Car is the dream of every individual. If you are not able to buy a car due to shortage of finance, we will help you to fulfill your dream. Do not allow money to be a hindrance in your dream— Avail Car Loan from DialaBank on easy terms and conditions.

Eligibility for Car Loan Meramandali

Self Employed:

1. Firstly, the income of the applicant should be more than Rs. 30,000.
2. Further, the age of the applicant should be above 30. 
3. If the applicant’s age is not 30, then the applicant can have a co-applicant whose age needs to be more than 25.
4. Lastly, the individual must have been in business for more than 2 years.
Salaried
1. Firstly, the salary of the applicant needs to be more than Rs. 25,000.
2. Next, the age of the applicant should be more than 21.
3. Lastly, the applicant with a job of at least 2 years with a minimum of 1 year with the current employer. 

Eligibility for different individuals

Private Employees:
If the salary of the individual is more than Rs. 25,000, then the loan, is given on 100% ex-showroom price.
Government Employees:
If the government employee has his own house and has a good CIBIL Cibil score than the loan is given on 100 % on road price.
Internal Customer:
1oo% on road loan is given if the customer is from HDFC, Kotak, Yes Bank or Axis bank.
 

Interest rate and other charges

The interest rate charged by the banks are:

1. Firstly, the interest rate charged on amount 1-3 lakhs is 10.26%.
2. Then, For the amount of 3-10 lakhs, the interest rate charged will be 10%.
3. Further, the interest rate of 9.25% will be charged by the bank on the amount of loan from 10-20 lakhs.
4. Lastly, a 9.75% interest rate is charged on the amount above 20 lakhs.

Foreclosure charges:

If the customer closes his loan before the 2 years, then the foreclosure charged by the bank is 4%.
There will be no Foreclosure charge if the applicant pays the loan after 3 years.
 

Documentation for Car Loan

These are the documents required for Car Loan
Following documents are needed in case the customer has their own house
Salaried
Id Proof: Pan Card, Aadhar Card, Voter Id Card
Income Proof: 3 months service slip
Address Proof: Electricity Bill, Telephone Bill / Aadhar Card
Bank Statement:6 months bank statement
Car quotation
Self Employed
Id Proof: Pan Card, Aadhar Card, Voter Id Card
Income Proof: 3 months service slip, 2 years ITR ( which must be of Rs. 2.5 lakhs or more per year)
Address Proof: Electricity Bill, Telephone Bill / Aadhar Card
Bank Statement: 6 months bank statement
Business Composition
Following documents are required in case the customer has rented house
Salaried
All other documents are same, you just need to have an additional rent agreement .
Self Employed
All other documents are same, the customer just needs to have a rent agreement as an additional document.
 

Benefits of Car Loan Meramandali

1. Firstly, Banks offer car loan for 5-7 years, so the applicant can choose the time for which he wants to avail the loan.
2. Next, the interest rate can be negotiated in case of car loan if the customer has a good credit score and is a good customer for the bank.
3. Moreover, the customer does not need to keep any collateral with the bank. The car of the applicant is itself security for which the bank is lending the loan to the customer. In case the customer does not make the payment of the loan, the bank can seize the vehicle of the customer.
4.The customer can choose the type of interest rate, which can be floating or fixed.
5. Furthermore, the procedure for claiming the car loan is very easy and simplifies.
6. Lastly, the customer can modify the car according to his wish and use the car without any hesitation.
 

Additional Information

1. Firstly, the CIBIL of the applicant needs to be more than 700.
2. Further, the loan is given for a time period of 60 months to 84 months.
3. Next, the minimum amount of loan that can be claimed by the applicant is Rs. 1 lakh.
4. In addition to this, the top-up amount is twice the paid loan amount.
5. Car Loan is not given to constables.
6. The persons having CIBIL 0, 1, -1 are good customers.
7. Lastly, If the installment got bounced, then the bouncing amount charged by the bank will be doubled for the respective month.
 

Car Loan for the Agriculturist

1. The applicant needs to have 3-5 acres of land for the loan amount of Rs. 1-10 lakhs and the interest rate charged on this loan is 65%- 75%.
2. If the applicant has a land of more than 20 acres, then he can avail a loan of 10 lakh, and above and the interest rate charged by the bank will depend on the income of the customer and the ITR filed by him.
 

Loan on the name of Company

The following companies take the car loan
1.    Listed Companies
2.    Non-Listed Companies
3.    Public Sector 
4.    Society
The documents of the following persons are required for car loan against a company:
1.    Non listed: Proof of the director or any partner
2.    Listed: Documents of the director
3.    Public Sector: Documents of Karta
4.    Society/ Trust: Documents of the trustee
 

Criteria for a used car:

1. Additional document needed for a used car are RC of the car and the insurance of the car.
2. Insurance Value funding is 85%.
3. The interest rate charged by the bank is 14%.
 
Note: Rented customers are not given used car loan.
 

How to Apply for CAR Loan?

First, you need to visit our official site DialaBank.
After that, apply for a Car Loan online.
Enter your contact number so that we can contact you back.
DialaBank is the best platform to apply for a car loan as you will get a loan at affordable rates of interest.
 

About Meramandali

Meramandali is a city located in district Dhenkanal of state Orissa, India. For more information on Car Loan, you can visit our official site.
 

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