If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  •  Loading your search... Loading your search...
  • Federal Bank Used Car Loan is Rated as "Great!" by 45 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    Federal Bank Used Car Loan

    Federal Bank Used Car Loans

    Headquartered in Kerala, Federal Bank is one of the major Indian commercial banks in the private sector. It has a widespread network of more than a 1000 branches and ATMs, across the nation. The bank came into existence during pre-independent India. Founded by K.P Hormis, initially it was known as Travancore Federal Bank. In the year 1947 it was officially named as Federal Bank Limited. Currently, it is one of the most stable and known banks of the country.

    Having won several awards and accolades, Federal Bank offers multiple services to its Indian and NRI customers. It also offers Gold Loans, Property Loans, House Loans and Car Loans for the purchase of both new and used/pre-owned cars. With features like faster processing, competitive rates of interest , lower EMIs, immense credibility and transparency, Federal Bank Used Car Loans make it very easy for you to purchase your dream car.

    Features and Benefits of Federal Bank Used Car Loan –

    • Lower and affordable Equated Monthly Instalments (EMIs)
    • Lower and affordable interest rates
    • Enjoy a longer repayment period – 60 months
    • Faster and hassle-free loan processing
    • Practical and transparent charges
    • The loan can be availed by both resident individuals and corporates.

    Conditions for availing loan for used/pre-owned vehicles

    • The vehicle should not be more than 3 years old.
    • Even a part of the year shall be counted as one whole year.
    • Depreciation value of the vehicle will be calculated using the Straight Line Method @15% for the first year and @ 10% for the subsequent years.

    Income of the loan applicant –

    75% on lower of depreciated/ market/ purchase value makes you an eligible applicant for used car loan.

    Documents required to apply for Federal Bank Used Car Loans

    • Your proof of identity and address.
    • Recent passport size photograph.
    • Proof of your employment or business.
    • Proof of your income (relevant documents)

    In addition to the aforementioned documents, a salaried individual will also need the following –

    • Form 16 for the last 2 years
    • Last 3 months salary-slip
    • Bank statement of last 6 months

    Alternatively, if you are a self-employed individual or a businessman, you will need the following documents (in addition the common documents) –

    • Audited Balance Sheet
    • Profit and loss statements of your firm
    • ITRs/ tax paid challans

    Federal Bank Used Car Loan Interest Rates

    Federal Bank offers an Auto Loan to customers looking to purchase a used car. The interest on this loan is computed using MCLR or Marginal Cost of Funds based Lending Rate, which primarily takes factors like the repo rate, cash reserve ratio, operating costs, etc. into consideration while calculating the interest for a particular period.

    Federal Bank Marginal Cost of Funds based Lending Rate (MCLR) (For new borrowers)

    New customers who opt for an auto loan to purchase a used car will fall under the purview of MCLR, with Federal Bank publishing new rates on a regular basis. The table highlights the MCLR rates for the month of July 2016.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 9.08% per annum
    1 month 9.41% per annum
    3 months 9.55% per annum
    6 months 9.54% per annum
    1 year 9.49% per annum

    Used car loan interest rates – July 2016

    The interest rate charged by Federal Bank on its auto loan are highlighted in the table below.

      Minimum Maximum
    Interest Rates (Based on MCLR) MCLR + 0.40% per annum MCLR + 1.00% per annum

    Federal Bank Base and Prime Lending Rates (For existing borrowers)

    Existing customers of Federal Bank can choose to migrate to MCLR or stick to the base rate.

    Federal Bank Base Rate 9.63% per annum (effective 1st Dec, 2015)
    Federal Bank Prime Lending Rate 17.75% per annum (effective 7th Nov, 2011)

    Federal Bank interest rate for used car loans (Based on Base Rate)

    The interest rate for existing borrowers depends on the security offered, with the rate varying on a case to case basis.

    Note: The Interest Rates mentioned above are as of June 1, 2016 and are subject to change at the sole discretion of the bank. Customers are advised to check the prevailing rates at the time of application.

    Federal Bank Used Car Loan Reviews

    • 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? 0
      , 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? 0
      , 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? 0
      , 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
    • Federal Bank Car Loan
      "Response can be improved!"
      0.5 2.5/5 "Just OK"
      There is no proper response from Federal Bank executives once I applied for a car loan with them. The agent interaction was very good over the phone and it would be better if they provide a proper response to the applicants. I would suggest them for a proper follow up till the end of the procedure.
      Was this review helpful? 0
      , kochi
      Reviewed on Sep 19, 2015
    • Federal Bank Car Loan
      "Norms can be flexible!"
      0.5 4.0/5 "Great!"
      Since I got a better interest rate for car loan with SBI bank, I dropped the plan of taking the car loan with Federal bank in the initial stage itself. Federal was ready to provide me the expected loan amount when I applied for a new car loan with them. It would be better if they make the norms flexible in all aspects.
      Was this review helpful? 0
      , kochi
      Reviewed on Sep 19, 2015
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.