Federal Bank Car Loan Interest Rate

• Car loans with low-interest rates.
• Car loans include repayment terms of up to 84 months.
• Financing available up to 100% on ex-showroom costs.
• Various vehicle loan discounts and offers are announced on a regular basis.
• Individuals can get free personal accident insurance worth up to Rs.10 lakh.
• Loan applications are processed quickly.
• No-income-documentation plan.

Here is the table to show the Federal Bank car loan rate of interest 2024 -

There are numerous elements that determine the interest rate on any car loan. These factors may be intrinsic or inherent to the Bank's product, or they may be caused by any external force.

Some of these elements are listed below-

• The type of interest charged by the Bank is one of the most important elements in determining the rate of interest, as floating rates of interest are typically lower than fixed rates of interest.
• A lesser loan amount combined with a shorter term will result in a lower interest rate since the lender assumes less risk, and vice versa.
• Inflation is the most important external factor influencing interest rates in any economy. It is proportionate to the interest rate on any lending product.
• The Bank will look at the borrower's credit history to determine the interest rate. In comparison to the other instance, a borrower with a higher credit score and a solid repayment capacity will profit from a lower or decreased rate of interest.

The Federal Bank has established specific eligibility conditions for a person to apply for a Federal Bank car loan. The details of such eligibility are provided below in accordance with the Bank's rules.

• The Bank's car loan has a minimum age requirement of 21 years and a maximum age requirement of 60 years.
• Residents of the country, as well as qualifying non-residents, can apply for the Bank's car loans.
• The Bank has established a minimum income threshold for applicants to be eligible for a car loan. These limits apply to the type of individuals that apply for the loan.
  
  The specifics are shown below-
  - Individual - Rs. 20,000
  - Agriculture Income / Rental Income - Rs. 40,000

Following are the documents required to apply for a car loan from Federal Bank-

• Each candidate and co-applicant must provide two passport-sized pictures.
• Passport/Voter ID/Driving License/PAN Card/Aadhaar Card are acceptable forms of identification.
• Passport/Voter ID/Driving License/Aadhaar Card as proof of address
• Passport/Birth Certificate/Driving License/SSLC or AISSE Certificate as proof of age
• Non-resident customers must provide a certified copy of their passport, visa, work permit, and ID card.

• Proof of company existence and a business profile
• Bank account statements for the previous year's months
• IT returns for the previous two years, supported by the balance sheet and profit and loss statement
• Challans for tax payments
• IT returns for the previous two years, accompanied by a tax calculation sheet and tax paid challans.

• Salary slip for the previous three months
• Copies of the previous two years' IT returns or Form 16.
• The last six months' bank account statement demonstrates salary credits.