Best Banks for Car Loan in Badgam
Car Loan Badgam Features
⍟ Loan Approval in 30 Minutes
⍟ Lowest Rate of Interest
⍟ Up to 100% on Road Loan
⍟ Minimum Documentation
⍟ Paperless Process
⍟ Flexible Repayment
⍟ Zero Foreclosure
⍟ 24 x 7 Online Payment Facility
⍟ No Hidden Charges
A car loan is what you can avail of to fulfill your dream. A car loan is a secured loan with easy repayment options available for applicants in the form of monthly installments. The loan amount is offered on different Interest rates which vary from one lender to another respectively. You can apply for a car loan for purchasing a new car as well as a used car. So if you are thinking of purchasing your dream car, get an instant Car loan in Badgam with Dialabank at an affordable car loan interest rate.
Car Loan Badgam Eligibility Criteria
The car loan eligibility requirements are as follows in Badgam:
Salaried Individual |
Age – 21 years to 60 years
Net Monthly Income – Minimum ₹ 20,000 Employment Duration – 1-year minimum Income Eligibility – Based on Form 16 and salary slip |
Self-Employed Individuals |
Age – 21-65 years of age
Minimum ITR – Rs.2 lakh Employment Duration – Minimum 3 years Income Eligibility – Depends on the latest Income Tax Returns |
Self-Employed Non-Individuals (Company/Partnership) |
Minimum ITR – Rs. 2 lakh
Employment Duration – 3 years minimum The applicant has to present IT returns and audited financials of 2 years with Calculated Income. |
Priority Customers |
At least 6-month vintage
Average Quarterly Balance – 2 quarters balance at a minimum of Rs.1 lakh Maximum Loan Amount – 3 times the Average Quarterly Balance of the last 2 Quarters |
Car Loan Badgam EMI Calculator
Car Loan Badgam Fees & Charges
Charges | New Car Loan | Used Car Loan |
Interest Rate | 7.35% per annum |
11.80% p.a. to 13.80% p.a. |
Car loan Processing fees | 0.5% | 0.5% |
Issuance of Duplicate Repayment Schedule Charges | Around Rs.500 | Around Rs.500 |
Foreclosure Charges | 0.06 | 0.06 |
Penal Interest | 2% PM | 2% PM |
Car loan Part Payment charges | 6% of the amount | 6% of the amount |
Cheque/Instrument Swap Charge | Around Rs.500 | Around Rs.500 |
Documentation Charge | Around Rs. 500 | Around Rs. 500 |
Issuance of Duplicate No Dues Certificate Charges | Around Rs. 500 | Around Rs. 500 |
Registration Certification Collection Charge | Around Rs. 200 | Around Rs. 200 |
Cheque Bounce/Instrument Return Charges | Around Rs. 500 | Around Rs. 500 |
Issuance of Duplicate Statement Charges | Around Rs. 500 | Around Rs. 500 |
Loan Cancellation/Re-booking Charges | Around Rs. 1000 | Around Rs. 1000 |
Issuance of Credit Report | Around Rs. 50 | Around Rs. 50 |
Car Loan Badgam Fees and Charges : Leading Banks – Mar 28 2024
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 Badgam Documents Required
Documents required when taking a car loan are as followed:
Salaried Individual
Category |
Documents Required
|
Identity Proof (Any 1) | Passport Voter ID Aadhar Card Driving License |
Address Proof (Any 1) | Aadhar Card PAN Driving License Electricity Bill |
Date of Birth Proof(Any 1) |
Passport
Birth Certificate High School Marksheet Driving Licence |
Signature Proof(Any 1) |
PAN
Bankers Verification Passport |
Income Proof |
Salary Slip and latest Form No.16
|
Bank Statement |
Last 6 month Bank statement
|
Employment Continuity Proof |
Job card by NREGA
ITR of Form no. 16 Salary Slip mentioned with joining date Letter of Appointment |
Self-Employed Individuals
Category |
Documents Required
|
Identity Proof (Any 1) | PAN Card Passport Voter ID Aadhar Card |
Address Proof (Any 1) | PAN Card Voter ID Passport Electricity Bill |
Date of Birth Proof (Any 1) | Birth Certificate Passport Driving Licence PAN |
Signature Proof (Any 1) |
PAN
Bankers Verification Passport |
Bank Statement |
Bank statement of last 6 months
|
Employment Continuity Proof |
Latest ITRs
Shop & Establishment Act Certificate Shop & Establishment Act Certificate Sales Tax or VAT Certificate |
Business Proof |
Registration Certificate
Telephone Bill/Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate |
Self-Employed Non-Individuals:
1. Partnership Firms/Societies
Category |
Documents Required
|
Identity Proof (Any 1) | Driving Licence PAN Card Aadhar Card Passport |
Address Proof (Any 1) |
Electricity Bill/Telephone Bill
Aadhar Card Driving License Voter ID |
Income Proof |
Audited Balance Sheet
P&L Account ITR for the previous 2 years |
Bank Statement | Last 6 month |
Business Continuity Proof |
Company ITR of the last 2 years
Audited Balance Sheet TAX registration Certificate Current Account Statement |
Additional documents |
Letter of Authority or PAN Card
|
2. Private Limited/Limited Companies
Category |
Documents Required
|
Identity Proof |
The latest copy of MOA and AOA
Copy of Incorporation |
Address Proof (Any 1) |
SSI/MSME Registration Certificate
Telephone Bill Electricity Bill Shop & Establishment Act Certificate Sales Tax Certificate |
Income Proof |
Audited Balance Sheet
P&L Account and ITR for the previous 2 years |
Bank Statement | Previous 6 Months |
Business Continuity Proof |
P&L account and
ITR of the Company of the past 2 years Audited Balance Sheet Shop & Establishment Act Certificate |
Additional documents |
List of Shareholding partners and Directors
Board Resolution PAN Card Certificate of Commencement of Business for Ltd. Co. |
How to Get the Best Car Loan Interest Rates in Badgam
The Interest rates offered by the various banks and NBFCs in Badgam are fairly reasonable and competitive. Should you try and get a car loan in Badgam you should follow these steps:
- Choose a shorter repayment term – You should opt for a shorter repayment period, short enough that it won’t affect your daily finances. Since many lenders consider that having a longer repayment period means that the applicant can’t afford to pay the monthly EMIs, which makes them give you a higher interest rate.
- Research and compare the perks offered by different lenders – Considering that everyone wants the best interest rate available to them, you should research all the different lenders in Badgam to make sure you avail the car loan from the right lender, one which suits your requirements the best.
- Maintain a modest debt-to-income ratio – You should have a lower debt-to-income ratio, as then you would be offered a lower interest rate.
- Maintain a good credit score — As long as you have a credit score above 750, the lenders won’t mind giving you a lower interest car loan. The lenders also give loans to people with bad credit, but they give them to them at a high interest rate.
Check your credit scores regularly with Dialabank’s “Free Credit Score” service to make sure you have a good credit score. This will allow you to take measures to enhance your credit score if it is low, and will allow you to approach lenders with confidence if your credit score is good.
How to Apply for a Car Loan in Badgam?
Applying for a car loan in Badgam is easy with Dialabank. Visit our official website and follow the steps:
- Click on the car loan options available in the menu of the loan on the website.
- Fill in the required details as required, like name, location, and information related to the car, etc.
- Accept the privacy policy and wait for our relationship manager to connect.
- You will be contacted by our car loan Badgam Relationship manager soon to assist you further through the process.
You can also apply for a car loan offline in the city by visiting the nearest branch of banks offering car loans. But that would limit your options. You would also require to make multiple visits to the lender to get your loan approved. Thus, when you think of a car loan Dialabank is your best option available as an agent.
Which Bank in Badgam Offers the Best Car Loans?
Many big banks and NBFCs, including HDFC, Private, and SBI, offer vehicle loans in Badgam. Choose the lender that provides you with your required loan amount at a reasonable interest rate. Make sure they can also disburse the funds quickly. It is advisable if you can check and research all the banks giving car loans to choose what’s best for you.
Car Loan for Major Car Manufacturers in Badgam
TABLE WILL APPEARProcessing Fees / Prepayment Charges on Car Loan Badgam
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 Badgam
Every banking and lending institution has its criteria for the minimum CIBIL score required for processing the Car Loan application in Badgam because they want to avoid the risk of lending money to a risky borrower and for that they need you to have a CIBIL score of 750 or above to process your loan application faster and they can also help you get a cheaper rate of interest on your loan if you ask for it. Please keep a regular check on your CIBIL score and also maintain your CIBIL score by not defaulting on your payments.
Car Loan Badgam Contact Number
For any queries regarding the car loan in Badgam, you may contact the number 9878981166.
Pre Calculated EMI Table for Car Loan Badgam
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 Badgam
Budgam area is a region of the Indian-directed association domain of Jammu and Kashmir. Made in 1979 with its central station at Budgam, it is the region with the most noteworthy measure of Shias found in the Kashmir valley.
District Budgam offers many shocking areas and has colossal travel industry potential that has generally stayed undiscovered up until this point.
Car Loan Banks In Badgam
Bank Name | Bank Address | IFSC Code |
HDFC BANK | HDFC BANK LTD., MAIN BUS STOP, MAGAM, NEAR PASTA RESTAURANT, BUDGAM JAMMU AND KASHMIR 193401 | HDFC0002901 |
STATE BANK OF INDIA | HYDERIYA SHOPPING COMPLEX, GULMARG ROAD, MAGAM, DISTT. BUDGAM. JAMMU AND KASHMIR 193401 | SBIN0015981 |
FAQ’s About Badgam Car Loan
✅ What are my options for repaying my auto loan?
You may pay back the loan using Standing Instruction (SI), Electronic Clearing Service (ECS), and Post-Dated Cheques are three options for repaying your loan (PDCs). It is normally advised that you repay your loan using the first two options because they are faster and have a lower risk of error, which is not the case with PDCs.
✅ Do I need a guarantor when applying for a car loan?
A guarantor is required only when your income falls below the bare required minimum.
✅ Where can I get an EMI interest car loan calculator?
You can use the EMI calculator on the official Dialabank website or the one from your lending bank. To calculate the EMIs, enter various possible interest rates that can be offered to you. You can obtain the interest rate when you fill out an application for a loan, which will require you to provide basic information such as your salary, company, and work experience, depending on which possible interest rates will be presented.
✅ What are the types of vehicles I can purchase with a car loan?
Car Loans can be used to buy all types of cars, it doesn’t discriminate with the type of four-wheeler you wish to buy.
✅ Is it possible for me to acquire a loan on my current vehicle?
Yes, if you have a credit history with your current lender, many lenders will grant you a loan on your current vehicle.