Best Banks for Car Loan in Machilipatnam
|
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 Machilipatnam Features
A car loan is a financial help provided by banks and NBFC’s to fulfill your dream of having your car. To purchase a car which can be on Ex-Showroom Price or On-Road Price of the car necessary funds are provided by them. With easy repayment options car loan is a secured loan. 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 Machilipatnam 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 Machilipatnam Documents Required
Documents required for car loan are as followed:
- Identity Proof: Passport copy, PAN Card, Voters ID card, Driving License of the applicant
- Income Proof: For Salaried– Latest 3-month salary slip with form 16 of the applicant
- For Self Employed- Latest Income Tax Report of the applicant
- Address Proof: Ration card/Driving license/Voters card/Passport Copy/Telephone Bill/Electricity Bill/Life Insurance Policy/PAN Card of the applicant
- Bank Statement: The Last 6 months bank statement of the applicant is needed to apply for loan.
Apply for a Car Loan
Car Loan Machilipatnam Eligibility Criteria
The car loan eligibility requirements are as followed:
- Minimum age: 21 years old.
- Age at loan maturity: maximum 65 years old.
- Minimum employment: Salaried people- minimum of 2 years of employment and 1 year in current employment.
- For Self Employed– at least 3 years in business.
- Minimum Annual Income: Net annual income For Salaried should be Rs 100000 .
- For Self- Employed Rs.100000 per annum for mid-sized and premium cars, net profit Rs. 60000 p.a for standard cars.
Car Loan for Major Car Manufacturers in Machilipatnam
TABLE WILL APPEARProcessing Fees & Prepayment Charges on Car Loan Machilipatnam
| 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 Machilipatnam
Every lending institution has its criteria for the minimum CIBIL score required for processing the Car Loan application in Machilipatnam so that they can minimize the risk of lending to you and also if your CIBIL score is low you get an interest rate at a much high-interest rate than others. Most institutions require a minimum score of CIBIL of 750 or above to process your loan application. Also having a good CIBIL score helps to loans at a cheaper rate of interest if your CIBIL score is high enough.
The institutions don’t just look at the overall score but also the detailed behavior on the previous loans taken. This includes details on the type of loan taken and the amount borrowed. Any delayed payments for previous loans can act as a barrier to your availing a fresh loan.
Car Loan Machilipatnam Contact Number
You can get a car loan Machilipatnam easily from dialabank by contacting the number 9878981166 any time.
Pre Calculated EMI Table for Car Loan Machilipatnam
| 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 Machilipatnam
Machilipatnam, a city also known as Masulipatnam and Bandar, is in Krishna district of the Indian state of Andhra Pradesh. It is a municipal corporation and the administrative headquarters of Krishna district of Andhra Pradesh. It is also the Mandal headquarters of Machilipatnam Mandal in Machilipatnam revenue division of the district
Car Loan EMI Calculator
Car loan EMI Calculator provided by Dialabank helps you to calculate the Car loan EMI. It can be used infinite number of times as it is free. Equated Monthly Installments(EMI) is the monthly fixed charges that you pay to the bank as monthly repayment for the loan amount borrowed. Based on the profile, the interest rate on the loan is determined. EMI is calculated based on the Interest Rate you are charged by the bank and the amount of loan you have to take and the period for which you enjoy the car loan.
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Car Loan for other cities in Andhra Pradesh
| Car Loan Macherla | Car Loan Kalyandurg |
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| Car Loan Kovvur | Car Loan Hindupur |
| Car Loan Kasibugga | Car Loan Guntur |
