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Federal Car Loan

Federal Bank Auto Loan

Last Updated 18th Feb 2021

Features and Eligibility Federal Bank New Car Loan Scheme Federal Bank Used Car Loan Scheme
Rate of Interest 8.50% Fixed 13.80% Fixed
Loan Amount Eligibility 90% of ex-showroom price 75% of depreciated value
Lowest EMI per Lakh ₹ 1,584 ₹ 2,316
Apply for Car Loan @ 8.70%*

Federal Car Loan

Factors Affecting Federal Car Loan Interest Rates

Interest rates on car loan varies from bank to bank. Car Loan interest rate in Federal Bank depends upon

  • Loan amount: Generally banks offer lower interest rates for higher amount. However Federal Bank offers 90% of ex-showroom price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. Federal Bank interest rate varies with your net monthly income.
  • Employer Category: Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. Federal Bank has a list of company categories of salaried individuals to which they avail car loan. So, a higher company category leads to a low rate of interest.
  • Relationship with the Bank - Federal Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of low Federal Bank Car loan interest rate.
  • Loan Tenure - Federal car loans are of longer repayment tenure of 7 years.
  • Repayment Capacity - Before giving loan to the borrower, Federal Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

Federal Bank Car Loan Eligibility

Eligibility of car loan in Federal relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. Federal offers car loan to those who are atleast 21 years old at the time of loan approval and maximum 60 years at the time of loan maturity.
  • Income: Federal Bank car loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for car loan. Federal Bank asks for net annual income of minimum Rs. 0.90 lakh.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for car loan from Federal Bank. You must be in a full time job for at least 12 months. If you are working with a reputed company, probability of getting a Car loan from Federal Bank increases as the income is considered to be more stable and the bank offers low interest car loan to the employees of reputed companies.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has a direct impact on your Federal Bank car loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your car loan eligibility.
  • Loan Amount: Federal Bank gives you a car loan depending upon your income. Federal Bank gives you 90% of ex-showroom price depending upon the value of the car. To improve chances of approval, apply for a loan amount that you can comfortably service.

How to increase Federal Bank Car Loan Eligibility?

The dream to own a car that you thought you couldn't afford in this lifetime can now be fulfilled by a car loan. Getting a car loan is easy if you improve your car loan eligibility by following these tips.

Tips to improve your car loan eligibility

  • Opting for pre-approved car loans: Like every bank, Federal Bank also provides better offers in the form of less paperwork, instant loan approval, and loan disbursal than its competitors. It is done to retain existing customers. You should not miss such car offers as if you apply for the car loan with the existing bank, you can save yourself from cumbersome paperwork and approval process.
  • Maintaining a good credit score: To improve your eligibility for availing a car loan without any hurdle, you should clear all your credit card dues, make the payment of other loans on time and also, strike a balance between secured and unsecured loans.
  • Opting for a co-applicant: You can opt for a co-signer or co-applicant for your car loan. A co-applicant with good credit history and score can improve the chances of approval of a car loan.
  • Using the online eligibility calculator: You can use the online eligibility calculator to determine the tenure of the loan. The lower mandate would imply higher EMI's and vice versa. The online eligibility calculator can also help to maintain a low debt-to-income ratio, which may improve your chances of getting a loan approved.

Federal Bank Car Loan EMI

Car Loan EMI of Federal Bank is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by Federal Bank is Rs. 1,584 per lakh loan amount at lowest car loan interest rate of 8.50%. Car Loan EMI of Federal Bank depends on factors like:

  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

Documents Required for Federal Car Loan

Car loan Federal Bank documents for salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Car loan Federal Bank documents for self-employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Fee and Charges on Car Loan Federal Bank

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Federal Bank allows prepayment of car loan after paying 1 EMI’s with 2%
  • Processing Fee - Federal Bank asks for a processing fee Min. Rs. 1,500 and Max. Rs. 2,500 with applicable service tax

Federal Bank Car Loan Top up, Balance Transfer

  • Federal offers car loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Federal Bank
  • You can avail additional top-up car loan from Federal Bank, subject to your eligibility

FAQs

How much interest is charged by Federal Bank on car loan?

Federal car loan interest rates today are 8.50%.

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. 1583.65.

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 can I borrow from Federal Bank?

Federal Bank offers you 90% of ex-showroom price of the 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 a 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 a higher loan amount.

Compare Car Loan Interest Rates of Federal with other banks

Federal Bank Car Loan in India

Federal Bank Car Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 1800-425-1199
Ahmedabad 1800-425-1199
Ambala 1800-425-1199
Anand 1800-425-1199
Aurangabad Bihar 1800-425-1199
Bangalore 1800-425-1199
Bhilai 1800-425-1199
Bhilwara 1800-425-1199
Bhiwadi 1800-425-1199
Bhopal 1800-425-1199
Bhubaneswar Cuttack 1800-425-1199
Bikaner 1800-425-1199
Chandigarh 1800-425-1199
Chennai 1800-425-1199
Cochin 1800-425-1199
Coimbatore 1800-425-1199
Dehradun 1800-425-1199
Delhi 1800-425-1199
Durg 1800-425-1199
Faridabad 1800-425-1199
Gandhinagar 1800-425-1199
Ghaziabad 1800-425-1199
Goa 1800-425-1199
Greater Noida 1800-425-1199
Gurgaon 1800-425-1199
Guwahati 1800-425-1199
Gwalior 1800-425-1199
Hyderabad 1800-425-1199
Indore 1800-425-1199
Jabalpur 1800-425-1199
Jaipur 1800-425-1199
Jalandhar 1800-425-1199
Jodhpur 1800-425-1199
Kanpur 1800-425-1199
Karnal 1800-425-1199
Kolhapur 1800-425-1199
Kolkata 1800-425-1199
Kota 1800-425-1199
Kozhikode 1800-425-1199
Lucknow 1800-425-1199
Ludhiana 1800-425-1199
Madurai 1800-425-1199
Meerut 1800-425-1199
Mehsana 1800-425-1199
Mohali Sas Nagar 1800-425-1199
Mumbai 1800-425-1199
Mussoorie 1800-425-1199
Nagpur 1800-425-1199
Nashik 1800-425-1199
Noida 1800-425-1199
Noida Extn 1800-425-1199
Panipat 1800-425-1199
Patna 1800-425-1199
Pondicherry 1800-425-1199
Pune 1800-425-1199
Raipur 1800-425-1199
Rajkot 1800-425-1199
Ranchi 1800-425-1199
Rohtak 1800-425-1199
Roorkee 1800-425-1199
Salem 1800-425-1199
Shimla 1800-425-1199
Sonipat 1800-425-1199
Surat 1800-425-1199
Trichy 1800-425-1199
Udaipur 1800-425-1199
Vadodara 1800-425-1199
Varanasi 1800-425-1199
Vijaywada 1800-425-1199
Vizag 1800-425-1199

Federal Car Loan News - Apr 2021
  • 2021-01-06 : Federal Bank’s gross advances rise 6% YoY in Q3
    Federal Bank reported a 12% increase in total deposits which includes fixed and recurring deposits for the third quarter of the fiscal. Further the bank reported an increase of 6% rise in gross advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans. CASA ratio stood at 34.48% at the end of December 31, 2020, from 33.38% as on September 30, 2020.
  • 2020-07-16 : Federal Bank Q1 net profit up 4.3%
    Federal Bank net profit backed by retail loans like home, personal, gold, car and two-wheeler along with business and mudra loans rose by 4.3% to Rs 400.77 crore in Q1 June 2020 over Q1 June 2019. Further, The Bank total deposits which include fixed and recurring deposits reached Rs 1,54,937.74 crore in Q1 June 2020, registering a 16.9% growth from Q1 June 2019.
  • 2020-05-29 : Federal Bank reported a Q4 net profit of Rs. 301.23 crores
    Federal Bank reported a 21.04% fall in its profits to Rs. 301.23 crores in the fourth quarter of 2019-20 with a sharp rise in provisions. Its net profit was ₹381.51 crores in the same period a year ago. Further, For the quarter ended March 31, 2020, the bank reported a 19.27% increase in total income to ₹4,107.95 crores from ₹3,444.04 crores a year ago backed by retail loans like home and personal loans along with business, car and mudra loans.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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