Best Banks for Car Loan in Rajamundry
Feature |
HDFC Bank |
Private Bank |
Kotak Mahindra Bank |
Interest Rate |
8% - 8.4 % |
8.5 - 9.5 % |
11% |
Min Loan Amt |
Metro : 1 Lac & Non Metro: 75000 |
75000 |
75000 |
Max Loan Amt |
1 Cr |
1 Cr |
1 Cr |
Loan Tenure |
Upto 7 Years |
Upto 5 Years |
Upto 5 Years |
Processing Fee |
1999 - 4999 + Tax |
0.25% to 1.50% |
0.25% to 1.50% |
Preclosure Chgs |
2%, Nil after 24 months |
2%, Nil after 36 months |
Nil |
Loan to Value (LTV) |
Upto 100% on Ex- showroom |
Upto 95% on Ex- showroom |
Upto 90% on Ex- showroom |
Car Loan Rajamundry Features
Thinking of buying your dream car? But don’t have the needed funds for it? Bother not! A car loan is here to meet your dreams. A car loan is a medium of funding or financial help provided by banks and NBFCs to applicants at an affordable rate of interest to help them in getting a car of their choice. Since cars have now become a necessity for everyone, but the cost of cars is spreading rapidly daily, a car loan has also become important and fulfills your ambition to be the proprietor of a comfortable car.
The main characteristics of a car loan in Rajamundry are:
- Car loans are accessible at affordable low-interest prices
- Nearly all main banks and NBFCs offer car loans in the center
- The documentation method is quick and hassle-free on regarding with DialaBank.
- Car loans are easily accessible through Dialabank and distributed immediately
Car Loan Rajamundry Interest Rate
| Bank | Processing Fee |
Prepayment Charges
|
| HDFC Bank Car Loan | (1999 - 4999) + Tax |
2%, Nil foreclosure charges after 24 months
|
| Axis Bank Car Loan | 1 % to 2.50% | Nil |
| Private Bank Car Loan | 0.25% to 1.50% |
2%, Nil foreclosure charges after 36 months
|
| SBI Car Loan | 500/- to 0.50% | Nil |
| Kotak Car Loan | 1% to 2% |
2.25% of fore closure amount if closed 1 month ahead of the tenure.
|
| IIFL Car Loan | Nil | Nil |
| Muthoot Car Loan | Nil | Nil |
| Manappauram Car Loan | Nil | Nil |
| PNB Car Loan | 0.70% to 1% | Nil |
| Canara Bank Car Loan | 0.01 | Nil |
| Andhra Bank Car Loan | Nil | Nil |
To check Car Loan Interest Rate for all major banks you can visit: Car Loan Interest Rates
Car Loan Rajamundry Documents Required
Documents required for car loan are as followed:
For salaried:
- Identity Proof: Passport copy, Voters ID card, PAN Card, Driving License
- Income Proof: Newest 3-month salary slip including form 16
- Address Proof: Voters card / Passport Copy / Telephone Bill / Electricity Bill / Ration card / Driving license / Life Insurance Policy /PAN Card or any other valid document
- Bank Statement: for the latest 6 months.
For self-employed:
- Identity Proof: Voters ID card, Passport copy, PAN Card, Driving License
- Income Proof: Latest ITR proof
- Address Proof: Ration card / Driving license / Telephone Bill / Electricity Bill / Voters card / Passport Copy / Life Insurance Policy /PAN Card or any other valid document
- Bank Statement: for the latest 6 months.
Car Loan Rajamundry Eligibility Criteria
The car loan eligibility requirements are as followed:
For salaried:
- Minimum age: 21 years
- Maximum age at loan maturity: 60 years
- Minimum employment: 1 year in prevailing employment and a minimum of 2 years of profession
- Minimum Annual Income: Rs 100000 exclusive annual salary
For self-employed:
- Minimum age: 30 years
- Maximum age at loan maturity: 65 years
- Minimum employment: at shortest 3 years in the enterprise
- Minimum Annual Income: For Salaried Rs 100000 net annual income / For Self- Employed Net profit Rs. 60000 p.a for normal cars and Rs.100000 p.a. for mid-sized and select cars
Car Loan for Major Car Manufacturers in Rajamundry
TABLE WILL APPEAR
Processing Fees & Prepayment Charges on Car Loan Rajamundry
| Category | Details |
| Processing Charges |
1999 - 4999 + Tax
|
| Prepayment |
No prepayment is allowed until 12 EMIs are paid
|
| Preclosure |
No foreclosure is allowed until 12 EMIs are paid
|
|
Prepayment Charges
|
13-24 months: 2% of loan principal outstanding
|
|
>36 months: Nil Charges
|
|
| Stamp Duty |
As per state laws
|
| Cheque Bounce Chgs |
₹ 550/chq + GST
|
| Floating Rate of Interest | Not Applicable |
| Overdue EMI Interest |
2% p.m.(on overdue amount)
|
| Amortisation Schedule Chgs | Rs 200 + GST |
CIBIL Score Required for Car Loan in Rajamundry
The CIBIL score is the score that determines your capacity to pay off your credits. A more powerful Credit score indicates you have a good credit history and makes your administration process smooth and easy to be accepted. Usually, banks and NBFCs require a credit score of 750 and above to approve any loan application process in Rajamundry. This average requirement may change from bank to bank. But in case a CIBIL score is less than the needed value you may be required to pay a high rate interest rate to avail the loan.
Other than that, the details of the previous loan are verified by the organization. Any delays in the last loan can lead to a barrier in availing of a new car loan in Rajamundry.
Car Loan Rajamundry Contact Number
In case of any queries regarding the car loan in Rajamundry, you may contact the number 9878981166 for any sort of assistance.
Pre Calculated EMI Table for Car Loan Rajamundry
| Rate | 5 Yrs | 4 Yrs | 3 Yrs |
| 10.50% | 2149 | 2560 | 3250 |
| 11.00% | 2174 | 2584 | 3273 |
| 11.50% | 2199 | 2608 | 3297 |
| 12.00% | 2224 | 2633 | 3321 |
| 12.50% | 2249 | 2658 | 3345 |
| 13.00% | 2275 | 2682 | 3369 |
| 13.50% | 2300 | 2707 | 3393 |
| 14.00% | 2326 | 2732 | 3417 |
| 14.50% | 2352 | 2757 | 3442 |
| 15.00% | 2378 | 2783 | 3466 |
You can calculate your EMI here: Car Loan EMI Calculator
Car Loan EMI Calculator
About Rajamundry
Rajamundry is a town in the Indian state of Andhra Pradesh. The center is located on the ledges of River Godavari in the East Godavari district of the state. The city is the 7th most populated city in the state. Throughout British rule, the District of Rajahmundry was built in the Madras Presidency in 1823.
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