Please click here to know more service charges for car loans.What You Need to Know When Buying a Vehicle What are the service charges for Federal Car loan? Yes, you can make your prepayment in either part or full. You can calculate car loan EMI using our Car Loan EMI calculator by entering principle amount, tenure, rate of interest etc.Īmortization is a tabular schedule with details of interest payment and periodic principal of a loan along with the amount outstanding after each payment and the decrease of loan balance till zero. The actual EMI payment starts after the possession of the house / flat. Under the Pre-EMI option, the borrower is required to pay only the interest on the loan amount that will be disbursed as per the progress on the construction of the project. Repo rate is used by monetary authorities to control inflation. Repo rate is the rate at which Reserve Bank of India lends money to commercial banks in the event of any shortfall of funds. It means longer tenure makes EMIs cheaper and vice versa.įixed rate of interest means interest rate remains constant during the entire tenure of the loan.įloating rate of interest means interest rate fluctuates based on the changes in RBI’s Repo Rate. Tenure - The tenure or the period is the time within which you repay your loan.It is also directly proportional to your car loan EMI. Rate of Interest - The rate of interest is the rate at which Bank offers you the car loan.Lower principal will lower your EMI and vice versa. Principal - The principal is the loan amount that you avail from Bank.What are the factors affecting car loan EMI? EMI's are used to pay both interest and principal amount of a loan in a way that over a specific number of years, the loan amount is repaid to the bank along with interest. Your housing loan EMIs are fixed at the time of availing the loan. It includes repayment of the principal amount and payment of the interest on the outstanding amount of your Federal Bank car loan. Repayment of car loans are to be made in Equated Monthly Installments (EMI).ĮMI stands for Equated Monthly Installment. Whenever car loan interest rates are changed, new rates and corresponding EMI shall be communicated to the borrower. Please click here to know latest car loan interest rates. Used Vehicles : Maximum 84 months for Resident customers and maximum 60 months for NRI customers with the condition that the total of loan period and age of the vehnicle shall not exceed 10 yearsĬar loan interest rate will change subject to the changes made by Bank/RBI from time to time. New Vehicles : Maximum 84 months for Resident customers and maximum 60 months for NRI customers Individuals, Sole Proprietorships, Partnership firms, Companies, Trusts, Educational Institutions and any other lawful organizations with adequate / regular income to repay the loan. What is the Eligibility Criteria for a Car Loan? Property Documents (In case of loans over 25 Lakhs).Sale Letter & Valuation letter from authorized used car dealer /dealer in case of Used Car.Latest land tax receipt or own house proof (latest land/building tax receipt, Electricity Bill, Water bill Etc.).Where ever available, Tax paid challans may also be collected Balance Sheet, P&L Account for the past two years.Non Resident Self Employed (either of option1 or option 2) Two years NRE a/c statement of the customer and/or resident accounts of spouse/parents (with us/ other Bank) in which remittance is made.Embassy / CRO certified Salary Certificate/ latest 3 months salary Slip OR Latest Salary Certificate / Slip (3 months) supported by 6 months Salary Crediting Statement.NRE account statement with any bank for last one year.Non Resident Salaried (either of option1 or option 2) Where ever available, Tax paid challans may also be collected OR Last 2 years IT returns supported by Tax calculation sheet & Tax paid challans IT returns for 2 years supported by Balance Sheet, P&L Account for the past two years.Proof of Business existence & Business Profile.Latest 6 month's Bank Account statement evidencing the salary credits.Copies of IT returns (2 years) or Form No.16 (2 years).Latest Salary Certificate / Salary Slip (3 months).Additional documents for Non Resident Customers - Certified copy of Passport, Visa, Work Permit, ID card.
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Age Proof – Passport / Birth Certificate / Driving License / SSLC or AISSE Certificate.Address Proof – Passport / Voters ID / Driving License / Aadhaar Card.Identity Proof – Passport / Voters ID / Driving License/ PAN Card / Aadhaar Card.Two passport size photos each of the applicant/ and the co obligant.
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