CreditMantri Finserve Private Limited
4th Floor Sudhama, 36 Vijayaraghava Road,T Nagar, Chennai, Tamil Nadu 600017
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Get car loans that are best matched to your credit profile
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On discovering that many people are interested in buying a car for either comfort, safety or any other reason will not be able to buy their dream car on their own. They should either go for a car that they don’t want because it is cheaper or wait and save to buy the car which will take time and the car model might change. In such circumstances, a car loan could be the right option for anyone seeking to buy a car.
Federal Bank provides funding for the purchase of all kinds of cars. The borrower can pay back Federal Bank through equated monthly instalments or EMI(s). Federal bank personal car loans are offered at better interest rate and you can choose a flexible tenure. The best part is you can get up to 100% of financing on ex-showroom price.
Federal Bank believes in providing car loans to the right applicants and thereby helping them purchase a car which is also cost-effective.
Objective: To get funding for the purchase of cars of the borrower’s choice at competitive interest rates.
Loan Amount: 100% of funding on road price of the vehicle
Tenure: The repayment period is up to 84 months for new cars and 60 months for used cars.
Free Insurance Coverage: Personal accidental cover up to INR 10 lakhs
Quick Processing: The borrower does not have to submit the income documents and the loan is processed quickly.
The borrower must have following eligibility criteria to get car loans for the purchase of new and used cars.
The interest rate for a new vehicle is one-year MCLR and for old vehicle, the interest rate is one-year MCLR + 4.55%.
Foreclosure Charges: The borrower does not have to pay anything on foreclosing the loan.
The following are the documents required for Federal Bank car loan
The borrower must be informed about the terms and conditions before applying for the loans for the used cars.
To avail used car loans, the car should not be older than 3 years. The depreciation value is calculated using straight line method. The value depreciates at 15% at the first year and 10% for subsequent years. The borrower can get up to 75% of funding on the value of the used cars.
The customers can apply for a car loan with Federal bank either online or visiting the nearby branch. At the bank, the executives will help you out towards applying for the loan. You may have to submit all the required documents.
While applying online, you can initially enquire for the car loan by providing your personal and contact details. Once, you have submitted your details, the executives of the bank will contact you immediately on the application. Further enquiries will be made on car model, loan amount, interest rate and tenure. Once you have acknowledged the terms and conditions, the loan will be processed and disbursed in your account.
Before a person applies for a Federal Bank car loan it is best to do an eligibility check which is available on the Federal Bank website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.
Customers can use the car loan EMI calculator to know how much EMI they will be paying each month. Customer can make use of the CreditMantri Car Loan EMI calculator and the Federal Bank Car Loan EMI calculator.
The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan far ahead.
CreditMantri’ s Car Loan EMI Calculator and Federal Bank Car Loan Calculator are among the best and probably the easiest ways to compare various car loan offers and choose the loan best suited to your requirements. Using the Car Loan EMI Calculator, you get a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.
Your Federal Bank car loan can be repaid in following three ways.
1. What is maximum loan amount for Federal Bank car loan?
The loan amount is determined based on the income and repaying ability of the borrower. No ceiling is fixed on the upper limit.
2. What is the maximum tenure for Federal Bank car loan?
The maximum loan tenure is up to 84 months for new vehicles and 60 months for old cars.
3. What type of cars do Federal Bank provide car loans for?
Federal Bank offers auto loans for most passenger cars, multi-utility vehicles and sports-utility vehicles that are available in India and are bought for personal use.
4. Do I have to provide any security to avail a Federal Bank car loan?
Federal Bank car loan is a form of secured loan where your car will act as a collateral.
5. Can I sell my vehicle before I repay the entire car loan taken from Federal Bank?
You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from Federal Bank. The NOC can only be obtained after foreclosure or after you have paid off your loan.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.