Best Banks For Car Loan in Indore
|
Feature
|
HDFC Bank
|
Private Bank
|
Kotak Mahindra Bank
|
|
Interest Rate (p.a.)
|
7.35 - 7.95%
|
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 Indore Features
Searching for a car loan that fulfills your needs? Your wait is over because we at Dialabank brings some of our best car loans in Indore. We provide loans up to 100% of the Ex-Showroom Price or On-Road Price of the car. A car loan can be availed by both salaried and self-employed individuals.
A car loan Indore is available here for new as well as old cars. Want to know more? We even provide loans against cars.
To avail of a car loan clicks here.
What is a car loan?
A car loan is a financial help provided by banks and NBFC’s to fulfill your dream of having your own car. They provide significant funding for buying a car which can be on Ex-Showroom Estimate or On-Road Price of the car. A car loan is a secured loan with easy repayment options. The loan amount is offered on Interest charges which vary from bank to bank. One can pay for the vehicle in easy installments.
Car Loan Indore 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 Indore Documents Required
Documents required for car loan are as followed:
For Salaried:-
- Identity Proof: PAN Card, Voters ID card, Passport copy, Driving License
- Income Proof: Latest 3-month salary slip with form 16
- Address Proof: Driving license / Voters card / Passport Copy / Telephone Bill / Ration card / Electricity Bill / Life Insurance Policy /PAN Card
- Bank Statement: Last 6 months.
For Self Employed:-
- Identity Proof: PAN Card, Voters ID card, Passport copy, Driving License
- Income Proof: Latest ITR
- Address Proof: Voters card / Passport Copy / Ration card / Telephone Bill / Driving license / Electricity Bill / Life Insurance Policy /PAN Card
- Bank Statement: Last 6 months.
Car Loan Indore Eligibility Criteria
To obtain the loan amount, a person must meet the Eligibility criteria for car loan.
For Salaried:-
- Minimum age: 21 years
- Maximum age at loan maturity: 65 years
- Minimum employment: 1 year in current employment and a minimum of 2 years of employment
- Minimum Annual Income: Rs 1,00,000 net annual income
For Self-Employed:-
- Minimum age: 21 years
- Maximum age at loan maturity: 65 years
- Minimum employment: at smallest 3 years in sales
- Minimum Annual Income: Net profit Rs. 60,000 p.a for regular cars and Rs.1,00,000 p.a. for mid-sized and superior cars
How to Apply for Car Loan in Indore?
Applying for a car loan Indore with Dialabank is an easy process. Follow the steps to apply for a car loan:
- Visit our website Dialabank.
- Click on the auto loan option and select the car loan option on the menu.
- Fill out the form with the necessary details of your loan requirements.
- Wait for our team of experts to reach to get in touch with you.
- You can also visit the nearest branch or call on 9878981166.
Car Loan for Major Car Manufacturers in Indore
TABLE WILL APPEAR
Processing Fees / Prepayment Charges on Car Loan in Indore
| 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 Indore
CIBIL score reflects your credit history in the past as well as your defaults in repayment of your previous loans. A good credit score is considered as 750 and above as most of the financial institutions ask for a high credit score. Every bank and NBFC has different criteria for a minimum CIBIL score they require to process your loan. A Lower CIBIL score than 750 can attract a higher rate of interest.
A very low CIBIL score can lead to rejection of your loan as it is the first thing a bank tracks before processing your loan.
Car Loan Indore Contact Number
Do you hate waiting? If yes, then you can contact us at 9878981166 and we will help you in availing of the best car loan with the lowest rate of interest in the market.
Pre Calculated EMI Table for Car Loan Indore
| 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 |
About Indore
Indore is a part of the state Madhya Pradesh and it is the largest city in the state. Indore being the most populous city of the state has a population of around 30 lakhs. Indore is also called mini-Mumbai and is also home for both IIT and IIM. Indore has a variety of ethnic groups such as Marathi, Gujarati, Marwari, Muslims, and Sindhi, etc.
Indore is famous for its food especially poha and jalebi.
Special Note: Banks do not provide Car Loans to bad credit holders, but one can fulfill their money requirement with Gold Loan easily.
Car Loan EMI Calculator Indore
