Best Banks for Car Loan in Bagdihi
Car Loan Bagdihi 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 lacking funds? Don’t worry. We at Dialabank financial services help our customers to compare, analyze and choose the best loan possible. A car loan allows you to pay for the vehicle you want in installments rather than spending it at once. It requires very little documentation and fewer fees to process.
Car Loan Bagdihi Eligibility Criteria
The car loan Bagdihi 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 Bagdihi EMI Calculator
Car Loan Bagdihi 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 Bagdihi Fees and Charges : Leading Banks – Apr 18 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 Bagdihi Documents Required
Documents needed 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 Bagdihi
Even though the interest rates offered vary, they are all reasonable and competitive for a car loan Bagdihi. If you want a lower interest rate, do follow these steps:
- Choose a shorter repayment term – Having a shorter tenure helps, as the lender thinks you have the financial capabilities to pay off the loan even though the EMI might be high, making the lender give you a low interest rate. But please do choose a tenure that you can afford.
- Research and compare the perks offered by different lenders – Do thorough research on all the banks offering you the car loan Bagdihi. Make an educated choice when you choose your lender, one which ticks all your boxes.
- Maintain a modest debt-to-income ratio – Maintaining a low debt-to-income ratio makes the lenders give you a low interest rate, as they do not wish to pile on the financial burden. Maintain a low one, but not so low that it could be interpreted as a burden.
- 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 ideal. Many lenders may give auto loans to people with bad credit, but they will give it at 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 the necessary and needed measures to enhance your credit score if it is low, and it will allow you to approach your lenders with confidence since you have a good credit score.
How to Apply for a Car Loan in Bagdihi?
- Visit Dialabank website.
- Go to the loan section and select an auto loan followed by a car loan link.
- Provide all your contact details and information regarding your loan requirements, including your phone number.
- You will receive a phone call from one of our experts, and they will guide you further.
Which Bank in Bagdihi Offers the Best Car Loans?
Most big banks and NBFCs, including HDFC, Private, and SBI, offer car loan Bagdihi. Choose the lender that ticks all your boxes of requirements as well as the basics such as low-interest rates, comfortable tenure, 100% financing of the price of the car.
Car Loan for Major Car Manufacturers in Bagdihi
TABLE WILL APPEARProcessing Fees / Prepayment Charges on Car Loan Bagdihi
| 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 Bagdihi
CIBIL score plays a very important role while getting the loan. If your CIBIL score is 750 or above, then you will get quick loan approvals. If the CIBIL score is less than 750 then your application would be reluctantly processed. So, you should check your CIBIL score before you apply for the loan. If you pay your EMIs on time then your CIBIL score will be good and high. If you do not repay Your EMI on time your CIBIL score will be reduced. The applicant must pay monthly EMIs according to the schedule of the bank.
Car Loan Bagdihi Contact Number
You can get a car loan from Bagdihi easily from Dialabank by contacting the number 9878981166.
Pre Calculated EMI Table for Car Loan Bagdihi
| 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 EMI Calculator
| 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 Bagdihi
Bagdihi is located in the region of Odisha. Odisha’s capital Bhubaneshwar (Bhubaneshwar) is approximately 253 km / 157 mi away from Bagdihi. The distance from Bagdihi to India’s capital New Delhi (New Delhi) is approximately 1,020 km / 634 mi.
FAQ’s About Car Loan Bagdihi
✅ 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?
A loan guarantor or co-borrower is required if you cannot meet the lending institution’s eligibility criteria, such as monthly income, age, or credit score. 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.
