Finloancare Small Finance Bank Car Loan

Finloancare Small Finance Bank Car Loan Key Features – Jan 17 2025

About Finloancare Small Finance Bank Car Loan

Finloancare Small Finance Bank is a Gramin Bank in India established on 02-10-1975. It has headquartered in Moradabad, and its address is Prathama Bhawan, Ram Ganga Vihar Phase-II, Post Box NO. 446, Moradabad-244001. It has 422 branches across the state. Prathama Bank Car Loan Interest Rates, Car Loan at 10.50% Updated on 21 Jan 2021. Apply for Car Loans Online. Find Prathama Bank Car loan purpose, Eligibility, Margin, Repayment of Car Loan, Security, Documents Required.

Advantages of Finloancare Small Finance Bank Car Loan

Finloancare Small Finance Bank Car Loan Eligibility

Finloancare Small Finance Bank Car Loan Interest Rate, Fees, and Charges

Finloancare Small Finance Bank Car Loan Documents Required

Salaried Individual

Self-Employed Individuals

Partnership Firms/Societies

Private Limited/Limited Companies

How to Increase Your Eligibility for Finloancare Small Finance Bank Car Loan

• Opt for a shorter tenure – When you opt for a shorter term to repay the money, the EMI that you will pay each month will be higher. This will indicate your higher repayment capacity, which will build a sense of confidence in you. So, if you wish to boost your eligibility for a car loan, you can opt for a shorter repayment tenure.
• Keep your credit score in check – If you wish to increase your eligibility for an HDFC Bank car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score. Checking your credit score regularly will allow you to take corrective measures to improve it if your score is low or if it gives you the confidence to approach the bank if it is high.
• Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and your spendings. Before banks decide to lend to you, they will check the percentage of your earnings that goes into paying your debts, and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
• Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for an HDFC Bank car loan. A lower loan amount means that the loan will be repaid faster. Therefore, the chances of you being eligible for a loan are higher.

Factors Affecting Finloancare Small Finance Bank Car Loan Eligibility

The eligibility criteria for a car loan will depend on the below-given factors:

• Income – If your income is on the higher side, there is a good chance that your eligibility for an HDFC Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for an HDFC Bank car loan, your yearly income should be at least 3 lakh.
• Loan amount – Your eligibility for a car loan from HDFC will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
• Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs, and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
• Credit score – This is an important factor that every bank, including HDFC Bank, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan, and your eligibility will be much higher.
• Relationship with the bank – As stated earlier, HDFC Bank offers instant car loans to their existing customers through the feature, which allows HDFC Bank customers to can avail themselves of loans instantly, at their convenience, with very few documents required for a car loan. This indicates that your relationship with the bank is an important factor while determining your eligibility.

Finloancare Small Finance Bank Car Loan Customer Care – Toll-Free Number

HDFC Bank 24*7 customer care toll-free number all your general enquiries is For Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune dial 1800 313 313. For Chandigarh / Cochin / Indore / Jaipur / Lucknow dial 1800 313 313.

The applicant can calculate its EMI on the Car Loan before even availing it by following the address below:

Car Loan EMI Calculator

Finloancare Small Finance Bank Car Loan Types

There’s a long list of Car Loan Products provided by Finloancare Small Finance Bank Car Loan. Choose among them according to your desires. Lit of Car Loan provided by Prathama Bank Car Loan:
Finloancare Small Finance Bank Car Loan offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:

1. New Car Loan –  Applicants looking to buy a new car can go for this. You can get a car loan for a minimum amount of Rs. 1 lakh and tenure up to 7 years.
2. Used Car Loan – Individuals wanting to buy used cars can avail Used Car loan with a minimum amount of Rs. 1 Lakh and a tenure of 5 years.
3. Loan Against Car – Applicants with the urgency of funds can go for this loan by providing their car as a gauge and getting a loan amount against it.

Finloancare Small Finance Bank Car Loan Pre Calculated EMI

How to Apply for a Finloancare Small Finance Bank Car Loan?

1. Reach out to Dialabank and provide the information asked on the form.
2. Our Relationship Manager will contact you shortly to guide you through the Prathama Bank Car Loan process.
3. Compare and select from various options available.
4. Applying for a Car Loan with Dialabank helps you avail of the various offers.

Tips to Decide the Right Amount of EMI in Car Loan

• Ascertain the amount you need to borrow: It is important that before approaching a bank for a loan, you inform them about the amount of loan you need to borrow. Limit your loan amount after accounting for your own available funds. Furthermore, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans can result in huge interest outgo.
• Review your current obligations: Before taking a loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you to estimate the amount of EMI which you will be able to pay comfortably after taking into account other obligations. Once you arrive at the EMI, you can also decide on the right loan tenure.
• Calculate your HDFC Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. HDFC Bank provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
• Multiplier-based loan amount eligibility – HDFC Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating a loan eligibility used by banks. Usually, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your company that is based on its reputation, stability, size, and growth in turnover.
• FOIR based loan amount eligibility – HDFC Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. HDFC Bank’s assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

Car Loan EMI Changes in Case of Pre-payment

In case you prepay your vehicle loan, a small penalty is issued. Prepayment in HDFC Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. HDFC Bank gives you two options:

• Reduce your loan tenure and keep EMI on your car loan unchanged
• Reduce the amount of EMI and keep your loan tenure the same

How to Calculate Finloancare Small Finance Bank Car Loan EMI

Before you avail of a car loan from Finloancare Small Finance Bank, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments, and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool, wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The device will calculate the EMI and display it to you.

Finloancare Small Finance Bank Car Loan for Top Selling Cars

Compare Finloancare Car Loan With Other Banks In India

What is Finloancare Small Finance Bank Car Loan?

Finloancare Small Finance Bank Car Loan is a secured loan provided by the Bank to applicants looking to allocate funds for buying a new or used car.

FAQs for Finloancare Small Finance Bank Car Loan

✅ How can I get a Car Loan from Finloancare Small Finance Bank Car Loan?

Prathama Bank Car Loan can be availed by applying directly through Dialabank or reaching out to the nearest branch of the Bank.

✅ How does Finloancare Small Finance Bank Car Loan work?

Working on a Finloancare Small Finance  Bank Car Loan is pretty simple as it involves allocating funds to its customers willing to buy a car and keeping the same as collateral. The rate of Interest is charged against the loan and is repaid in burdenless EMIs.

✅ What is the Car Loan Interest Rate in Finloancare Small Finance Bank Car Loan?

Car Loan Interest Rate in Finloancare Small Finance Bank Car Loan is as low as

7.35% per annum

✅ How to Check Car Loan status in Finloancare Small Finance Bank Car Loan?

Check car Loan status in Prathama Bank Car Loan directly by reaching out to the Bank’s website and providing your Loan number on the Loan Status page.

✅ How to Calculate Car Loan Interest in Finloancare Small Finance Bank Car Loan?

Calculate Car Loan Interest in Finloancare Small Finance Bank Car Loan by using Dialabank’s Calculator. This Calculator provides information about the EMI and Interest of your Loan.

✅ What is the maximum loan amount I can avail myself of on a Car Loan from Finloancare Small Finance Bank Car Loan?

Car Loan from Prathama Bank Car Loan can avail you of up to 100% amount of the ex-showroom price of the vehicle.

✅ What is the loan tenure of Finloancare Small Finance Bank Car Loan?

Finloancare Small Finance Bank Car Loan Tenure range between 12 to 84 months.

✅ Can I get a 100% Car Loan from Finloancare Small Finance Bank?

Yes, a 100% car loan from Finloancare Small Finance Bank Car Loan can be provided on the Ex-showroom price of the car.

✅ How much Processing Fee is applicable on Finloancare Small Finance Bank Car Loan?

Processing Fees of 0.50% or a minimum of Rs.1500 is applicable on Finloancare Small Finance Bank Car Loan.

✅ What are the EMI options available on Finloancare Small Finance Bank Car Loan?

EMI options of Step-up EMI and Balloon EMI are available with Finloancare Small Finance Bank Car Loan.

✅ What are the charges for Prepayment in Finloancare Small Finance Bank Car Loan?

There are NO charges for Prepayment in Finloancare Small Finance Bank Car Loan.

✅ Can I get a top-up loan on my existing Finloancare Small Finance Bank Car Loan?

Top-up Loan on Existing Finloancare Small Finance Bank Car Loan can only be availed under particular circumstances.

✅ Do I need to provide a guarantor to avail myself of a Car Loan from  Finloancare Small Finance Bank Car Loan?

A guarantor is not needed to avail of a Car Loan from Finloancare Small Finance Bank Car Loan.

✅ How to get Finloancare Small Finance Bank Car Loan Statement?

Finloancare Small Finance Bank Car Loan Statement is readily available on the Bank’s website and can be availed by providing the Loan Details.

✅ How to Pay Finloancare Small Finance Bank Car Loan Interest Online?

Pay Finloancare Small Finance Bank Car Loan Interest Online through Bank’s Payment gateways using your Net Banking.

✅ What if I can’t pay the interest on the Finloancare Small Finance Bank Car Loan for 3 months?

Bank has the right to seize the vehicle or charge a nominal penalty for not paying Prathama Bank Car Loan EMI for 3 Months.

✅ How can I apply for EMI Moratorium on Finloancare Small Finance Bank Car Loan?

EMI Moratorium on Finloancare Small Finance Bank Car Loan can be requested directly with the Bank.

✅ What is the number for Finloancare Small Finance Bank Car Loan agent?

9878981166 is the number for Finloancare Small Finance Bank’s most valuable Car Loan Agent, i.e. Dialabank.

✅ Can I close Finloancare Small Finance Bank Car Loan online?

Finloancare Small Finance Bank Car Loan cannot be closed online; an Applicant has to reach the branch for the closure process.

✅ What is Finloancare Small Finance Bank Car Loan Customer Care Number?

9878981166 is the number for all the queries related to Finloancare Small Finance Bank Car Loan.

✅ How can I get NOC from Finloancare Small Finance Bank Car Loan?

NOC from Finloancare Small Finance Bank Car Loan can be availed after completing the foreclosure process.

✅ What is the Finloancare Small Finance Bank Car Loan closure procedure?

• Just go to the bank with the documents.
• Write a letter for pre-closure of the Finloancare Small Finance Bank Car Loan account.
• Pay the pre-closure charges as per Finloancare Small Finance Bank Car Loan.

✅ What are the Finloancare Small Finance Bank Car Loan preclosure charges?

Finloancare Small Finance Bank Car Loan preclosure charges are zero.

✅ What is the Finloancare Small Finance Bank Car Loan maximum tenure?

The Finloancare Small Finance Bank Car Loan’s maximum tenure is 7 years.

✅ What is the Finloancare Small Finance Bank Car Loan minimum tenure?

The Finloancare Small Finance Bank Car Loan minimum tenure is 1 year.