Best Banks for Car Loan Badhnikalan
Car Loan Badhnikalan 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
Want to buy a car? But don’t have enough money? Don’t worry. We at Dialabank help customers to compare, analyze and choose the best loan possible.
A car loan is a financial help provided by the banks and the NBFC’s to fulfill your dream of having your own car. They provide the borrower with the necessary funding for purchasing a car which can be on Ex-Showroom Price or On-Road Price of the car. A car loan is a secured loan with many easy repayment options. The loan amount is offered based on Interest charges which may vary from bank to bank. One pays for the vehicle in easy installments.
Car Loan Badhnikalan Eligibility Criteria
The car loan eligibility requirements are as follows in Badhnikalan:
| 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 |
Car Loan Badhnikalan EMI Calculator
Car Loan Badhnikalan 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 |
Car Loan Badhnikalan Fees and Charges: Leading Banks – Apr 23 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 Badhnikalan Documents Required
Documents you need to have for a 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. |
How to Get the Best Car Loan Interest Rates in Badnikalan
Though the interest rates may vary from bank to bank and lender to lender, all offered interest rates are reasonable and competitive. If you wish to get a lower interest rate on your car loan Badhnikalan, you should follow these steps:
- Choose a shorter repayment term – Choose a shorter tenure for your repayment period, just enough so that you don’t feel the financial burden when paying the EMI. The longer tenure means that you don’t have to pay a big amount as your monthly EMI, but it also gives the lender an impression that you don’t have the resources to pay the EMIs on time. If you choose to go for the shorter term, the lender might offer a lower interest rate.
- Research and compare the perks offered by different lenders – Compare and analyze all your lender options before you settle for one. Choose the option that suits your requirements the best.
- Maintain a modest debt-to-income ratio –Maintain a low debt-to-income ratio, as that encourages the lender to give you a lower interest rate.
- Maintain a good credit score — Lenders will be pleased to offer you a car loan with a cheaper interest rate if you have a good credit score. Lenders consider a credit score of 750 and above to be healthy. Many lenders may give out auto loans to people with bad credit, but in return, they will demand a higher interest rate. Check your credit scores regularly with the official Dialabank “Free Credit Score” service to make sure you have a good credit score. This will allow you to take necessary measures to enhance your credit score if it is low, and it will allow you to approach lenders with confidence if your credit score is good.
How to Apply for a Car Loan in Badhnikalan?
- Apply online on Dialabank.
- Go to the car loan section under the loan section.
- The applicant will be asked to fill in all the requested details for the car loans and also where they want their loan from, according to their needs.
- If you have any doubts regarding car loans or for more information on car loans and free guidance, you may call on 9878981166.
Which Bank in Badhnikalan Offers the Best Car Loans?
Many big banks and NBFCs, including HDFC, Private, and SBI, offer vehicle loans in Badhnikalan. The ideal lender is the one that would provide you with the best interest rate, one that suits your requirements the best. One that would have a feature of quick disbursement of funds. Make sure you choose and analyze all the lenders to choose the best one for you.
Car Loan for Major Car Manufacturers in Badhnikalan
TABLE WILL APPEARProcessing Fees / Prepayment Charges on Car Loan Badhnikalan
| 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 in Badhnikalan
Every financial institution has its criteria for CIBIL score required for processing the Car Loan application in Badhnikalan so that they can minimize the risk of lending to the customer. Most institutions will want you to have a minimum CIBIL score of 750 or above to process your loan application. Also having a good CIBIL score helps you get these loans at a cheaper rate of interest.
The institutions don’t just look at the overall score but also the history of credit on the previous loans taken. This might include details on the type of loan taken and the amount borrowed. Any delayed payments from previous loans can act as a barrier to your availing of a fresh loan.
Car Loan Badhnikalan Contact Number
In case of any queries regarding the car loan Badhnikalan, you may contact on the number 9878981166 for any assistance.
Pre Calculated EMI Table for Car Loan Badhnikalan
| 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 |
About Badhnikalan
Badhni Kalan is a town and also a Nagar panchayat in Moga district in Punjab, India. Kalan is a word from the Persian language, that means Big.
As of the 2001 India census, Badhni Kalan had a population of 6373.
Special Note: Banks do not provide Car Loans to bad credit holders, but one can fulfill their money requirement with Gold Loan easily.
FAQ’s About Badhnikalan Car Loan
✅ What are the types of vehicles I can purchase with a car loan?
Car Loans can be used to buy all types of cars, it doesn’t discriminate with the type of four-wheeler you wish to buy.
✅ Is it possible for me to acquire a loan on my current vehicle?
Yes, if you have a credit history with your current lender, many lenders will grant you a loan on your current vehicle.
✅ What are my options for repaying my auto loan?
Standing Instruction (SI), Electronic Clearing Service (ECS), and Post-Dated Cheques are three options for repaying your loan (PDCs). It is usually advised that you return your loan using the first two options because they are speedier and have a lower risk of error, which is not the case with PDCs.
✅ Do I need a guarantor when applying for a car loan?
A guarantor is required only when your income falls below the bare required minimum.
✅ Where can I get an EMI interest car loan calculator?
You can use the EMI calculator on the official Dialabank website or the one from your lending bank. To calculate the EMIs, enter various possible interest rates that can be offered to you. You can obtain the interest rate when you fill out an application for a loan, which will require you to provide basic information such as your salary, company, and work experience, depending on which possible interest rates will be presented.
