• Federal Bank Car Loan

    You can avail a car loan from Federal Bank at interest rates starting from 9.05% (for new cars) with repayment tenure of up to 84 months. Up to 100% of the ex-showroom price of the car may be provided as a loan. Car loans are provided for new cars as well as for used cars.
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    Federal Bank Car Loan Interest Rates and Finance

    Category Interest Rates and Finance
    Interest Rate
    • New Car: 9.05%
    • Used Car: 14.35%
    Finance
    • New Car: Up to 100% of the ex-showroom price of the car
    • Used Car: Up to 75% of the market value or purchase value of the vehicle
    Repayment Tenure
    • New Car: Up to 84 months
    • Used Car: Up to 60 months

    Features and Benefits of Federal Bank Car Loan

    The main features and benefits of the Federal Bank Car Loan are mentioned below:

    • Up to 100% of the ex-showroom price of the car may be provided as a loan.
    • Attractive interest rates.
    • In the case of individuals, no pre-closure charges will be levied.
    • Reimbursement will be provided within 1 month from when the car has been purchased.
    • The processing time is fast.
    • Long repayment tenure of up to 7 years.
    • In the case of individuals, personal accident insurance is provided for free.
    • A no-income document scheme is available.

    Eligibility Criteria

    • Your take-home salary must be at least Rs.20,000 after all EMI deductions (including the car loan that is being availed). Your spouse’s income may be clubbed to meet the eligibility criteria.
    • In case your regular income is clubbed with your rental income/agricultural income, the income must be at least Rs.40,000.
    • In the case of used cars, the car must not be more than 3 years old.

    Factors Affecting Federal Bank Car Loan Interest Rates

    Some of the main factors that affect the car loan interest rates offered by Federal Bank are mentioned below:

    • Repayment tenure
    • The age and model of the vehicle
    • Your income-to-debt ratio
    • Credit score
    • Relationship with the bank
    • Your occupation and income

    How to Increase your Eligibility for SBI Car Loan

    Some of the different ways by which you can increase your eligibility of availing the loan are mentioned below:

    • Maintaining a low debt-to-income ratio
    • Making a higher down payment
    • Opt for a short tenure
    • Maintaining a good credit score

    EMI Calculator

    If you wish to know the monthly payments that must be paid in case you avail a loan, the car loan EMI calculator offered by BankBazaar can be used. Using the tool is easy and saves time. By typing in basic details such as the rate of interest, loan amount, processing fee, and repayment tenure, the details will be displayed immediately. You can also check details such as the pending principal amount and interest amount using the calculator.

    Documents Required for Federal Bank Car Loan

    The list of documents that must be submitted by self-employed individuals and salaried employees are mentioned in the table below:

    Category Salaried Employees Self-Employed Individuals
    Photograph Two passport-size photographs Two passport-size photographs
    Identity Proof Any of the below-mentioned documents can be submitted as proof of identity:
    • Passport
    • Voters ID
    • Driving License
    • PAN Card
    • Aadhaar Card
    Any of the below-mentioned documents can be submitted as proof of identity:
    • Passport
    • Voters ID
    • Driving License
    • PAN Card
    • Aadhaar Card
    Address Proof Any of the below-mentioned documents can be submitted as proof of address:
    • Passport
    • Voters ID
    • Driving License
    • Aadhaar Card
    Any of the below-mentioned documents can be submitted as proof of address:
    • Passport
    • Voters ID
    • Driving License
    • Aadhaar Card
    Age Proof Any of the below-mentioned documents can be submitted as proof of age:
    • Passport
    • Birth Certificate
    • Driving License
    • AISSE or SSLC Certificate
    Any of the below-mentioned documents can be submitted as proof of age:
    • Passport
    • Birth Certificate
    • Driving License
    • AISSE or SSLC Certificate
    Income Proof
    • Three months’ salary slips
    • IT Returns or Form 16 for the last 2 years
    • Bank statement for the last 6 months
    • Business existence proof
    • Business profile
    • Bank statement for the last 12 months
    • IT Returns for the last 2 years
    • Balance Sheet
    • Profit & Loss Account

    Any other document requested by Federal Bank must also be provided.

    FAQs

    1. Can NRIs apply for a Federal Bank car loan?
    2. Yes, NRIs can apply for a Federal Bank car loan.

    3. Can I pre-close the car loan?
    4. Yes, you can pre-close the car loan. Federal Bank does not levy any pre-closure charges for individuals.

    5. Do I have to provide collateral or security when I avail the car loan?
    6. No, collateral or security need not be provided. The vehicle acts as the security.

    7. Can I apply for a car loan at a Federal Bank branch?
    8. Yes, you can apply for a car loan at a Federal Bank branch. Once you have met the eligibility criteria, the relevant documents must be submitted.

    9. Can I sell the car before I repay the loan?
    10. Only once the loan is repaid can the car be sold. A NOC is required to sell the car. The NOC is provided only once the loan has been cleared.

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    Federal Bank Car Loan Reviews

    • Federal Bank Car Loan
      "Highly Reputed bank"
      0.5 5.0/5 "Blown Away!"
      Since, I am a working person in federal bank . I got some staff kind of car loan . I submitted my quotation for my Vento car , the very next day they sanctioned my loan . It is going to be 8 years of tenure period . I am going to close this loan in this December .
      Was this review helpful? 3
      , kochi
      Reviewed on Apr 09, 2019
    • Federal Bank
      Federal Bank Car Loan
      "Very good experience"
      0.5 4.0/5 "Great!"
      I have got my card loan through FEDERAL BANK . While getting the loan the process is very easy and the documentation part is also very easy . The tenure period is sufficient and the rate of interest and processing fee is very nominal . The loan amount is very satisfactory .
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 19, 2019
    • Federal Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with FEDERAL bank for long time, they have given me sufficient loan amount, and they have charged me nominal rate of interest in this loan and they have not charged any processing fee in this loan , overall experience was too good in this card.
      Was this review helpful? 1
      , noida
      Reviewed on Nov 20, 2018
    • 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? 4
      , 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? 3
      , 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? 4
      , 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? 1
      , 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? 2
      , 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? 2
      , 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? 1
      , 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? 2
      , 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? 1
      , 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? 2
      , 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? 3
      , 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? 1
      , 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? 2
      , 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? 2
      , 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? 2
      , 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? 1
      , 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? 1
      , new delhi
      Reviewed on Oct 31, 2015
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