Car Loan Ballarpur

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Car Loan Ballarpur

Best Banks for Car Loan Ballarpur


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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


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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

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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

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Car Loan Ballarpur Fees and Charges : Leading Banks – May 29 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 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.

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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.


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Which Bank in Ballarpur Offers the Best Car Loans?

Most big banks and NBFCs, including HDFC, ICICI, 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 APPEAR

Processing 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

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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.


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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.


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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

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About Ballarpur

Ballarpur is a city located in the Chandrapur district of Maharashtra India.

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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.