Best Banks for Car Loan in Faizabad
Car Loan Faizabad Features
Thinking of purchasing your dream car? But don’t have the required funds for it? Worry not! A car loan is here to fulfill your dreams. A car loan is a means of funding or financial help provided by banks and NBFCs to applicants at an affordable rate of interest to aid them in buying a car of their choice. Since cars have now become a necessity for everyone, but the cost of cars is growing rapidly daily, a car loan has also become important and fulfills your desire to be the owner of a luxurious car. The main features of a car loan in Faizabad are:
- Car loans are available at affordable low-interest rates
- Almost all major banks and NBFCs offer car loans in the city
- The documentation process is quick and hassle-free on applying with DialaBank
- Car loans are easily available through DialaBank and disbursed quickly
Car Loan Faizabad Interest Rate
Bank
Processing Fee
HDFC Bank Car Loan
(1999 - 4999) + Tax
Axis Bank Car Loan
1 % to 2.50%
Nil
Private Bank Car Loan
0.25% to 1.50%
SBI Car Loan
500/- to 0.50%
Nil
Kotak Car Loan
1% to 2%
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 Faizabad Documents Required
The essential documents required for car loan to get it approved in Faizabad are as follows:
For salaried:
- Identity Proof: in the form of any one of the following Passport copy, PAN Card, Voters ID card, Driving License
- Income Proof: Latest 3-month salary slip with form 16
- Address Proof: Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy /PAN Card or any other valid document
- Bank Statement: for the last 6 months.
For self-employed:
- Identity Proof: in the form of any one of the following Passport copy, PAN Card, Voters ID card, Driving License
- Income Proof: Latest ITR proof
- Address Proof: Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy /PAN Card or any other valid document
- Bank Statement: for the last 6 months.
Car Loan Faizabad Eligibility Criteria
The car loan eligibility requirements are as followed in Faizabad:
For salaried:
- Minimum age: 21 years
- Maximum age at loan maturity: 60 years
- Minimum employment: 1 year in current employment and a minimum of 2 years of employment
- Minimum Annual Income: Rs 100000 net annual income
- Usually getting a car loan in Faizabad is easier when the applicant possesses a CIBIL score of 750 and above which is an essential factor required for loan approval.
For self-employed:
- Minimum age: 30 years
- Maximum age at loan maturity: 65 years respectively
- Minimum employment: at least 3 years in business
- Minimum Annual Income: For Salaried Rs 100000 net annual income / For Self- Employed Net profit Rs. 60000 p.a for standard cars and Rs.100000 p.a. for mid-sized and premium cars
- Usually getting a car loan in Faizabad is easier when the applicant possesses a CIBIL score of 750 and above which is an essential factor required for loan approval.
Car Loan for Major Car Manufacturers in Faizabad
TABLE WILL APPEAR
Processing Fees & Prepayment Charges on Car Loan Faizabad
Category
Details
Processing Charges
Prepayment
Preclosure
Stamp Duty
Cheque Bounce Chgs
Floating Rate of Interest
Not Applicable
Overdue EMI Interest
Amortisation Schedule Chgs
Rs 200 + GST
CIBIL Score Required for Car Loan in Faizabad
The CIBIL score is the score that defines your ability to pay off your credits. A higher Credit score means you have a good credit history and makes your application process smooth and easy to be approved. Usually, banks and NBFCs require a credit score of 750 and above to approve any loan application process in Faizabad. This score requirement may vary from bank to bank. But in case a CIBIL score is less than the required value you may be required to pay a high interest rate to avail the loan.
Car Loan Faizabad Contact Number
In case of any queries regarding the car loan in Faizabad, you may contact the number 9878981166 for any sort of assistance.
Pre Calculated EMI Table for Car Loan Faizabad
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
Car Loan EMI Calculator
About Faizabad
Faizabad is a city in the Faizabad district in the Indian state of Uttar Pradesh, which forms a municipal corporation with the city of Ayodhya
Yes, you have to use your credit history and previous arrangement with the prospective bank or any other lender in Faizabad to negotiate the interest rate on your car loan. Regularly paying your past loans/credit cards EMI with your prospective bank or any other lender will help you get a car loan with a lower interest rate. A car loan can last anywhere between one to five years. The higher the EMI, the shorter your loan term, and the opposite is valid for longer car loan terms. Currently, only limited lenders are offering car loans on terms of up to seven years in Faizabad. If you are unable to meet the lending institution’s eligibility standard, such as monthly salary, age, or credit score, a loan guarantor or co-borrower is required. You can even apply for a car loan of your own.
FAQs about Car Loan Faizabad
✅ Can I get a loan to purchase a used car in Faizabad?
✅ What is the typical tenure of a car loan in Faizabad?
✅ Do I need a loan guarantor or co-borrower in Faizabad?
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