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Federal Bank is one of the oldest private sector banks in the country and is a scheduled commercial bank having its headquarters in Kochi, India. Federal Bank has many loan products suitable for personal or commercial needs of the consumers. The customers can avail easy hassle free loans to fulfill their need or desire for a new or used car (not more than 3 years old).
The details of the bank’s used car loans are provided hereunder.
About Federal Bank Used Car Loan
The eligibility persons and the criteria are similar for the new car loans or used car loans offered by the bank. The customers can contact the bank for any details that they may require for the same. The list of eligible persons and the minimum income criterion set by the bank for each category of individuals are listed below.
The bank has a very comprehensive list of documents that are required from each category of applicants along with the certain basic KYC documents that are applicable across all categories.
The list of KYC documents required by the bank is mentioned here.
Other Documents required for all categories of applicants are,
Apart from the above list of KYC and other documents, the bank also requires certain documents that are specific to the category of applicant. The details of the same are tabled below.
- Latest Salary Slip (3 months
- Form 16/ ITR return Copies for the past 2 years
- Bank statements for last 6 months (latest)
- Proof of Business existence and business profile
- Bank statements for past 6 months
- past 2 years ITR and Financial Statements + available Tax Paid Challans
ITR for past 2-year +tax calculation sheet and Tax Paid Challan
Option 1 –
- last year’s NRE bank Statement with any bank
- Embassy/ CRO Certified Salary Certificate/Latest 3 months salary slip
Latest Salary Certificate/Slip + Salary credit statement for past 6 months
NRE Account statement for past 2 years and/or resident accounts of spouse/parents (with any bank)which receives the remittance
- Bank statements for past 12 months
- past 2 years Financial Statements + available Tax paid Challans
Option 2 –
All the above documents have to be duly submitted for the application to be complete and to process it faster.
Federal Bank used car loans are easily accessible due to the huge network of bank’s branches as well as its national and international reach through its online portal. The various features of the Federal Bank Used Car Loans that make it an attractive option are highlighted below.
The tenure for Federal Bank used car loans is 60 months or 5 years which is considered to be on the upper side as compared to many other options available in the market in this category.
Federal Bank offers a floating rate of interest on used car loans. The current rate of interest in this category is 14.55% effective from 16th March 2020 across all applicant classes.
Amount of loan to be sanctioned –
The bank sanctions loans up to 100% of the ex-showroom price in case of loans for the purchase of new cars. In the case of old cars, the bank will finance 75% of the value of the vehicle. For this purpose, the value of the vehicle will be calculated to be the lower of,
To calculate the depreciated value, the applicant will have to consider the following method as per the bank’s guidelines.
Other features –
Federal Bank provides a variety of other features for used car loans as under.
All the above features and benefits associated with the Federal Bank used car loans to make it an attractive option in the market.
Federal Bank provides the customers the benefit of correctly estimating the proposed EMIs of the used car loans before actually having to pay them.
Customers can get the benefit of the bank’s EMI calculator at the bank’s website at the following link
Home - Personal - Loans - Personal Car Loan - Calculate EMI
This will take the applicant to a new page on the bank’s website where he/she can calculate the estimated EMI by submitting the following parameters
The applicant will get the details of the estimated EMI, total interest to be paid on the loan and the final amount paid by him/her at the end or completion of the loan.
Federal Bank provides a graphic display of the principal amount and the loan amount paid during the tenure of the loan as well as the yearly amortization schedule stating the interest and the principal amount paid each year.
This information helps the applicant to make an informed decision about the proposed EMI expense and plan for it in a better manner.
Federal Bank customer care service is available 24x7 for any assistance required by the customers regarding the loan products or any other aspect of their banking needs. Customers can also provide their valuable feedback or give suggestions as well as raise any concerns or grievances at their customer care service.
The various ways to reach the customer care of the bank is given below.
+91 484 2630994 / 080 6199 1199 (for abroad customers)
fednetinfo[at]federalbank[dot]co[dot]in (for internet banking queries)
The bank also has an IVR facility that can assist the customers in getting the details of their loans like,
Customers will have to register through the IVR via a four-digit TPIN to avail of this facility of Telebanking.
Federal Bank also has a virtual assistant ‘Ask Anita’ which is an interactive chatbot facility where the customers can get answers to their general queries relating to the bank’s products and services.
1. What is the maximum amount of loan given by the bank for purchasing used cars?
The bank’s used car loans are sanctioned up to 75% of the value of the car.
2. What is the tenure of the loan?
Federal Bank provides used car loans to be repaid in 60 months (5 years).
3. What is the current rate of interest on Federal Bank used car loans?
the current rate of interest on bank’s used car loans is 14.55%.
4. Can a NRI apply for used car loans of the bank?
Yes. Federal Bank allows a NRI to apply for the bank’s used car loans subject to certain specific documentation requirements as mentioned above.
5. Does the bank charge any pre-closure charges?
Federal Bank does not charge any pre-closure charges for individual borrowers.
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