Buying your own vehicle can give you an exhilarating sense of freedom but is also accompanied by some natural concerns—how to find the best car loan suited to your credit needs, with the lowest interest rates.
With a plethora of financing options available in the market to choose from, it is now easier than ever before to buy a new car. The leading private commercial lender Federal Bank gives attractive offers on Car Loans. Read on to know more about the car loan offers in Federal Bank.
About Federal bank
Federal bank is a leading private commercial bank headquartered at Aluva, Kerala. Federal Bank has more than 1000 branches and ATMs across India. The financial institution was incorporated in 1931 under the Travancore Companies regulation, 1961. Federal Bank is the pioneer among traditional banks to switch to digital technology in India. Moreover, it is the first private bank to computerize all its branches.
The services offered by the bank include internet banking, mobile banking, on-line bill payment, online fee collection, depository services, Cash Management Services, merchant banking services, insurance, mutual fund products and many more.
Features and Benefits of Car Loan in Federal Bank
Taking a car loan from Federal Bank can benefit you in multiple ways. Following are some of the benefits you can enjoy on your car loan application.
You can get funding up to 100% of ex-showroom price
Up to 84 months of repayment period
Attractive interest rates
Free Personal accident insurance up to Rs. 10.00 lakhs for individuals
No charges levied on pre-closure
Avail loans for buying new car, used car and new two-wheelers
Re-imbursement within 1 month of car purchase date
No-income document scheme
Quick processing and loan disbursal
Two passport size photos
Identity Proof – Passport / Voters ID / Driving License/ PAN Card / Aadhaar Card
Address Proof – Passport / Voters ID / Driving License / Aadhaar Card
Age Proof – Passport / Birth Certificate / Driving License / SSLC or AISSE Certificate
Additional documents for Non-Resident Customers - Certified copy of Passport, Visa, Work Permit, ID card
Salary Slip of last three months
IT Returns and Form 16 of last 2 years
Latest 6 month's Bank Account statement
Proof of Business existence & Business Profile
Bank statement of last 12 months
IT returns for last 2 years supported by Tax calculation sheet & Tax paid challans
Eligibility Criteria to Avail a Car Loan from Federal Bank
You should have minimum income of INR 20,000 after meeting the EMI commitments.
Must be an Indian Resident or documented NRI
Must be at least 21 years of age
The interest rate is linked to MCLR and it will depend on the risk profile of the customer. For car loans, the interest rate generally ranges between 9.50% to 10.10%.
Before applying for a car loan with Federal Bank, check your credit score as a good score lowers the rate of interest on the loan. Moreover, ensure that you fulfil all the eligibility criteria put forth by the lender.