Car Loan Amaravati

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Car Loan Amaravati

Best Banks for Car Loan in Amaravati


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Car Loan Amaravati 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

Car Loan Amaravati

Want to buy a brand new car? Difficulty in collecting money? No need to worry now. A car loan is an easiest and most convenient way to finance your car at affordable interest rates and with the minimum documentation required. Compared to the other loans, the eligibility criteria are also not stringent. If an individual has a stable source of income and required documents, then the banks and NBFCs easily provide car loans without any trouble.

Car Loan Amaravati


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Car Loan Amaravati Eligibility Criteria

The car loan eligibility requirements are as follows in Amaravati:

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


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Car Loan Amaravati EMI Calculator

Car Loan Amaravati 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


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Car Loan Amaravati 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

Car Loan Amaravati Documents Required

Documents required for car loan are as follows:

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.


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How to Get the Best Car Loan Interest Rates in Amaravati

  • Choose a shorter repayment term – Car loan applicants often go for really long repayment tenures and end up paying a lot more in interest. Loans with short tenures have a low rate of interest, and can end up working in your favour of the borrower.
  • Research and compare the perks offered by different lenders – Taking a loan is a big deal, so one must properly research all the banks and their offers before so that they get a plan with the lowest interest rate and a repayment tenure that suits them.
  • Maintain a modest debt-to-income ratio – A low debt-to-income ratio can increase your chances of getting a loan, as the lender doesn’t have to worry about you not being able to pay off this loan because your income is going towards the repayment of an older loan.
  • Maintain a good credit score — A good credit score always comes in handy, be it short term credit or a long term loan. Lenders prefer an individual with a credit score of 750 and above.

How to Apply for a Car Loan in Amaravati?

Nowadays, it is pretty simple to get a car loan online as it saves you time as well as physical inconvenience

  1. Visit our website Dialabank to apply for a loan in just a few simple steps
  2. Select Car Loans on the homepage.
  3. Fill an online application form and provide all the necessary details and documents to check for eligibility
  4. Provide your current contact number so that our executives can get in touch with you for further assistance.

If you wish to opt for the offline method, you can do so by physically visiting the nearest branch office of the lender and filling up the application form. Thereafter, the relationship manager will assist you in further procedures.


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Which Bank in Amaravati Offers the Best Car Loans?

Vehicle loans are available from a number of large banks and NBFCs in Amaravati, including HDFC, Private, and SBI. The best lender will be able to give you the loan amount you require at a reasonable interest rate and will be able to disburse the funds as fast as possible. Before applying for a vehicle loan that fits all of your criteria, such as interest rates, it is usually a good idea to compare vehicle loans from a variety of lenders.

Car Loan for Major Car Manufacturers in Amaravati

TABLE WILL APPEAR

Processing Fees & Prepayment Charges on Car Loan Amaravati

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


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CIBIL Score Required for Car Loan in Amaravati

CIBIL score is a significant criterion on the basis of which banks and NBFCs accept any customer’s car loan. For each lending institution, the minimum criteria for a CIBIL score on a car loan are different. A score above 800 is usually considered to be good for any person to be eligible for a car loan.

It is important that one should clear all the pending dues and debts in order to maintain a good credit score. Default in your credit score may hinder your opportunities for availing of a fresh loan in the future.


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Car Loan Amaravati Contact Number

To get an instant car loan in Amaravati you can visit Dialabank or call on 9878981166 to get personalized assistance. Our relationship managers are well trained and will assist you in the best way possible in order to provide you with a deal most suited for you.


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Pre Calculated EMI Table for Car Loan Amaravati

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


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About Amaravati

Amaravati is the capital town of the state of Andhra Pradesh.


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Car Loan Banks in Amaravati

BANK OF INDIA JAISTAMBH CHOWKSTATION ROAD, BKID0009675
BANK OF INDIA NEAR SAMARTH HIGH SCHOOL, BADNERA ROAD, AMRAVATI. BKID0009677
BANK OF INDIA BHARAT KESHAVPRASAD RATHI, CO GURU KRUPA MAVRINDAVAN COLONY, CHANDUR BAZAR BKID0009681
ORIENTAL BANK OF COMMERCE PLOT NO. 55, GROUND FLOOR, KHATRI MALL, KHATRI COMPOUND, NR MALVIYA BHAWAN, AMARAVATI ORBC0101327
PUNJAB NATIONAL BANK SHYAM CHOWK AMRAWATI PUNB0001600

FAQs about Amaravati Car Loan

What are the eligibility criteria for a car loan?

A car loan can be obtained for a term ranging from one year to seven years by salaried people, self-employed workers, and businessmen between the ages of 21 and 60. Depending on the value of the vehicle and the amount of EMI you will spend on car loans, banks offer car loans up to 100% of the ex-showroom costs.

Can I get a 100% car loan?

Yes, banks may offer car loans up to 100% of the vehicle’s ex-showroom costs. The car’s ex-showroom price includes customs tax but it excludes state duties and statutory costs. Banks, on the other hand, assess the borrowers’ repayment potential depending on the car’s expense.

How can I get a low-interest rate on a car loan?

With a decent credit score and consistent wage, you will get a low-interest rate on a car loan. Individuals who have a good history with a bank could be eligible for low-interest loans.