Banner Image
Banner Image

Federal Car Loan for NRIs

Car Loan for NRI Customers

Finance shall not be a red signal when your dream car opens door for you. Drive home your dream car, with Federal Car Loan.


  • Features & Benefits
  • How to apply ?
  • Documents Required
  • Repayment options
  • Other Terms & Conditions
  • Interest Rates & Charges
  • Funding upto 100% of ex-showroom price
  • Repayment period upto 84 months
  • Competitive interest rates
  • Free Personal accident insurance upto Rs. 10.00 lakhs for individuals
  • Nil Pre-closure charges for individuals
  • Can be availed for buying new car, used car and new two-wheelers
  • Re-imbursement within 1 month of car purchase date
  • No-income document scheme
  • Faster processing

Who can apply?

Resident Individuals


How to avail the loan?

To avail the loan, you may please apply online.

KYC Documents

  • Two passport size photos each of the applicant/ and the co obligant
  • Identity Proof – Passport / Voters ID / Driving License/ PAN Card / Aadhaar Card
  • Address Proof – Passport / Voters ID / Driving License / Aadhaar Card
  • Age Proof – Passport / Birth Certificate / Driving License / SSLC or AISSE Certificate
  • Additional documents for Non Resident Customers - Certified copy of Passport, Visa, Work Permit, ID card


Non Resident Salaried (either of option1 or option 2)

Option 1

  • NRE account statement with any bank for last one year
  • Embassy / CRO certified Salary Certificate/ latest 3 months salary Slip OR Latest Salary Certificate / Slip (3 months) supported by 6 months Salary Crediting Statement

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.

Non Resident Self Employed (either of option1 or option 2)

Option 1

  • Proof of Business existence & Business Profile
  • Last 12 months bank a/c statements
  • Balance Sheet, P&L Account for the past two years. Where ever available, Tax paid challans may also be collected 

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.


Other Documents

  • Invoice
  • Latest land tax receipt or own house proof (latest land/building tax receipt, Electricity Bill, Water bill Etc.) 
  • Sale Letter & Valuation letter from authorized used car dealer /dealer in case of Used Car
  • Property Documents (In case of loans over 25 Lakhs)
  1. Documents of title
  2. EC for 13 years
  3. Possession certificate
  4. Location sketch
  5. Land tax receipt
  6. Building tax receipt

Repayment of the loan can be made as EMIs.

Income of the applicant

  • Minimum take Home after meeting all monthly EMI commitments including the proposed one should be at least Rs.20000 (lower take home pay requirement for rural, semi urban locations)
  • Spouse's income can be clubbed.
  • Agricultural Income/Rental can be clubbed with regular income(minimum monthly income to be At least Rs.40,000, including agriculture income/rental income)

Period of the loan

  • New Vehicles (other than two wheelers) - 60 months
  • New Vehicles (for Salaried) - 84 months*
  • Used Vehicles - 60 months
  • New two wheelers - 48 months

*Salaried Category as per Bank's Policy


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
  • In the case of used vehicles 75 % on lower of depreciated /market / purchase value only eligible.

Please visit the Rates & Charges page for details.

The average rating is 4 stars out of 5.
25 total
5 13 
4 9 
3 3 
2 0 
1 0 



Your Rating
Average (0 Votes)
The average rating is 0.0 stars out of 5.
Mobile No*:
Text to Identify
Reload Captcha

Binu Sadanandan
Jul 19, 2015

The average rating is 5 stars out of 5.

I would like to purchase a new swift car petrol model full option.....
Showing 25 - 25 of 25 results.
of 5