Best Banks for Car Loan Ballarpur
Car Loan Ballarpur 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
A car loan allows the potential purchaser to pay for his/her car in regularly scheduled installments as opposed to paying the entire amount at once. Car Loan Ballarpur can be secured or non-secured. Most of the time lenders will be very quick to offer a secured loan even with bad credit because the vehicle is used as collateral if the borrower fails to pay.
Car Loan Ballarpur Eligibility Criteria
The car loan Ballarpur 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 Ballarpur EMI Calculator
Car Loan Ballarpur 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 Ballarpur Fees and Charges : Leading Banks – May 29 2023
| 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 Ballarpur Documents Required
Documents required for car loan Ballarpur 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 Ballarpur
To get a car loan Ballarpur with the lowest interest rate, follow the steps below:
- Choose a shorter repayment term – Choosing a longer tenure means that you don’t have to pay huge sums of money in the form of EMI every month, but that encourages the lender to give you a higher interest rate. Choose the shortest term possible for yourself, to avail the lower interest rate from the lender.
- Research and compare the perks offered by different lenders – Make sure you have done your research on all the banks and NBFCs offering the car loan Ballarpur. This will help you make the right choice and choose yourself a bank that will fulfill all your requirements.
- Maintain a modest debt-to-income ratio – The debt-to-income ratio measures how much of an applicant’s income goes towards their loan repayment, and lenders take this into account when giving you interest rates. If your debt-to-income ratio is low, then you have a better chance of getting a car loan with a lower interest rate.
- Maintain a good credit score — Lenders will be pleased to offer you a car loan with low interest rates if you have a good credit score. Lenders consider a credit score of above 750 to be ideal and perfect. Many lenders may give auto loans to people with bad credit, but they will demand a higher interest rate in return. Check your credit scores regularly with Dialabank’s official “Free Credit Score” service to make sure 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 if your credit score is good.
How to Apply for a Car Loan Ballarpur
- Firstly, visit our website DialaBank
- Secondly, Fill the online application form.
- Thirdly, Enter the basic information in the above application form.
- After that, you will get a call from our side
- Moreover, for more information, you can call at 9878981166 with your city code.
The process is very easy and simple.
Which Bank in Ballarpur Offers the Best Car Loans?
Most big banks and NBFCs, including HDFC, Private, and SBI, offer car loan Ballarpur. The best lender would be the one that offers you a low interest rate, a comfortable tenure, and 100% on-road financing of the car. Before making the choice, you should make sure to check all the interest rates offered by the banks and NBFCs to choose one that takes care of all your requirements.
Car Loan for Major Car Manufacturers in Ballarpur
TABLE WILL APPEARProcessing Fees / Prepayment Charges on Car Loan Ballarpur
| 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 Ballarpur
Every financial institution has its criteria for the CIBIL score required for processing the Car Loan application in Ballabgarh so that they can minimize the risk of lending to the customer. Most institutions require a minimum score of CIBIL of 750 or above is considered ideal and hence is easy to process your loan application. Also having a good CIBIL score helps as you can get loans at a cheaper rate of interest.
Car Loan Ballarpur Contact Number
In case of any queries regarding the car loan in Ballarpur, you may contact on the number 9878981166 for any assistance.
Pre Calculated EMI Table for Car Loan Ballarpur
| 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 Ballarpur
Ballarpur is a city located in the Chandrapur district of Maharashtra India.
Car Loan Banks in Ballarpur
| Bank Name | Bank Address | IFSC Code |
| BANK OF BARODA | OPPOSITE NEW BUS STAND ALLAPALLI ROAD,BALLARPUR ,MAHARASHTRA – 442 701. | BARB0BALLAR |
| HDFC BANK | HDFC BANK LTD. SHEET NO-15, CITY SR NO 29 1, OPP. BUS STAND, NEAR PARISHAD ROAD, CHANDRAPUR MAHARASHTRA 442701 | HDFC0002450 |
| STATE BANK OF INDIA | OPP. TO BUS STAND, BALLARPUR, DIST. CHANDRAPUR | SBIN0003078 |
FAQ’s About Car Loan Ballarpur
✅ What are my options for repaying my auto loan?
You may pay back the loan using Standing Instruction (SI), Electronic Clearing Service (ECS), and Post-Dated Cheques are three options for repaying your loan (PDCs). It is normally advised that you repay your loan using the first two options because they are faster 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.
✅ 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.
