Best Banks for Car Loan in Badnawar
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 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 |
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 |
Car Loan Badnawar Fees and Charges: Leading Banks – Apr 26 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 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. |
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.
Which Bank in Badnawar Offers the Best Car Loans?
Most of the big banks and NBFCs, including HDFC, Private, 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 APPEARProcessing 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 |
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.
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.
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 |
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.
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.
