Best Banks for Car Loan in Madurai
Feature
HDFC Bank
Private 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
Car Loan Madurai Features
A car loan is a financial help provided by banks and NBFC’s to fulfill your dream of having your car. It provides necessary funding for purchasing a car which can be on Ex-Showroom Price 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 loans are provided by banks and NBFC’s for a specific period of time varying from 24 months to 60 months, for both brand new and second-hand ones.
Car Loan Madurai 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 Madurai Documents Required
Documents required for car loan are as followed:
For Salaried Individuals:
- Identity Proof: 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
- Bank Statement: Last 6 months.
For Self Employed Individuals:
- Identity Proof: Passport copy, PAN Card, Voters ID card, Driving License
- Income Proof: Latest Income Tax Return
- Address Proof: Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy /PAN Card
- Bank Statement: Last 6 months.
Car Loan Madurai Eligibility Criteria
The car loan eligibility requirements are as followed in Madurai:
For Salaried Individuals:
- Minimum age: 21 years
- Maximum age at loan maturity: 65 years
- Minimum employment: 1 year in the current place of work and 2 years of total employment.
- Minimum Annual Income: Rs 100000 net annual income.
For Self Employed Individuals:
- Minimum age: 21 years
- Maximum age at loan maturity: 65 years
- Minimum employment: A minimum of 3 years in business.
- Minimum Annual Income: Net profit of Rs. 60000 p.a for standard cars and Rs.100000 p.a. for mid-sized and premium cars
How to Apply for Car Loan in Madurai?
Availing a car loan Madurai is an easy process with Dialabank. Just follow some steps to avail the best offers:
- Visit our website and click on the car loan option available on the menu. Fill in the details regarding the car type and your income. Our relationship manager will soon get in touch with you on your provided number.
- You may also contact our relationship managers on the number +919878981166 in case of any queries regarding the loan.
- For availing a car loan offline you will have to visit the branch personally, which might turn hectic for you. So we advise you to do it online!
Car Loan for Major Car Manufacturers in Madurai
TABLE WILL APPEARProcessing Fees & Prepayment Charges on Car Loan Madurai
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 Madurai
A CIBIL score is a numeric score that describes an applicant’s ability to repay his past loans efficiently and regularly. Maintaining a good CIBIL score is essential if you want to avail of a car loan at a lower interest rate. Also, having a good CIBIL score increases the processing speed of your application.
Most of the banks except a 750+ score to process your car loan in Madurai but these may be higher or lower depending upon the individual requirements of the banks. The minimum CIBIL score requirement for car loans in Chennai may vary from banks to banks.
Apply for a Car LoanCar Loan Madurai Contact Number
Dial us up at +919878981166 to get more information about car loans at Madurai and we will give you the best advice to help you fulfill your dream easily, quickly and efficiently.
Pre Calculated EMI Table for Car Loan Madurai
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 Madurai
Madurai formerly as Madura is a major city in the Indian state of Tamil Nadu. It is the cultural capital of Tamil Nadu and the administrative headquarters of Madurai District which is the third-largest city in Tamil Nadu and the 44th most populated city in India. Located on the banks of River Vaigai, Madurai has been a major settlement for two millennia.
The city has several historical monuments with the Meenakshi Temple and the Tirumalai Nayak Palace being the most prominent. Madurai is an important industrial and educational hub in South Tamil Nadu. The city is home to various automobile, rubber, chemical, and granite manufacturing industries.
Special Note: Banks do not provide Car Loans to bad credit holders, but one can fulfill their money requirement with Gold Loan easily.
Apply for a Car LoanCar Loan EMI Calculator
Other Cities For Car Loan In Tamil Nadu
| Car Loan Kancheepuram | Car Loan Dindigul |
| Car Loan Kanchipuram | Car Loan Dharapuram |
| Car Loan Hosur | Car Loan Cuddalore |
| Car Loan Erode | Car Loan Chidambaram |
