Know all about Federal Bank Car Loan Indore- Wishfin

Federal Bank Car Loan in Indore

About Federal Bank Car loan in Indore

Federal bank is one of the private sector banks which was constituted before India got its independence. The commercial bank was established in 1931 in the state of Kerala in southern India. The main head office of the bank is situated in Aluva in Kochi. The bank got the name Federal bank limited in 1947, before that it was called as Travancore bank. After that, the bank has been able to create success stories of its own. It has emerged as a prominent private sector bank which has catered to the needs of the people of the country. The bank has spread out its wings in different parts of India by opening up more than 1000 ATMs and branches. It has ensured that the products and services are delivered on time to the customer. It has a wide range of delivery channels which includes internet banking, alerts and mobile banking. The bank has given the customer a provision to avail 24-hour banking service through any delivery channel which suits his/her requirement. It was one of the few banks in India which deployed most of the technology enabled services in the branches at the semi-urban and rural areas. The bank has turned out to a favorite choice for Non-Indian residents.

Indore is the largest city in the state of Madhya Pradesh and is also the financial capital of the state. The city is an important centre of distribution, trading, commerce and finance. Indore can be called the economical link point of Central India and this is the reason why it enjoys quite a prominence. As there are a number of industries which are flourishing in the city, the banks have increased their presence in the city. Federal bank has established two branches in the city which are taking care of the requirements from time to time.

A car loan is quite popular amongst the customers who wish to buy a stylish car that adds spark to their style statement. Federal bank offers a car loan to applicants who are able to fulfill all the eligibility criteria and submit the documents.

Federal Bank Car loan in Indore at a glance

Interest rate7.65% Onwards
Loan amountWill depend on the bank’s norm
TenureNew cars: 7 years (for salaried)

Pre-owned cars: 5 years
Processing feeAs per the bank’s norm
Pre-payment chargeAs per the bank’s norm

Eligibility criteria

  • Residents individuals and big corporates are eligible to apply for a Federal Bank car loan in Indore

  • The applicant needs to take home at least ₹ 7,500 after meeting all the EMI commitments. You should note that this also includes the proposed EMI for the car loan he/she will take

Documents required

  • Two photographs of passport size of both the applicant and the co obligant
  • Proof Of Identity- PAN Card/Passport/Aadhar card/Driving License/Voter ID Card
  • Proof of Age- Passport/ SSLC or AISSE Certificate/Birth Certificate/Driving License
  • Proof of Residence- Aadhar Card/Passport/Voter ID Card/Lease agreement/Telephone bill/Ration card/Electricity bill
  • Proof of Income-

For Salaried individuals:  

  • Income Tax returns of the previous two financial years or Form 16
  • Salary slip of the last three months /Latest salary certificate,
  • Bank statement of the last six months.

For Self-employed:

  • Proof of existence of the business and its profile
  • Bank account statements of the last 12 months
  • Audited Balance Sheet/ Profit & Loss account
  • Income Tax returns of the past two financial years
  • IT returns of the previous two years which has to be supported by tax calculation sheet

Other documents-

  • Invoice
  • In case of a used car, Valuation & sale letter from an authorized used car dealer is needed
  • Own house proof or latest land tax receipt

    Some property documents that are needed if loan amount is above 10 Lakhs-

  • possession certificate
  • document of title
  • location sketch
  • EC for 13 years

For additional information, check out Car Loan Indore.

Address of Federal Bank branches in Indore

Branch NameAddressIFSCMICRCustomer Care
IndoreP B No.108, 1/2 Jaora Compound, M Y H Road, Indore, 452001 , Madhya PradeshFDRL00012344520490020731-2704217
VijayanagarShagun G1 & G2, Plot No.7, Pu 4, Scheme 54, Ab Road, Indore 452010 Madhya PradeshFDRL0002140Non-MICR1800-425-1199
Indore PipliyahanaC-3, Brajeshwari Extension, Main Road, Ida Scheme No.140, Near Pipliyahana Chouraha, Indore 452001 Madhya PradeshFDRL0002142Non-MICR1800-425-1199

Personal Loan Interest Rates March 2024
HDFC Bank10.75% - 14.50%
ICICI Bank10.75% - 19.00%
IndusInd Bank10.25% - 26.00%
Kotak Bank10.99%
RBL14.00% - 23.00%
SMFG India Credit12.00% - 24.00%
Standard Chartered Bank11.49%
Tata Capital10.50% - 24.00%
Home Loan Interest Rates March 2024
Axis Bank8.75% - 9.15%
Bank of Baroda8.50% - 10.60%
Citibank8.75% - 9.15%
HDFC8.50% - 9.40%
ICICI Bank9.00% - 9.85%
Indiabulls Housing Finance Limited8.65%
Kotak Bank8.70%
LIC Housing8.50% - 10.50%
Piramal Capital & Housing Finance10.50%
PNB Housing Finance8.50% - 10.95%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI9.10% - 9.65%
Tata Capital8.95% - 12.00%