Federal Bank Car Loan in Jammu

About Federal Bank Car loan in Jammu

Federal bank is one of India’s most established private sector banks which has continually strived to satisfy the financial necessities of the people. The bank was formerly known as Travancore bank and the name was changed to Federal bank limited in 1947. As a matter of fact, the bank was established when India was fighting with full strength to gain freedom from the regime of the British.  The head office of the bank, from where all the main operations are conducted is situated in Aluva, Kochi in Kerala. It was only in 1945 that the head office was shifted to Aluva on May 18, 1945. By the next year, on January 26, 1946, the bank established its second branch in Angamally. Federal bank had a very modest beginning with an approved capital of Rs. 5,000. The bank has always led from the front and set up examples for other banks. It has turned into a standout performer in terms of stability amongst other banks of India. The bank has structured a plan to reach even the remotest corners of India so that the services are provided 24X7 without stop. It has even opened a branch in the land of Arabs, UAE, so that the needs of NRI customers are met on time.  Federal bank has been successful to leave a reverberating impact on the banking sector of India. The bank has been stood out in terms of innovation. What could be more apt, than the two examples of  Virtual Accounting System (VAS) and FedBook. The bank has won honors for the same. In short, the bank has been able to nurture a strong relationship with all the customers.

It would be a complete injustice to Jammu, if only the tourist aspect of the city is talked about. The city has witnessed the development of several small scale industries over the last ten years. Federal bank has also one branch in the city which is meeting the financial needs of the people here. The bank offers a car loan to the people living in Jammu so that they can drive their own car on the roads of the city. With a car loan, the people will no longer have to hold back their dreams. The product comes with interesting features of its own like longest term period, low EMIs and less processing fees.

Federal Bank Car loan in Jammu at a glance

Check out the important details of Federal Bank Car loan Jammu here.

ParticularDetails
Interest rate9.15% - 9.45%
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

The eligibility norms for a car loan have been given below. Check them out-

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

  • 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 extra information, have a look at Car Loan Jammu.

Address of Federal Bank branches in Jammu

BranchAddressIFSCMICRCustomer Care
JammuPlot No 63, Sector B. Block D, Gandhi Nagar Extension, Jammu 180004 , Jammu & Kashmir StateFDRL00017601800490010191 - 2439331, 2439341

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