Car Loan 

Fedbank Car Loans | Interest Rates | Documents | Eligibility | apply

1973 Views

Fedbank Car Loans: Get Details on Eligibility, Repayment Options, Documents requirement, Security & Interest Rates of personal car loan of fedbank.

Purpose: Purchasing new & used four wheelers for private use.

Loan Amount:

  • Minimum amount – Rs 25,000
  • Maximum up to Rs 50 Lakhs for Individuals and Rs 200 Lakhs for Corporates / Group Loans

Compare, Calculate & Save more on Interest Rates & EMIs

Professional Details
Loan Amount
Occupation
Annual Income
City

Eligibility:

  • Residents – monthly income not less than Rs 7,500.
  • NRIs – monthly income not less than Rs 20,000.
  • Deductions including the proposed loan within 50 % of salary.
  • Spouse’s income can be clubbed.
  • If agricultural income is considered, the borrower should own at least 2.5 acres of land with yielding cash crops.
  • In the case of used vehicles 75 % on lower of depreciated /market / purchase value only eligible.

Period:

  • New Vehicles (other than two wheelers) – 60 months
  • Used Vehicles – 60 months
  • New two wheelers – 48 months

Repayment: Equated Monthly Installments.

Co-obligants: Residents – Spouse.

Security:

  • Hypothecation of vehicle to be acquired out of the loan amount.
  • Collateral security is not required for loans up to Rs.10 L and loans to Educational institutions & Corporates.

Conditions for used vehicles:

  • Depreciation using Straight Line Method @ 15% for the first year and @ 10% for subsequent years.
  • Part of the year shall be counted as one year.
  • Age of vehicle not more than 3 years

 

Related Posts: