Best Banks for Car Loan in Moga
| 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 Moga Features
Buying a vehicle is a great experience, but not many people have the money to pay for the vehicle. A car loan is a scheme that offers funds to people for buying a vehicle. It is a scheme that helps a person to convert the dream of having a vehicle in reality. just with minimum documentation, you can get a car loan in few steps. you can repay the loan amount according to the schedules of the bank.
Car Loan Moga 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.
| 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 Moga Documents Required
Documents required for car loan are as followed:
- Passport copy, PAN Card, Voters ID card, Driving License are required.
- For Salaried– Latest 3-month salary slip with form 16 / For Self Employed- Latest Income tax returns required.
- Ration card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy is required to apply for the loan.
- Last 6 months bank statement.
Apply for a Car Loan
Car Loan Moga Eligibility Criteria
The car loan eligibility requirements are as followed in Moga:
- The borrower must be an Indian citizen.
- The minimum applicant age 21 yrs as well as older than 60 yrs at loan maturity to the avail car loan.
- The applicant must have a good annual income that properly demonstrates the applicant’s capacity for loan repayment the amount he borrows.
- Besides that, the applicant must have secure employment working the current job status of one year as well as regular income in the account.
- More importantly, the applicant must possess a mobile number that marks his address and the occupation of that address for an expected duration of time.
- Besides that, the borrower should have some source of income.
- After that, the monthly income of the applicant should be Rs. 18k minimum.
- Moreover, the borrower should be in the business for two years.
- After that, the borrower should be from two years in employment as well as from 1 year in the same company.
Car Loan for Major Car Manufacturers in Moga
TABLE WILL APPEARProcessing Fees & Prepayment Charges on Car Loan Moga
check here for the processing Fees and Prepayment charges on a car loan.
| 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 Moga
CIBIL score plays a key role while getting the loan. if your Cibil score is between 750-900. then you will get the quick loan approvals. if the Cibil score is less than 700 then your application will be pending. so, check your Cibil score before you apply for the loan. if you pay your EMIs in time then your Cibil score will be increased.
Car Loan Moga Contact Number
For instant help and any more queries, you can call 9878981166.
Pre Calculated EMI Table for Car Loan Moga
check here of Pre calculated EMI table for a car loan.
| 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 Moga
Moga is one of the 20 districts in the state of Punjab. On 24 November 1995, Moga became the 17th district of Punjab. Moga district is also known as the NRI district.
Car Loan EMI Calculator
Repaying the loans in EMIs will not affect our monthly budget. as well as paying in time will increases our Cibil score. you can Calculate EMI with free of cost.
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