Car Loan Abohar

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Car Loan Abohar

Best Banks for Car Loan in Abohar

Feature
HDFC Bank
ICICI Bank
Kotak Mahindra Bank
Interest Rate
8% - 8.4 %
8.5 - 9.5 %
11%
Min Loan Amt
Metro : 1 Lac & Non Metro: 75000
75000
75000
Max Loan Amt
1 Cr
1 Cr
1 Cr
Loan Tenure
Upto 7 Years
Upto 5 Years
Upto 5 Years
Processing Fee
1999 - 4999 + Tax
0.25% to 1.50%
0.25% to 1.50%
Preclosure Chgs
2%, Nil after 24 months
2%, Nil after 36 months
Nil
Loan to Value (LTV)
Upto 100% on Ex- showroom
Upto 95% on Ex- showroom
Upto 90% on Ex- showroom

Car Loan Abohar Features

Thinking of purchasing your dream car? But don’t have the required funds? Worry not! A car loan is here for you. A car loan is a means of funding or financial help provided by banks and NBFCs to applicants at an affordable rate of interest to aid them in buying a car. Since cars have now become a necessity for everyone, but the cost of cars is growing rapidly daily. This is where a car loan comes into play and fulfills your desire to be the owner of a luxurious car. The main features of a car loan in Abohar are:

  • Car Loan are available at low-interest rates.
  • Almost all major banks and NBFCs offer car loans in Secunderabad.
  • The documentation process is quick and hassle-free.
  • Car loans are easily available through DialaBank.

Car Loan Abohar Interest Rates

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
ICICI 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
1%
Nil
Andhra Bank Car Loan
Nil
Nil

 

To check Car Loan Interest Rate for all major banks you can visit: Car Loan Interest Rates

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Car Loan Abohar Documents Required

The essential documents required for a car loan approved in Abohar are as follows:

For Salaried Applicants

  1. Identity Proof: Passport copy, PAN Card, Voters ID card, Driving License
  2. Income Proof:  Latest 3-month salary slip with form 16
  3. Address Proof: Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy /PAN Card
  4. Bank Statement: Last 6 months.

For Self Employed Applicants

  1. Identity Proof: Passport copy, PAN Card, Voters ID card, Driving License
  2. Income Proof Latest ITR proof
  3. Address Proof: Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy /PAN Card
  4. Bank Statement: Last 6 months.

Car Loan Abohar Eligibility Criteria

The car loan eligibility requirements in Abohar are as follows:

For Salaried Individuals

  1. Minimum age: 21 years for salaried individuals
  2. Maximum age at loan maturity: 60 years for salaried and individuals
  3. Minimum employment: 1 year in current employment and a minimum of 2 years of employment  
  4. Minimum Annual Income: Rs 100000 net annual income
  5. Usually getting a car loan is easier when the applicant possesses a CIBIL score of 750 and above which is an essential factor required for loan approval.

For Self Employed Individuals

  1. Minimum age: 30 years in case of a self-employed
  2. Maximum age at loan maturity: 65 years respectively for self-employed individuals
  3. Minimum business tenure: at least 3 years in business
  4. Minimum Annual Income:  Net profit Rs. 60000 per annum for standard cars and Rs.100000 per annum for mid-sized and premium cars
  5. Getting a car loan is generally quite easier when the applicant possesses a CIBIL score of 750 and above which hence is quite an essential factor required for loan approval.

Car Loan for Major Car Manufacturers in Abohar

TABLE WILL APPEAR

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Processing Fees & Prepayment Charges on Car Loan in Abohar

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 Abohar

The CIBIL score is what defines your ability to pay off your credits. A higher Credit score defines your good credit history and makes your application process smooth and easy to be processed. Usually, banks and NBFCs require a credit score of 750 and above to approve your loan application process in Secunderabad. This score may vary from bank to bank. In case a CIBIL score is less than the required value you will be required to pay a high rate interest rate on the loan amount.

Car Loan Abohar Contact Number

In case of any queries regarding the car loan in Abohar, you may contact on the number 9878981144 for full assistance in regards to the car loan process.

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Pre Calculated EMI Table for Car Loan Abohar

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

Car Loan Abohar

Car Loan EMI Calculator

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