Car Loan Gurdaspur

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Car Loan Gurdaspur

Best Banks for Car Loan in Gurdaspur

Private Bank
Kotak Mahindra Bank
Interest Rate
8% - 8.4 %
8.5 - 9.5 %
Min Loan Amt
Metro : 1 Lac & Non Metro: 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
Loan to Value (LTV)
Upto 100% on Ex- showroom
Upto 95% on Ex- showroom
Upto 90% on Ex- showroom

Car Loan Gurdaspur Features

car loan gurudaspurBuying your favorite car is not really a big deal unless if you have enough cash in hand. An Auto Loan is an offer that provides finance to people for buying a vehicle. It is a loan that can be used for buying an expensive and luxurious vehicle.

Car Loan Gurdaspur Interest Rate

Car loan interest rates change every time, again and again, so it’s important to monitor them. Your loan’s interest rate impacts the amount you’re going to pay for the month to month. Furthermore, a lower interest rate can mean a huge number of rupees in savings. Our rate table can assist you in realizing the best ideal opportunity to purchase a vehicle.
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 Gurdaspur Documents Required

Apply for a Car Loan Documents required for car loan are as followed:

For salaried :

  • Identity proof- Aadhar Card, PAN Card, Voters ID card, Driving License
  • Income proof- Latest salary slip of 6 months
  • Address Proof- Ration card/ Driving license/Voters Card/Passport Copy/Telephone Bill/Electricity Bill, etc.
  • Bank statement of the last 6 months

For self-employed:

  • Identity proof- Aadhar card, PAN card, Voters ID card, Driving license
  • Income proof- Latest 1-year ITR
  • Address proof- Ration card/ Driving license/ Voters card/Passport copy/ Telephone Bill/Electricity Bill,etc.
  • Bank statement of the last 6 months

Car Loan Gurdaspur Eligibility Criteria

The car loan eligibility requirements are as followed in Gurdaspur:

For salaried:

  • The minimum age of the applicant to apply is 21 years and the maximum age of the applicant to apply is 65 years
  • 1 year in current employment and also a minimum of 2 years of employment is required
  • The annual income should be more than Rs.3 lakhs and also for the standard cars, the applicant should get more than 3 lakhs of income

For self-employed:

  • The minimum age of the applicant to apply for the loan is 21 years and the maximum age of the applicant to apply for the loan is 65 years for car loan
  • The applicant should have at least 3 years in business so that the applications will get approved quickly and also the applicant should submit income tax return (ITR) files
  • The net annual income should be more than 4 lakhs also for the standard cars, the applicant should have more than 3 lakhs of income

Car Loan for Major Car Manufacturers in Gurdaspur


Processing Fees & Prepayment Charges on Car Loan Gurdaspur

Category Details
Processing Charges
1999 - 4999 + Tax
No prepayment is allowed until 12 EMIs are paid
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 Gurdaspur

Apply for a Car Loan CIBIL score plays a key role while getting the loan. If your CIBIL score is between 750-900. you will get quick loan approval. If the CIBIL score is less than 700 then your application will be pending. Make sure you check your CIBIL score before you apply for the loan. If you pay your EMIs in time then your CIBIL score will increase. If you do not repay your EMI your CIBIL score will be reduced. the applicant has to pay monthly EMIs according to there schedule of the bank.

Car Loan Gurdaspur Contact Number

For instant help and any more queries, you can call 9878981166.

Pre Calculated EMI Table for Car Loan Gurdaspur

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 Gurdaspur

Gurdaspur is a city in the state of Punjab, India, between the rivers Beas and Ravi. Through its location on the Indian side of the Punjab region, it shares a border with Pakistan.

car loan

FAQs about Car Loan Gurdaspur

✅ Can I get a loan to purchase a used car in Gurdaspur?

Yes, you have to use your credit history and previous arrangement with the prospective bank or any other lender in Gurdaspur 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.

✅ What is the typical tenure of a car loan in Gurdaspur?

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 Gurdaspur.

✅ Do I need a loan guarantor or co-borrower in Gurdaspur?

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.

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