Bank are among the most affordable rates in India. The bank will determine the interest rate you are eligible for based on multiple factors, some of which have been mentioned below:
You can compute the total EMI you have to pay on the official website of Federal Bank by clicking on https://www.federalbank.co.in/emi-calculator. You can also use Bankbazaar’s EMI calculator by clicking on /finance-tools/emi-calculator.html.
The vehicle’s age should not exceed 3 years.
It is calculated using Straight Line Method at 15% for the first year. Thereafter, for the subsequent years, it is calculated at 10%.
A resident salaried individual will be required to submit the following documents:
Yes. You will be required to submit any one of the following age proofs:
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