- The applicant must be a resident of India or at least a documented NRI.
- The applicant should be at least 21 years of age.
- The applicant must not be older than 65 years at the time of loan maturity.
- After meeting loan EMI commitments, the applicant must have a take home amount of at least Rs.7500.
Income of the applicant
- The minimum take home salary of the loan applicant after meeting all monthly EMI commitments including the proposed one should be not be less than Rs.7500
- The income of spouse can be clubbed with the applicant’s in order to make up for the income eligibility criteria.
- Agricultural Income or rental income can also be added to the regular income. When the agricultural and rental income is clubbed, the minimum monthly income must be at least Rs.40,000, including agriculture income/rental income.
- For used vehicles, 75 % on lower of depreciated /market / purchase value only eligible.
Why check your eligibility for Federal Bank car loan?
Check your eligibility for Federal Bank car loan before you apply for the loan so that you fully understand the eligibility criteria which you need to meet in order to avail the loan. You must check all the requirements for Federal Bank car loan so that your loan application process is smooth and hassle-free. There are a number of benefits for checking whether you are eligible for a Federal Bank car loan:
- You understand the eligibility criteria
- If you do not fulfill the criteria you can take possible steps for the same
- Checking Federal Bank car loan eligibility saves you from loan denials as you have checked before that you fulfill the loan eligibility criteria or not.
- Once you check your process of applying for the car loan becomes easy and less time consuming.
With people becoming more open to using the online medium, many things have been made available over the internet. You can also check your loan eligibility using the loan eligibility calculator available on Bank and other financial websites. Using online tools saves both time and money.
How to check your Federal Bank car loan eligibility?
You can check your eligibility at PaisaBazaar.com. The car loan eligibility calculator at PaisaBazaar.com is easy-to-use and checks your eligibility in a few minutes. Here’s how you can check your Federal Bank car loan eligibility at PaisaBazaar.com:
- Go to PaisaBazaar.com and select other loans. From the drop down menu choose car loans.
- When you click on the car loan, you will be taken to a page where you can check your car loan eligibility.
- You will have to fill out a simple questionnaire to check your eligibility. The questionnaire includes questions pertaining to your personal details and the loan you intend to borrow.
- Once you enter all the details, the eligibility calculator checks your eligibility and displays results. The calculator displays the best deals on car loans as per your eligibility and requirements. The car loans are tabulated with their key features, so that you are able to compare the displayed options and make the best choice.