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Key Features of Federal Bank Car Loans

  • Loan Amount:
    - New Cars: Up to 100% of the on-road price.
    - Used Cars: Up to 85% to 90% of the on-road price, depending on the vehicle’s age and condition.
  • Interest Rate:
    - Competitive interest rates starting from 8.00% (floating rate).
    - Final rate depends on factors like applicant’s credit score, loan amount, and tenure.
  • Loan Tenure:
    - New Cars: Up to 7 years (84 months).
    - Used Cars: Up to 5 years (60 months).
  • Loan Amount Eligibility:
    - Tailored to the applicant’s repayment capacity and the cost of the car.
    - Maximum loan amount depends on income, age, and credit profile.
  • Repayment Options:
    - Flexible EMI options to match your comfort level.
    - EMIs calculated based on loan amount, interest rate, and tenure.
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    • Minimal Documentation:
      Federal Bank offers a simple and quick documentation process, making it easy for customers to apply for the loan.
      Proof of identity, address, and income are the primary documents required.
    • Easy Application Process:
      - Online application: Customers can apply for the car loan conveniently through Federal Bank’s official website.
      - In-branch application: Alternatively, customers can visit the nearest Federal Bank branch to apply.
    • No Hidden Charges:
      Transparent processing fees with no hidden costs.
      Processing fee is usually 0.50% to 1% of the loan amount (capped).
    • Quick Loan Disbursal:
      Loan approval and disbursal happen quickly once the documentation and verification process is completed.
    • Prepayment & Foreclosure Facility:
      Federal Bank allows early repayment and loan foreclosure with minimal charges.
    • Car Loan for All Types of Vehicles:
      Loans are available for new and used cars, including passenger cars, jeeps, and multi-utility vehicles (MUVs).
      Loans for luxury cars are also available, subject to eligibility.
    • Insurance Requirement:
      Comprehensive insurance for the vehicle is required by Federal Bank for securing the car loan, ensuring financial protection against damages or accidents.
    • Top-Up Loan Option:
      Federal Bank offers top-up loans for existing customers if they need extra funds for vehicle-related expenses.
    • Flexibility for Self-Employed and Salaried Individuals:
      The car loan is available to both salaried individuals and self-employed professionals with a stable income.
    • Loan for Corporate Employees:
      Special schemes may be available for corporate employees with tie-ups between the bank and certain organizations.
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Benefits of Federal Bank's Car Loan

  • Competitive Interest Rates: Federal Bank offers low interest rates starting from 8.00% p.a. (floating). Rates are flexible and depend on your credit score, income, and loan tenure.
  • High Loan Eligibility: Get up to 100% financing for new cars and 85-90% financing for used cars, based on the car's age and condition. Eligibility is determined based on your income and repayment capacity.
  • Flexible Loan Tenure: Choose repayment tenure of up to 84 months (7 years) for new cars and up to 60 months (5 years) for used cars, making EMIs affordable and manageable.
  • Quick Loan Processing & Disbursal: Enjoy fast loan approval and quick fund disbursal after submitting required documents. Minimal paperwork ensures a hassle-free experience.
  • Minimal Documentation: Simple documentation requirements including basic KYC (identity & address proof) and income documents make the loan process smooth and efficient.
  • No Hidden Charges: Federal Bank maintains transparency with clearly communicated fees. Processing charges are typically around 0.50% to 1% of the loan amount, with no hidden costs.
  • Prepayment & Foreclosure Option: You can repay the loan before the tenure ends. Federal Bank allows foreclosure with minimal charges, helping you save on interest.
  • Car Insurance Requirement: Federal Bank offers a comprehensive insurance package to protect your vehicle from theft, accidents, and other unforeseen events. This may be mandatory.
  • Loans for New & Used Cars: Car loans are available for new and used vehicles, including luxury cars, MUVs, and jeeps, subject to eligibility and vehicle condition.
  • Top-Up Loans: Existing customers with a good repayment history can avail top-up loans for extra financial needs like accessories, repairs, or upgrades.
  • Quick Approval for Salaried and Self-Employed Individuals: Whether you're salaried or self-employed, Federal Bank provides quick approvals with flexible eligibility criteria.
  • Customized Loan Solutions: Loan amounts and repayment terms are tailored to fit your financial profile, ensuring a comfortable borrowing experience.
  • Loan Against Existing Loans: You can opt for a balance transfer or borrow against your existing Federal Bank car loan with competitive terms.
  • Flexible EMI Options: Choose from fixed or flexible EMI structures based on your income and repayment comfort. This ensures smooth monthly budgeting.
  • Easy Online Application: You can apply for a car loan online through Federal Bank’s official website or mobile app, offering a seamless digital experience.
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How to Apply for a Federal Bank Car Loan

  1. Online Application Process:
    • Step 1: Visit the Federal Bank Website
      • Go to the official website:"https://www.federalbank.co.in".
      • Navigate to the "Loans" section and select "Car Loan".
    • Step 2: Use the Online Application Form
      • Click on “Apply Online” or “Apply Now”.
      • Fill in your details:
        • Personal details (Name, DOB, etc.)
        • Employment details (Employer, Designation, etc.)
        • Loan details (Amount, Car type)
        • Income details (Salary, Other income)
        • Car details (Brand, Model, etc.)
    • Step 3: Submit Documents Online
      • Upload identity proof, address proof, income proof, and car-related documents.
      • Ensure all uploaded documents are clear and legible.
    • Step 4: Verification & Approval
      • The bank will verify your details and documents.
      • You may be contacted for additional documents if needed.
    • Step 5: Loan Sanction & Disbursal
      • If approved, you’ll receive a sanction letter.
      • The amount will be disbursed either to your account or directly to the dealer.
  2. Offline Application Process (In-Branch):
    • Step 1: Visit the nearest Federal Bank branch and consult with the loan officer.
    • Step 2: Collect and fill out the loan application form with personal and financial details.
    • Step 3: Submit required documents (ID proof, address proof, income proof, etc.), duly self-attested.
    • Step 4: Bank will process and verify your application.
    • Step 5: After approval, receive the sanction letter and disbursement as per agreed terms.
  3. Apply Through Mobile Banking (if available):
    • Download the Federal Bank mobile banking app from the Google Play Store or Apple App Store.
    • Log in and navigate to the loan section to start the application.
    • Follow on-screen instructions and upload required documents.

Eligibility Criteria for Federal Bank Car Loan

  • Age Criteria:
    • Minimum Age: 21 years at the time of loan application.
    • Maximum Age: 65 years at the time of loan maturity.
  • Nationality:
    • The applicant must be an Indian resident.
  • Employment Type:
    • Salaried Employees:
      • Employed with a reputed organization (private, public, or government sector).
      • Minimum 1 year in the current job.
    • Self-Employed Individuals:
      • At least 2 years in business or practice.
      • Must provide ITRs and audited financials as proof of business stability.
    • Professionals (Doctors, Chartered Accountants, etc.):
      • Must have a stable practice for at least 2 years.
  • Income Criteria:
    • Salaried Applicants:
      • Minimum monthly income (varies with loan amount and location).
      • Regular income with salary credited to a bank account.
    • Self-Employed Applicants:
      • Minimum annual income based on loan amount and business type.
      • Business turnover and profit as shown in ITRs will be evaluated.
  • Credit Score:
    • CIBIL score of 750 or above is preferred for favorable terms.
    • Applicants with lower scores may still qualify but may face higher interest rates.
  • Loan Amount:
    • New Car: Financing up to 100% of the on-road price.
    • Used Car: Financing up to 85-90% based on condition and age of the car.
  • Loan Tenure:
    • New Cars: Up to 7 years (84 months).
    • Used Cars: Up to 5 years (60 months).
  • Car Type:
    • New Cars: Any new passenger car or multi-utility vehicle (MUV).
    • Used Cars: Should not be older than 5 years at the time of application.
  • Co-Applicant (if applicable):
    • Can be added to enhance eligibility.
    • Both applicant and co-applicant must meet eligibility criteria.
  • Existing Liabilities (if applicable):
    • Applicant must have a manageable debt-to-income ratio.
    • Details of existing EMIs or loans must be disclosed.
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Documents Required for Federal Bank Car Loan

  • Identity Proof (any one of the following):
    • Aadhaar Card
    • PAN Card
    • Passport
    • Voter ID
    • Driver’s License
  • Address Proof (any one of the following):
    • Aadhaar Card (if not used as ID proof)
    • Utility Bills (Electricity, Water, Gas, etc.)
    • Passport
    • Rent Agreement (if applicable)
    • Bank Statement with current address
    • Telephone Bill
  • Income Proof:
    • For Self-Employed Individuals:
      • ITR for last 2 years
      • Audited Balance Sheet & Profit & Loss Statement
      • Business Bank Statement (last 6 months)
      • GST Registration (if applicable)
  • Car Documents:
    • Proforma Invoice or Quotation (for new cars)
    • Registration Certificate (RC) (for used cars)
    • Insurance Policy
  • Employment Proof:
    • Salaried: Employment ID Card, Appointment Letter (if recently joined)
    • Self-Employed: Business Registration Certificate, Partnership Deed (if applicable)
  • Photographs: 2 or more recent passport-sized photographs of applicant (and co-applicant, if applicable)

Factors Affecting Federal Bank Car Loan Approval

  • Loan Amount: Federal Bank offers up to 100% financing for new cars and 85-90% for used cars based on the car’s condition and age. The loan amount also depends on your income and credit profile.
  • Income: Your income determines your eligibility and repayment capacity. Salaried individuals need a stable monthly income, while self-employed applicants must show consistent business income and submit ITRs.
  • Employment Type:
    • Salaried: Minimum 1 year with current employer in a reputed firm or government sector
    • Self-Employed: At least 2 years in business
    • Professionals: Doctors, CAs, lawyers, etc., should have a stable professional practice
  • Credit Score: A high CIBIL score (preferably 750+) boosts your chances of approval and helps you secure lower interest rates. Lower scores may lead to higher interest or limited loan offers.
  • Loan Tenure: Tenure options extend up to 84 months for new cars and up to 60 months for used cars. Longer tenures reduce EMIs but increase overall interest paid.
  • Car Type: Federal Bank provides loans for new passenger cars, MUVs, jeeps, and even luxury cars. Used cars should be less than 5 years old and in good condition for eligibility.
  • Age of the Applicant: Applicants must be at least 21 years old at the time of application and no older than 65 years at loan maturity.
  • Existing Liabilities: Your existing EMIs and financial obligations are assessed to calculate your debt-to-income ratio, which helps determine how much additional EMI you can afford.
  • Documentation: Required documents include identity proof, address proof, income proof (salary slips, ITRs), and car-related documents (proforma invoice or RC book). Self-employed applicants may need to submit audited financials.
  • Loan Disbursal Process: Once documents and eligibility are verified, the bank processes the application. Upon approval, the loan is disbursed either to your bank account or directly to the car dealer.

FAQs On Federal Bank Car Loans

What is the maximum loan amount I can get for a car loan from Federal Bank?
For New Cars: Federal Bank offers up to 100% financing of the on-road price of the car.
For Used Cars: You can avail up to 85-90% financing of the on-road price, depending on the car’s age and condition.
What is the interest rate on a Federal Bank car loan?
The interest rates for Federal Bank Car Loans typically start at around 8.00% per annum (floating rate).
The rate may vary based on factors like your credit score, loan tenure, and whether you are purchasing a new or used car.
What is the tenure for Federal Bank car loans?
New Cars: You can get a loan for up to 7 years (84 months).
Used Cars: The tenure for used car loans is typically up to 5 years (60 months).
What is the minimum and maximum age for applying for a car loan?
The applicant must be at least 21 years old at the time of the loan application.
The maximum age at the time of loan maturity should be 65 years.
Do I need to provide any collateral for a Federal Bank car loan?
No separate collateral is required. The car itself serves as the security for the loan. However, your creditworthiness and repayment ability are key factors.
Can I apply for a car loan if I am self-employed?
Yes, self-employed individuals can apply for a Federal Bank car loan. You will need to provide ITR and show stable business income for the past 2 years.
What documents are required to apply for a Federal Bank car loan?
- Identity Proof (Aadhaar, PAN, Passport, etc.)
- Address Proof (Utility bills, Passport, etc.)
- Income Proof (Salary slips, ITR, bank statements, etc.)
- Car-related documents (Proforma invoice for new cars or RC for used cars)
- Age Proof (Aadhaar, Passport, Birth Certificate)
Additional documents may vary based on employment type.
Can I apply for a car loan online with Federal Bank?
Yes, you can apply online via Federal Bank’s official website or mobile app by submitting the application form and required documents.
Is it possible to foreclose or prepay my car loan with Federal Bank?
Yes, foreclosure and prepayment are allowed with minimal charges. Prepaying can help you save on overall interest.
How long does it take for the loan to be approved and disbursed?
Federal Bank processes car loans promptly. Approval may take a few days depending on documentation, and disbursement is done shortly after approval—either to your account or directly to the car dealer.

List of Federal Bank Car Loans

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