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Why Choose Car Loan in Morbi

Rate of Interest

Interest Rate

New Car

Less than 3 lacs

10.25%

3-6 lacs

9.50%

6-10 lacs

9.25%

10-20 lacs

9.00%

More than 20 lacs

8.70%

Used Car

14.00%

 

Fee & Charges

Fees & Charges

Stamp Duty

At Actuals

Processing fees

Loan Amount less than 20 lacs

Rs.1750/-

Loan Amount more than or equal to 20 lacs

Rs.2250/-

All

Rs.300/-

Legal, Repossession & Incidental charges

At Actuals

Loan Reschedulement charges

Rs. 1000/-

 

Car Loan Eligibility

  1. A borrower must be an Indian resident
  2. Minimum Income of Rs 18,000 per month
  3. Minimum 1-year Residential stability is mandatory
  4. Minimum 21 years of age is mandatory
  5. Minimum 1 year of employment stability is the must.

Car Loan Documents

When you apply for a Car Loan, these are the documents which are commonly required, so keep them handy.

  1. Income proof: Need to submit your salary slips for the last three months and the statements of your bank account for the last six months. For self-employed people, the requirement is to submit the audited bank account statements for the last six months.
  2. Employment Proof: Need to submit a copy of the appointment letter and a certificate of employment issued by your company. For self-employed individuals, the partnership deed or business establishment documents need to be submitted.
  3. Tax Proof: Need to submit the IT return or Form 16 documents for the last two years.
  4. Address Proof: Any government sanctioned KYC document can be submitted as proof of residence.
  5. Age Proof: Any government sanctioned KYC document can be submitted as proof of age.

Factors that affect Car Loan Interest Rates

  1. Credit history: The interest rate depends on the credit history you have built in past years, the high CIBIL score will not only help you in getting a loan but will also empower you with a strong bargaining power.
  2. Income level: Higher the income better are the chances for the approval of higher loan amount.
  3. The amount of down payment: Higher the down payment made lesser will be the amount that the bank will have to lend you. As a result, the bank’s risk will go down. Also, it shows that your financial position is sound. You may get a loan at a lower interest rate from the bank.
  4. Tenure of the loan: Car loan is generally available for the tenure of up to 7 years.  It is generally seen that banks charge a higher interest rate for a loan of a shorter time period and vice versa. Longer tenors will enhance repayment capacity.
  5. Car model and age: It is necessary for the bank to consider the car model in deciding the interest rate as on sale every model may not fetch the expected price. New cars are more easily financed than used cars; a high-end model will be expensive which means the borrower has to be able to pay the required down payment.

About Morbi

Morbi or Morvi is a city and a Municipality in Morbi district in the Indian state of Gujrat. There are around 600 ceramic factories with production worth Rs. 40 billion annually in the state.

How to Apply?

Apply online on www.dialabank.com

Leading Car Loan Providers (Click to Apply)

  1. HDFC Car Loan
  2. Kotak Mahindra Car Loan
  3. Yes Bank Car Loan
  4. ICICI Car Loan
  5. Axis Bank Car Loan
  6. SBI Car Loan
  7. Canara Bank Car Loan
  8. IndusInd Bank Car Loan

Special Note: Banks do not provide Car Loan to bad credit holder, but one can fulfill their money requirement with Gold Loan easily.

Used Car Loan EMI Calculator

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