Federal Bank Car Loan

To apply, applicants must meet the following Federal Bank Car Loan eligibility criteria:

1. Minimum take-home salary of ₹20,000 after all EMI deductions (including the car loan being availed).
2. Spouse’s income can be clubbed to meet the required eligibility.
3. Combined income of at least ₹40,000 if agricultural or rental income is considered.
4. For used cars, the vehicle should be less than 3 years old.
5. Available for both Resident Indians and NRIs.

By fulfilling these Federal Bank Car Loan eligibility criteria, applicants can enjoy faster approvals and higher loan amounts.

Federal Bank Car Loan Documents Required

Submitting the right paperwork helps in smooth loan approval. The following are the Federal Bank Car Loan documents required:

Common Documents

1. Passport-size photographs
2. Identity proof (Aadhaar, PAN, Passport, Driving Licence, or Voter ID)
3. Address proof (Aadhaar, Passport, Driving Licence, or Voter ID)
4. Age proof (Passport, Birth Certificate, Driving Licence, or SSLC Certificate)

Salaried Applicants

1. Last 3 months’ salary slips
2. Form 16 or Income Tax Returns of the past 2 years
3. Latest 6 months’ bank statements

Self-Employed Applicants

1. Proof of business existence
2. Business profile
3. Last 12 months’ bank statements
4. IT returns for 2 years with Balance Sheet and Profit & Loss statement

NRIs

1. Passport, visa, or work permit copy
2. NRE account statement and overseas salary slips or remittance proof

Providing the correct Federal Bank Car Loan documents required ensures quick verification and processing.

Federal Bank Car Loan EMI Calculator

Before applying, it’s wise to check your repayment capacity using the Federal Bank Car Loan EMI Calculator. This online tool allows you to enter the loan amount, interest rate, and tenure to instantly calculate:

1. The monthly EMI
2. Total interest payable
3. Total repayment amount

Using the Federal Bank Car Loan EMI Calculator helps you choose the right loan tenure and plan your finances more effectively.

Federal Bank Car Loan Interest Rate

The Federal Bank Car Loan interest rate plays a big role in your overall repayment. Currently, interest rates start at:

1. 8.85% per annum for new cars
2. Around 16.30% per annum for used cars

The final rate depends on your profile, loan amount, and repayment tenure. A lower Federal Bank Car Loan interest rate means more savings on your EMIs.

Why Choose Federal Bank Car Loan?

1. Competitive interest rates
2. Simple eligibility criteria
3. Minimal documents required
4. Easy access to the EMI calculator online
5. Transparent process with no hidden charges

With these advantages, the Federal Bank Car Loan stands out as a convenient and affordable financing option for car buyers.

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