Car Loan Badnawar

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Car Loan Badnawar

Best Banks for Car Loan in Badnawar


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Car Loan Badnawar 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

If you are looking for a car loan in Badnawar, then you have come to the right place to check and compare all the possible car loans available in Badnawar. You can check their interest rates, tenure, eligibility, etc. You might even be able to get the loan approval or estimates within 30 minutes. To choose the perfect option for yourself, learn which car loan Badnawar offers 100% financing of the on-road pricing with a low interest rate.

Car Loan Badnawar


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Car Loan Badnawar Eligibility Criteria

The car loan Badnawar eligibility requirements are as follows:

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

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Car Loan Badnawar EMI Calculator

Car Loan Badnawar 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

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Car Loan Badnawar Fees and Charges: Leading Banks – May 25 2022

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 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


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Car Loan Badnawar Documents Required

Documents needed for 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.

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How to Get the Best Car Loan Interest Rates in Badnawar

Different lenders offer different interest rates in Badnawar, but they all remain reasonable and competitive. To make sure you get the lowest interest rate possible, follow these steps:

  • Choose a shorter repayment term – Go for the shortest possible tenure for your loan, one which won’t put you under a financial burden. Going for a longer term does mean having to pay low EMIs every month, but that gives the lender an impression that you don’t have the resources to pay a shorter term, which means you have the chance of default. This makes them give you a higher interest rate. Therefore, go for the lowest possible tenure for yourself.
  • Research and compare the perks offered by different lenders – Before choosing the lender from whom you want the car loan, make sure you have researched every single bank and NBFC to make sure you choose the best lender according to your requirements.
  • Maintain a modest debt-to-income ratio – Have a low debt-to-income ratio, this makes the lenders give you a lower interest rate to avoid the burden on you.
  • Maintain a good credit score — Lenders will be pleased to offer you a car loan with a low 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 auto loans to people with bad credit, but they will be giving it to them at a higher interest rate. Check your credit scores regularly with the official Dialabank “Free Credit Score” service to guarantee you have a good credit score. This will allow you to take the necessary measures to enhance your credit score if it is low, and it will allow you to approach lenders with confidence since you have a good credit score.

How to apply for Car Loan Badnawar?

  • Visit Dialabank.
  • Go to the loan section and select auto loan followed by the car loan link.
  • The applicant will be asked for the details of the car loan where they can choose their preferred city.

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Which Bank in Badnawar Offers the Best Car Loans?

Most of the big banks and NBFCs, including HDFC, ICICI, and SBI, offer vehicle loans in Badnawar. The best lender for you would be the one that offers you the lowest interest rate, maximum financing, and the perfect tenure for your requirements. Make sure you make an educated guess when it comes to these situations.

Car Loan for Major Car Manufacturers in Badnawar

TABLE WILL APPEAR

Processing Fees / Prepayment Charges on Car Loan Badnawar

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

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CIBIL Score Required for Car Loan in Badnawar

The CIBIL score is referred to as what defines your ability to pay off your debts. A higher Credit score means good credit history which makes your car loan application process smooth and easy to be processed. Mostly, banks and NBFCs consider a credit score of 750 and above as a good score to approve your loan application process in Badnawar.

This score varies from bank to bank. If you have a lower CIBIL score than the required value, you will be required to pay a high rate interest rate on the loan amount, while if your CIBIL score is good, you may be offered to pay a low rate of interest. Thus, having a good CIBIL score is an important factor in a car loan.


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Car Loan Badnawar Contact Number

In case of any queries regarding the car loan in Badnawar, you may contact on the number 9878981166 for any assistance.


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Pre Calculated EMI Table for Car Loan Badnawar

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

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About Badnawar

Badnawar is a town, former Pargana, and a Nagar Parishad of the Dhar district in the state of Madhya Pradesh, India. It was once known as Vardhamanapur.


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Car Loan Banks in Badnawar

Bank Name Bank Address IFSC Code
CANARA BANK CANARA BANK GANESH BHAVAN, PTLAWAD ROAD NEAR UNNATI SCHOOL, BADNAWAR, MP BADNAWAR MADHYA PRADESH 454660 CNRB0006732
HDFC BANK HDFC BANK LTD., WARD NO. 13, PETLAWAD ROAD, BADNAWAR, DHAR, MADHYA PRADESH 454660 HDFC0003013
STATE BANK OF INDIA 106,JAWAHAR MARG,BADNAWAR SBIN0030043

FAQ’s About Badnawar Car Loan

✅ Is there a requirement for a minimum salary when applying for a car loan?

Most lenders do not have a salary bar, but your application will be rejected if they determine that you cannot pay your monthly EMIs on time due to you having a low salary. Under these circumstances, having a co-applicant might help.

✅ Is a loan guarantor or guarantor required?

If you cannot meet the lending institution’s eligibility criteria, such as monthly income, age, or credit score, a loan guarantor or co-borrower is required. You may also apply for a car loan on your own.

✅ In what circumstances might my car loan application be denied?

If you have a bad credit score, have defaulted on your payments, or have applied for and been rejected for loans multiple times, your loan application may be denied. To get your loan approved, you must also meet the bank’s eligibility criteria, including a minimum income level, age, and previous relationship with the bank.

✅ Are there any tax advantages to taking out a car loan?

No. A car loan, unlike a home loan, has no tax benefits at all. As a result, car loan amounts should always be tied to your actual need, and splurging on a fancy car by taking out a large loan is not a good idea.

✅ Is it possible to negotiate interest rates?

Yes, you can use your credit history and previous relationship with the prospective lender to negotiate the interest rate on your car loan. Regularly paying your EMIs on previous loans/credit cards with your prospective lender can help you get a car loan with a lower interest rate.