Federal Bank Car Loan in Mumbai

Last Updated : March 22, 2017, 8:20 p.m.

About Federal Bank Car loan in Mumbai

Federal Bank is one the leading private sector banks in India which is serving the people since a long time. The bank was formed on April 28, 1931, in Kerala. It has turned out to be one of the most stable commercial private banks. The bank has its main head office in Aluva, Kochi. The bank has seen a journey of more than eight decades, which is a feat in itself. K P Hormis can be credited for the phenomenal growth of the bank as he was the man in charge who founded the bank. During the initial stages, the bank was engaged in different businesses of auction chitty as well as banking transactions which were linked to industry and agriculture. At present, the bank is a strong commercial bank which has helped many people in realizing their dreams. The bank has over thousand operating branches and ATMs which offer service to the customer from time to time. The bank has considered innovation as an important factor and has used it at regular intervals. It has given the banking sector new and innovative techniques of banking which were followed by different banks later. It is the first bank in the nation which ensured that the facility of RTGS is implemented in all its branches. The bank has been successful in winning coveted awards like ‘Best Corporate Brand’, ‘Most Socially Committed Organization’ and ‘Excellence in Banking Technology. The bank is known to conduct the first ever telephone bill payment through electronic means in the country.

Mumbai, the capital of Maharashtra is also the financial, commercial and entertainment capital of India. People from different corners of the country come to come in search of a better standard of living and job facilities. Federal Bank has set up more than 20 branches in the city so that Mumbaikars don’t face any kind of financial problems. The bank is providing the customer various financial products and services which are well suited to fulfill any kind of requirement.

A car loan is a product that is offered to the customer so that he/she can fulfill his/her vehicle needs. Mumbaikars can now drive in their own car and take a break from traveling in the local trains. Federal Bank offers a car loan to applicants who meet the eligibility norms and complete the process of documentation. It gives the customer a flexible repayment tenure that suits him/her the most.

Federal Bank Car loan Mumbai at a glance

Have a key look at the important details of Federal Bank Car Loan Mumbai.

Eligibility criteria

The eligibility norms set by the bank for a car loan are as follows-

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

• 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

the documents required for a Federal Bank car loan Mumbai have been given below.

• 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

Please refer to Car Loan Mumbai for additional information.

Address of Federal Bank branches in Mumbai

Check out the address details of Federal Bank branches in the city of dreams, Mumbai along with their IFSC and MICR codes.