Federal Car Loan Rate, Eligibility Calculator, Apply Online
Federal Bank Car Loan Offer Jun 2017
|Features and Eligibility||Federal Bank New Car Loan Scheme||Federal Bank Used Car Loan Scheme|
|Interest Rates||9.92% Fixed
Check Best Offers
|Maximum Loan Amount Eligibility||90.00% of ex-showroom price||75.00% of depreciated value|
|Maximum Loan Tenure (years)||7 years||5 years|
|Lowest EMI per Rs. One Lakh Loan Amount (Rs.)||Rs. 1,656||Rs. 2,121|
|Interest Calculation||Monthly reducing balance||Monthly reducing balance|
|Age (years)||Between 21 years and 60 years||Between 21 years and 60 years|
Eligibility Condition for Federal Bank Car Loan
|Federal Bank New Car Loan Scheme||Federal Bank Used Car Loan Scheme|
|Minimum Net Annual Income (Rs. lakh)|
|Self employed professionals||0.9||0.9|
|Self employed businessmen||0.9||0.9|
- Car loan EMI calculation varies from bank to bank depending upon the method of calculation.
- The standard convention should be to use the EMI in arrears method on reducing balance basis – whereby you pay interest on the car loan amount outstanding on a reducing basis at or after the end of the month.
- Simply key in the loan amount, rate of interest and car loan tenure here and check the EMI amount using the
car loan EMI calculator here. In case the EMI amount displayed is different from the one advised to you by the agent, you must check the calculation basis with your car loan agent.
Frequently Asked Questions on Federal Car Loan
Federal car loan interest rates today are 9.92% to 10.52%.What is the lowest EMI per lakh on Federal Bank car loan?
If you apply for a car loan from Federal Bank, your lowest EMI per lakh will be Rs. 1,656.What is the maximum tenure of Federal Bank car loan?
You can repay your car loan from Federal Bank in a flexible period of 7 years.How much car loan I can borrow from Federal Bank?
Federal Bank offers you 90.00% of ex-showroom price of car as loan.Is age an eligibility factor to get car loan from Federal Bank?
Yes, age is an important eligibility factor to get Federal Bank car loan as you should be at least 21 years old at loan approval time and 60 years old at loan maturity time.Are there any prepayment charges on Federal Bank car loan?
You can take car loan from Federal Bank with 2% prepayment charges.Can I add my spouse's income while applying for car loan from Federal Bank?
You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.