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Owning a car is not a distant dream today. With many financing options and leading banks offering various schemes, getting a car loan to purchase a four-wheeler has become easier than ever before. Most of the banks offer car loans for both new vehicles as well as used vehicles. A car loan will be made available on the basis of your car loan eligibility.
Federal Bank is one of the leading banks in the country and it offers car loans at competitive rates. One can easily get a car loan on the basis of the Federal Bank car loan eligibility confirmation and proceed to purchase a car immediately.
Federal Bank offers car loans at attractive rates, longer repayment periods and complete funding of the ex-showroom price. The Federal Bank car loan is available for the purchase of a new car and a used car.
Federal Bank car loan offers 100% funding of the ex-showroom price of the car, repayment period of upto 7 years, competitive interest rates and comfortable EMI options. The bank has listed Federal Bank car loan eligibility points before applying for a car loan. This helps in avoiding rejection in the car loan application and gears up for a faster application process. The broad criteria to apply for a car loan is based on your income, tenure of the loan and the type of vehicle being purchased. If you are an existing customer of the bank, it is easier to apply for a car loan both directly and online.
About Federal Bank Car Loan Eligibility
It is important to check for your eligibility to get a car loan before applying for one. Federal Bank has laid out a few points that will help in understanding your car loan eligibility criteria. This will help in preparing documents and your financial condition to successfully receive a car loan.
Income of the Applicant
Period of Loan
It is important to note here that the salaried category is defined by the Bank and can change from time to time.
Additional criteria for Used Vehicles
Federal Bank car loan eligibility criteria also include the submission requirements for different groups of people.
If you are a Resident Salaried person, the following documents also need to be submitted:
If you are a Resident Self-Employed person, the following documents are required:
If you are a Non-Resident Salaried person, the following documents are required:
If you are a Non-Resident self-employed person, the following documents are required:
Federal Bank requires the following additional documents to process the car loan.
There are many factors that affect the eligibility of a car loan applicant. These are mentioned below:
Credit score – It is important to get your credit score assessed. Any current EMIs or liabilities should be kept minimal or paid off to increase your credit score. Banks prefer applicants with high credit score. These applicants get the car loan sanctioned easily and in less time. If you have a low credit score, it is advisable to pay off your liabilities completely before applying for a car loan. This will increase your chances of getting the loan sanctioned successfully.
Age – Minimum age criteria to apply for a car loan is normally 21 years. To be financially prudent, one must ensure that the loan is completely paid off by the time you turn 65 ears. Banks prefer to offer car loans to customers who have higher working years left in their lives.
Income level – Even if you submit a loan application for the complete amount of the car, it is not necessary that the bank will sanction it. This depends on your income level. In case your income level does not meet the minimum criteria set by the bank, you can add your spouse’s income or any other family member to meet the threshold limit.
Debt – This is directly linked to your credit score. If you are debt-ridden, chances are less of securing a car loan. The banks calculate your debt-to-income ratio as it is a big factor in car loan eligibility criteria. If you are currently repaying another loan, the bank can be reluctant in offering another loan.
While the banks set some eligibility criteria, it need not be a deterrent for you to apply for a car loan. There are ways to improve your eligibility for a car loan.
Repay existing debts – Any existing debts in your financial portfolio is not considered positive by the bank. Hence, it is important to pay off all your debts. Past dues should not be kept pending. This step increases your debt-to-income ratio and betters your eligibility to apply for a car loan.
Bring in Co-applicants – Your chances of securing a car loan improves many folds over if you bring a co-applicant. The co-applicant is equally responsible for repaying the loan. Immediate family members like father, mother, spouse, brother, sister etc are all considered as co-applicants.
Increase your credit score – Increasing your credit score is a very important step in securing your eligibility for car loan. Paying off pending bills or credit card bills or debts improves your credit worthiness. It is important to revolve your debt to get a good credit score.
(1) What is a car loan?
A car loan helps you finance the purchase of a new car or a used car with pre-determined principal loan amount, rate of interest and loan period.
(2) What is a credit score?
A credit score is a simple calculation of your financial situation. It includes your debts and income sources. It shows the strength of your financial condition.
(3) Can I apply for a car loan with Federal Bank if I do not have income?
Federal Bank offers special schemes for people without income to apply for a car loan. However, there might be additional eligibility criteria and documentations required.
(4) How can I improve my credit score?
The simple ways of improving your credit score is to pay off dues, keep your outstanding payments at the minimum level and maintain lower revolving debt.
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