Auto loans are designed to help you financially to fulfill your desire of having a luxury car. We offer you the best services in India and help you in getting the amazing offers on the loan with the attractive interest rate and maximum funding.

 

Why Choose Car Loan in Batala

 

Interest Rates

Collateral Required

Hypothecation of the car

Loan Tenure

1 Yr to 5 Years

Max Funding

Up to 90% of Car Value

Pre-Closure Charges

0 % to 4 % of outstanding loan amount

 

 

Car Loan Eligibility

  1.  A borrower must be an Indian resident
  2.  Minimum Income of Rs 15,000 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 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 last six months. For self-employed people, the requirement is to submit the audited bank account statements for 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 the 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.

 

Batala is the eighth largest city in the state of Punjab, India in terms of population after Ludhiana, Amritsar, Jalandhar, Patiala, Bathinda Mohali and Hoshiarpur. Batala was once known as the Iron Bird of Asia as it produced the highest amount of C.I. Casting, agricultural and mechanical machinery. Batala is still one of the leading cities in Norther the  India in manufacturing of C.I Casting and mechanical machinery. It's also an agricultural marketplace and industrial center. Cotton ginning, weaving, sugar refining, and rice milling are some of other industries taking place here.