Federal Bank Car Loan in India

Federal Bank Car Loan

Federal Bank Car Loan Apply Now

Federal Bank Car Loan shall be a green signal to open the doors for your dream car which will make your dream drive true with easier and comfort.

Key Features of Federal Bank Car Loan
  • Federal bank provides the Lower EMIs (Equated Monthly Installments) car loan.

  • Loan is provided by federal bank at Lower interest rates

  • There is benefit of Longer repayment period with Federal Bank Car Loan

  • Faster processing results in early disbursal

  • There are no hidden charges.

List of Documents Required for Loan processing

KYC Documents

Two passport size photos each of the applicant/ and the co applicant

Identity Proof (any one of the following)

  • Passport

  • Voters ID

  • Driving License

  • PAN Card

  • Aadhaar Card

Address Proof (any one of the following)

  • Passport

  • Voters ID

  • Driving License

  • Aadhaar Card

Age Proof (any one of the following)

  • Passport

  • Birth Certificate

  • Driving License

Following additional documents are required for NRI customers

Certified copy of Passport, Visa, Work Permit, ID card

Income Documents

Resident Salaried

  • Latest 3 months salary slips / Salary Certificate / Salary Slip

  • Latest 2 years IT returns (2 years) or Form No.16

  • Bank statement of Salary account for latest 6 months

Resident Self Employed
  • Business continuity / Existence Proof & Business Profile

  • Bank a/c statements for Last 12 months

  • Audited financials including Balance Sheet, P&L Account for the past two years supported with IT returns for 2 years.

Non Resident Salaried (either of option1 or option 2)
  • Option 1
    Bank statement of NRE account with any bank for last one year
    Salary Certificate certified by embassy / CRO certified or latest 3 months salary Slip
    Certificate / Slip (3 months) supported by 6 months’ Salary Crediting Statement

  • Option 2
    NRE a/c statement of the customer and/or resident accounts of spouse/parents (with us/ other Bank) for 2 years in which remittance is made.
Other Documents
  • Invoice

  • Proof of own house (Latest land tax receipt or latest building tax receipt)

  • In case of Used Car, Valuation letter & Sale Letter from authorized used car dealer /dealer

  • Property Documents (In case of loans over 10 Lakhs)

    • Title documents

    • EC for 13 years

    • Certificate of possession

    • Location design / sketch

    • Land tax receipt

    • Building tax receipt

    Other Terms & Conditions

    Income of the applicant

    • To become eligible for loan from federal bank one should have Minimum take Home of Rs.7500 after meeting all monthly EMI commitments including the proposed one.

    • Clubbing can also be done for Spouse's income.

    • Clubbing for agricultural Income/Rental can be done with regular income. In that case minimum monthly income including agriculture income/rental income should be at least Rs.40,000,)

    • Only 75 % on lower of depreciated /market / purchase value is eligible for loan In the case of used vehicles.

    Period of the loan

    In case of New Vehicles:

    • For vehicles (other than two wheelers) - 60 months

    • For Salaried applicants - 84 months*

    • In case of used Vehicles - 60 months

    • In case of new two wheelers - 48 months

    Conditions for used vehicles
    • Depreciation is charged using Straight Line Method @ 15% for the first year and @ 10% for subsequent years.

    • Part of the year shall be construed as one year.

    • Age of vehicle should not be more than 3 years

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