Federal Bank Car Loan

About Federal Bank Car Loan

Federal Bank, founded in 1939 in Kerala, was previously called as Travancore Federal Bank. The name change took place ten years later to its foundation date in 1949. What followed the name change a complete change in the bank’s fortunes as it started notching ahead by expanding its presence across the geographical sphere of India. The Kochi-headquartered bank now rules more than 1,000 branches and ATMs across the country and giving its competitor a run for their money through its wide range of customized products, including a car loan.  Available at affordable rates with flexible tenures, the bank’s car loan caters to the needs of the masses. So, if your dream car is eluding you for long, Federal Bank can just be the impetus you require to own a 4-wheeler of your liking. But before you apply for Federal Bank Car Loan, get updated with the pertinent information related to the same. We can help you by providing exhaustive information related to the bank’s car loan offering. So, look below and find all that before jumping to the driving seat of a car.

Federal Bank Car Loan Interest Rate

ParticularsDetails
Interest Rate9.15% - 9.45%
Loan AmountDepends Upon Your Income and Repayment Capability
Loan TenureUpto 7 Years for Salaried, 5 Years for non-salaried
Processing FeeAs Applicable
Prepayment PenaltyAs Applicable

Federal Bank Car Loan Eligibility Criteria

While approving the loan, Federal Bank looks into various factors related to income. Want to check out those factors? Take a look below.

  • The take home income of the applicant after all the loan commitments, if any, and the proposed one must not be less than ₹7,500.
  • The addition of spouse income is allowed.
  • Minimum monthly income should be a minimum of ₹40,000, including agricultural and rental income.  

Federal Bank Car Loan EMI Calculator

What boils down to a smooth repayment is the know-how of the EMI beforehand, don’t you think so, folks? And if you get to know the tool that enables the same, what would be your reaction? Happy, right! For this, you can use the bank’s car loan EMI calculator which uses the loan amount, interest rate and tenure to provide the result you are seeking for. EMI, which is a short form of Equated Monthly Installment, forms repayment of both principal and interest amounts. The calculator’s job is not only to show the indicative EMI. But it also shows how much interest repayments lie ahead for you to make.

For example-  You are a salaried want to avail a ₹6 lakh car loan for a 7-year tenure. You want to know the applicable EMIs and interest repayments. For that, you can glance at the below table.

Table Showing Repayment of EMI, Interest Outgo and Total Outflow Over the Loan Term 

Loan Amount (In ₹)Tenure (In Years)Interest Rate (In ₹)EMI (In ₹)Total Interest Outgo (In ₹)Total Payout ((In ₹)
6,00,00019.15% - 9.45%52,540-52,73630,486-32,8276,30,486-6,32,827
6,00,00029.15% - 9.45%27,480-27,67359,513-64,1556,59,513-6,64,155
6,00,00039.15% - 9.45%19,150-19,34689,390-96,4646,89,390-6,96,464
6,00,00049.15% - 9.45%15,002-15,2031,20,113-1,29,7517,20,113-7,29,751
6,00,00059.15% - 9.45%12,528-12,7331,51,676-1,64,0087,51,676-7,64,008
6,00,00069.15% - 9.45%10,890-11,1001,84,074-1,99,2277,84,074-7,99,227
6,00,00079.15% - 9.45%9,730-9,9452,17,299-2,35,3988,17,299-8,35,398

Amortization Schedule of Loan Repayment

YearPrincipal (In ₹)Interest (In ₹)Outstanding Balance (In ₹)
162,439-63,92252,835-56,9035,36,078-5,37,561
268,943-70,09246,665-50,3994,65,986-4,68,618
376,125-76,85739,899-43,2183,89,129-3,92,493
484,054-84,27632,481-35,2883,04,853-3,08,439
592,411-92,81024,346-26,5332,12,442-2,15,629
61,01,331-1,02,47715,426-16,8651,11,111-1,13,152
71,11,111-1,13,1525,646-6,1910

Documents Needed to Avail Federal Bank Car Loan

DocumentsSalariedSelf-employed
PhotographsTwo passport size photographs of of the applicant and the co obligantTwo passport size photographs of of the applicant and the co obligant
Identity ProofPassport/ Voter ID/ PAN Card/Aadhaar CardPassport/ Voter ID/ PAN Card/Aadhaar Card
Residence ProofPassport/ Utility bill/ Allotment Letter/Aadhaar CardPassport/ Utility bill/ Allotment Letter/Aadhaar Card
Income ProofLatest Salary Certificate/Last 3 Month Salary Slip, Form 16 or ITR for Last 2 YearsITR, Profit & Loss A/c and Audited Balance Sheet for Last 2 Years
Bank StatementLast 6-month Bank Statement Showing Credit of SalaryLast 12-month Bank Statement
Business Establishment Proof-Utility Bills of Firms, Tax Registration Copy
Other DocumentsSale Letter & Valuation letter from authorized used car dealer /dealer in the case of Used Car

Property Documents for loans more than ₹10 Lakhs)

Documents of title
EC for 13 years
Possession certificate
Location sketch
Land & building tax receipt
Sale Letter & Valuation letter from authorized used car dealer /dealer in the case of Used Car

Property Documents for loans more than ₹10 Lakhs)

Documents of title
EC for 13 years
Possession certificate
Location sketch
Land & building tax receipt

 

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EMI Calculator