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  • Federal Bank Used Car Loan is Rated as "Great!" by 47 Users

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    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 –

    • Provides repayment period of up to 84 months
    • Up to 100% of the ex-showroom price is funded on availing this loan.
    • A person can avail free personal accident insurance worth Rs.10 lakh
    • Competitive interest rates
    • No pre-closure charges for a person availing this loan
    • Process is extremely fast in nature
    • No-income document scheme
    • This loan can be availed for buying a new car, used car, and two-wheelers
    • Reimbursement within 30 days of the date of purchasing the car

    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.
    • Only 75% on lower of market value, or purchasing value, or depreciation value is available in case the person is buying a used vehicle.

    Income of the loan applicant –

    Following types of incomes can be shown by the loan applicant in order to avail this loan. They are:

    • The minimum income after paying all the EMIs including the proposed one must be Rs.20,000.
    • The income of the spouse can also be clubbed in order to avail the loan.
    • The person can also club his/her monthly income with agriculture or rental income. The minimum monthly income should amount to Rs.40,000 in order to avail the loan.

    Documents required to apply for Federal Bank Used Car Loans

    • Your proof of identity and address.
    • Two passport size photos each of the applicant and the co-obligant.
    • Proof of your age.
    • Additional documents such as passport, visa, etc., if you are a NRI.

    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) –

    • Bank account statements of the last 12 months.
    • Proof of existence of your business.
    • Income tax returns for the last 2 years.

    If you are a non-resident salaried individual, then you will have to produce the following documents:

    • Last 3 months salary slip, or salary certificate certified by the Embassy/CRO, or the NRE account statement with any lender for the past 12 months.
    • Salary slip of the last 3 months, or the latest salary certificate supported by the salary credited statement for the last 6 months.

    The other option you can avail is:

    • Your NRE account statement or resident account of your parents or spouse for the last two years.

    If you are a non-resident self-employed individual, then you will have to produce certain documents in order to avail this loan:

    • Bank account statements of the last 12 months.
    • Proof of existence of your business.
    • Balance sheet for the last 24 months.

    The other option you can avail is:

    • Your NRE account statement or resident account of your parents or spouse for the last two years.

    Federal Bank Used Car Loan Interest Rates

    Overnight MCLR 8.75% per annum
    One Month MCLR 8.85% per annum
    Three months MCLR 9.0% per annum
    Six months MCLR 9.1% per annum
    One year MCLR 9.2% per annum

    Used car loan interest rates – September 16 2018

    The interest rate charged by Federal Bank on its auto loan is 13.75% per annum.

    Note: The Interest Rates mentioned above are as of Jan, 2018 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
      "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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