If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    We found 1 Federal Bank Car Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.75% Fixed
    1,500 to ₹2,500 One time fee
    -
    1-5 Years
    Response Time : Within 30 minutes
    What you'll love
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    Good to Know
    Eligibility Criteria
    Federal Bank Car Loan is Rated as "Great!" by 47 Users

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    Federal Bank Car Loan

    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.


    You’re probably eligible for an Federal Bank Car Loan if you are

    01
    02
    03
    04
    Federal Bank Car Loan Minimum Age

    At least 21 years old

    Federal Bank Car Loan Maximum Age

    Less than 70 years old

    Federal Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Federal Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Federal Bank Car Loan amount eligibility is based on these factors

    01
    02
    03
    Federal Bank Car Loan Minimum Salary

    Earn more than the minimum income
    required

    Federal Bank Car Loan Maximum Loan to Value

    Loan capped @
    80% to 90% of the ex-showroom price

    Federal Bank Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Federal Bank Car Loan amount by these steps

    01
    02
    Federal Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Federal Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 5 years


    Documentation needed to apply for an Federal Bank Car Loan

    • 1. Residence proof
    • 2. Signed application form with photograph
    • 3. Photo ID and age proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 2 years Income Tax Returns with computation of Income
      • Bank account statement (last 12 months)

    Federal Bank Car Loan Interest Rates Updated on 19 Nov 2018

    Federal Bank Car Loan Details
    Range over MCLR

    New car - 8.65% - 9.20%

    Used car - 13.75%

    Loan Tenure Upto 7 years

    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?’

    Apply for Car Loan Online

    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:

    1. Both resident Indians and NRIs can apply.
    2. It is possible to avail loans upto 100% of the ex-showroom price of the car.
    3. Low EMIs alongside very friendly interest rates.
    4. Long repayment tenure of upto 7 years.
    5. Hassle free, transparent and fast loan application, processing and disbursement cycles.
    6. Loan can be used to buy either a new car or a used car.
    7. Limited documentation and simple terms and conditions.
    8. Personal accident insurance provided free of cost.
    9. No pre closure charges (for individuals).

    Federal Bank Personal Car Loan Interest Rates

    The rate is computed after factoring the MCLR.

    Car condition Range over MCLR
    Used car 13.75%
    New car 8.65% - 9.20%

    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,

    1. The applicant must be a resident Indian or a documented NRI.
    2. He/she must not be younger than 21 years or older than 65 years at loan maturity.
    3. Both individuals and corporates can apply.
    4. The applicant must take home a minimum salary of Rs.7,500 after meeting all his loan EMI commitments.
    5. 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.
    6. n individual can club the income of his/her spouse to meet the minimum income criteria..

    Document Required

    The documents needed for the Federal Bank Personal Car Loan vary, depending on the applicant.

    Category of applicant Salaried (resident) Self-employed (resident) Salaried (Non-resident) Self employed (non-resident)
    Documents needed
    • Salary slips (3 months)/salary certificate
    • Form 16/ITR (last 2 years)
    • Bank account statement (6 months)
    • Business profile/proof of business
    • Bank statements (1 year)
    • IT returns (last 2 years). These returns should be supported by the balance sheet of the organisation.
    Option 1:
    • NRE bank account statement (last 1 year)
    • Salary slip (3 months)/salary certificate
    Option 2
    • NRE account statement (2 years)/resident account (spouse/parent)
    Option 1:
    • Business profile/proof of business
    • Bank statements (1 year)
    Option 2:
    • NRE account statement (2 years)/resident account (spouse/parent)

    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 EMI calculator tool provided by BankBazaar. 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.

    FAQ

    1. What is the applicable loan tenure with regards to the Federal Bank Car Loan?
      Condition. Applicable Tenure.
      New vehicle (4 wheelers - For salaried borrowers) 84 months
      New vehicle (4 wheelers - For non-salaried borrowers) 60 months
      Used/ Second hand vehicles 60 months
    2. Am I supposed to submit any security for the acquired car loan?

      For loans above Rs.25 lakh, security is a must. This is to be in the form of a property.

    3. My monthly income isn’t in line with the eligibility criteria. What do I do?

      Include your spouse’s income to improve your gross monthly income to match upto the eligibility factor. You can also include earnings from other sources such as agriculture, rentals, etc. to increase this number.

    4. How can I apply for the Federal Bank Personal Car Loan?

      After ascertaining your eligibility, you can apply at any Federal Bank branch.

    5. I’am a NRI. Can I apply for a car loan from Federal Bank?

      Yes, you can. However, ensure that you have all the documents required to confirm upon your NRI status, employment and repayment capabilities. The application process itself is similar to that of the other applicants.

    6. Who can apply for a car loan from Federal Bank?

      Corporates and Resident Individuals can apply for a car loan from Federal Bank.

    7. Can NRIs apply for a car loan from Federal Bank?

      Yes, NRIs can apply for a car loan from Federal Bank.

    8. What type of cars can I purchase using the car loan from Federal Bank?

      You can purchase either a new car or a used one using the car loan from Federal Bank.

    9. What is the rate of interest on Federal Bank car loan?

      The rate of interest on Federal Bank car loan ranges between 9.88 percent per annum and 11.33 percent per annum.

    10. What should be my minimum income to be eligible for a car loan from Federal Bank?

      To be eligible for a car loan from Federal Bank, your minimum income (take home) should be at least Rs.7500 after deducting EMI of the proposed car loan.

    11. Will Federal Bank allow me to include the income of my spouse to apply for the car loan?

      Yes, Federal Bank will allow you to include the income of your spouse to apply for the car loan.

    12. Can I club my income from agriculture or rent with my regular income when I apply for a Federal Bank car loan?

      Yes, you can club your income from agriculture or rent with your regular income when you apply for a Federal Bank car loan. This is allowed only if your minimum income is at least Rs.40, 000 per month (including the income from agriculture or rent).

    13. Do I have to submit any documents when I apply for a car loan from Federal Bank?

      Yes residing in India, you have to submit the following documents when you apply for a car loan from Federal Bank –

      • Identity Proof
      • Address Proof
      • Passport Size photograph (recent)
      • Employment or Business Proof
      • Income Proof

      Apart from these, you have to provide other documents that the bank requests you to submit.

    14. I am a Salaried Employee. What documents am I supposed to submit as income proof when I apply for a Federal Bank car loan?

      If you are a Salaried Employee, then you have to submit the following documents as income proof when you apply for a Federal Bank car loan –

      • Form 16 or Income Tax Returns of last two years
      • Salary Slip of the last 3 months
      • Bank Statement of last 6 months
    15. I am a Self – Employed Individual. What documents am I supposed to submit as income proof when I apply for a Federal Bank car loan?

      If you are a Self – Employed Individual, residing in India then you have to submit the following documents as income proof when you apply for a Federal Bank car loan –

      • Business profile
      • Profit and Loss Statement
      • Balance Sheet
      • Income Tax Returns or Tax Paid Challans
    16. I am a Non – Resident Indian (NRI). What documents am I supposed to submit as income proof when I apply for a Federal Bank car loan?

      If you are a Non – Resident Indian (NRI), then you have to submit the following documents as income proof when you apply for a Federal Bank car loan –

      • Employment or Business Proof (if possible attested by the Embassy)
      • Salary Certificate
      • In case of Business, you have to provide the Balance Sheet
      • External Account Statement of the recent 6 months
      • NRI Account Statement of 2 years
    17. Can people apply for a Federal Bank car loan online?

      Yes, people can apply for a Federal Bank car loan online.

    18. How to apply for a Federal Bank car loan online?

      To apply for a Federal Bank car loan online, you have to first open the website of the bank and click on ‘Apply Online for Car Loan’ under the ‘Solutions for You’ tab on the homepage. On the next page, click on ‘Apply Online’ and select ‘Vehicle Loans’. Fill the application form and submit it.

    19. What is the maximum tenure for Federal Bank car loan for new cars?

      The maximum tenure for Federal Bank car loan for new cars is 84 months (in case of salaried borrowers).

    20. What is the maximum tenure for Federal Bank car loan for used cars?

      The maximum tenure for Federal Bank car loan for used cars is 60 months.

    21. How old should a used car be for me to get a car loan for purchasing it from Federal Bank?

      A used car should be maximum 3 years old for you get a car loan from Federal Bank.

    22. How is the depreciation on used car calculated by Federal Bank?

      The depreciation on used car is calculated by Federal Bank using the Straight Line Method. It is calculated at the rate of 15 percent for the 1st year and at the rate of 10 percent for the succeeding years.

    23. What is the maximum tenure of Federal Bank car loan for new cars purchased by Salaried Employees?

      The maximum tenure of Federal Bank car loan is 84 months for new cars purchased by Salaried Employees.

    24. How can I repay my Federal Bank car loan?

      You can repay your Federal Bank car loan in Equated Monthly Installments (EMI).

    25. Does Federal Bank charge a processing fee on car loan?

      Yes, Federal Bank charges the following amount as processing fee on car loan –

      • If the loan is up to Rs.5, 00, 000, the processing fee is Rs.1500
      • If the loan is more than Rs.5, 00, 000, the processing fee is Rs.2500
    26. Can I prepay my Federal Bank car loan?

      Yes, you can prepay your Federal Bank car loan. When you prepay, you have to pay a small prepayment fee to the bank.

    27. What is the prepayment penalty on Federal Bank car loan?

      There are no pre closure charges for individuals.

    28. What is the late payment penalty for Federal Bank car loan?

      The late payment penalty for Federal Bank car loan is 2 percent of the amount that is overdue. This fee has to be paid if the borrower delays the payment by more than 30 days.

    29. I have a very good CIBIL score. Will it help me in getting a car loan from Federal Bank?

      If you have a very good CIBIL score, then it will make it very easy for you to get a car loan from Federal Bank. Banks consider people with a high CIBIL score to be financially responsible and are willing to trust them with their money.

    30. Does Federal Bank charge any fee for CIBIL report and check in case of car loan?

      No, Federal Bank does not charge any fee for CIBIL report and check in case of car loan.

    31. What is the verification process of Federal Bank car loan?

      The verification process of Federal Bank car loan is very simple. The bank first checks if the applicant is eligible for the car loan or not. If he or she is eligible, then they check and verify all the documents they asked for from the applicant. If everything is in order, then they approve the car loan quickly.

    32. Can I calculate the EMI that I have to pay every month as part of the proposed Federal Bank car loan before applying for it?

      Yes, you can calculate the EMI that you have to pay every month as part of the proposed Federal Bank car loan before applying for it. You can use the Loan Calculator on the website of the bank for this purpose.

    33. Can I get the loan amortization details before applying for a car loan from Federal Bank?

      Yes, you can get the loan amortization details before applying for a car loan from Federal Bank. You can calculate the loan amortization using the ‘Loan Amortization’ calculator on the website of the bank.

    34. How much time does it take for Federal Bank to process car loan applications?

      Federal Bank processes the car loan applications very quickly if the applicants pass the verification process.

    35. Who can I contact to get more information on Federal Bank car loan?

      To get more information on the Federal Bank car loan, you can contact the customer care department of the bank. You can reach them by calling up on the toll – free number of the bank. You can also visit any branch of the bank to get further details about their car loan.

    Federal Bank Car Loan Reviews

    • 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
    • Federal Bank Car Loan
      "Interest rate can be lowered!"
      0.5 4.0/5 "Great!"
      Banking services are good with Federal Bank, but the interest rate is high with them for car loan application. Since I got a better interest rate with ICICI Bank, I dropped the plan of taking the loan with Federal bank in the initial stage itself. I would suggest them to lower the interest rate.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 19, 2015
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