You can avail a car loan from Federal Bank at interest rates starting from 9.05% (for new cars) with repayment tenure of up to 84 months. Up to 100% of the ex-showroom price of the car may be provided as a loan. Car loans are provided for new cars as well as for used cars.
| Category | Interest Rates and Finance |
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| Interest Rate |
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| Finance |
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| Repayment Tenure |
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The main features and benefits of the Federal Bank Car Loan are mentioned below:
Some of the main factors that affect the car loan interest rates offered by Federal Bank are mentioned below:
Some of the different ways by which you can increase your eligibility of availing the loan are mentioned below:
If you wish to know the monthly payments that must be paid in case you avail a loan, the car loan EMI calculator offered by BankBazaar can be used. Using the tool is easy and saves time. By typing in basic details such as the rate of interest, loan amount, processing fee, and repayment tenure, the details will be displayed immediately. You can also check details such as the pending principal amount and interest amount using the calculator.
The list of documents that must be submitted by self-employed individuals and salaried employees are mentioned in the table below:
| Category | Salaried Employees | Self-Employed Individuals |
|---|---|---|
| Photograph | Two passport-size photographs | Two passport-size photographs |
| Identity Proof | Any of the below-mentioned documents can be submitted as proof of identity:
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Any of the below-mentioned documents can be submitted as proof of identity:
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| Address Proof | Any of the below-mentioned documents can be submitted as proof of address:
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Any of the below-mentioned documents can be submitted as proof of address:
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| Age Proof | Any of the below-mentioned documents can be submitted as proof of age:
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Any of the below-mentioned documents can be submitted as proof of age:
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| Income Proof |
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Any other document requested by Federal Bank must also be provided.
Yes, NRIs can apply for a Federal Bank car loan.
Yes, you can pre-close the car loan. Federal Bank does not levy any pre-closure charges for individuals.
No, collateral or security need not be provided. The vehicle acts as the security.
Yes, you can apply for a car loan at a Federal Bank branch. Once you have met the eligibility criteria, the relevant documents must be submitted.
Only once the loan is repaid can the car be sold. A NOC is required to sell the car. The NOC is provided only once the loan has been cleared.
