Best Banks for Car Loan Banasinga
| Feature | HDFC Bank | Private Bank |
Kotak Mahindra Bank
|
| Interest Rate (p.a.) | 7.35 % - 7.95 % | 8.5 % - 9.5 % | 11 % |
| Min Loan Amt | Metro : 1 Lac & Non Metro: 75000 | 75000 | 75000 |
| Max Loan Amt | 1 Cr | 1 Cr | 1 Cr |
| Loan Tenure | Upto 7 Years | Upto 5 Years | Upto 5 Years |
| Processing Fee | 1999 - 4999 + Tax | 0.25% to 1.50% | 0.25% to 1.50% |
| Preclosure Chgs | 2%, Nil after 24 months | 2%, Nil after 36 months | Nil |
| Loan to Value (LTV) | Upto 100% on Ex- showroom | Upto 95% on Ex- showroom |
Upto 90% on Ex- showroom
|
Car Loan Banasinga 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 vehicle loan is financial assistance provided by banks and non-bank financial institutions (NBFCs) to help people acquire cars. The banks offer the necessary funds for developing the vehicle, which can be purchased at the Ex-Showroom or On-Road pricing. They also had the lowest interest rates and required the least amount of paperwork. Dialabank will assist you in selecting, comparing, and analysing all of the most acceptable auto loan Ban options available.
Car Loan Banasinga Eligibility Criteria
The car loan Banasinga 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 Banasinga EMI Calculator
Car Loan Banasinga 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 Banasinga Fees and Charges: Leading Banks – Mar 30 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 Banasinga Documents Required
Documents required for car loan Banasinga 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 Banasinga
Varying banks and NBFCs have different interest rates for auto loans in Banasinga, but they are all acceptable and competitive. Follow the steps below to get the best interest rate on a car loan in Banasinga:
- Choose a shorter repayment term – Choosing a more prolonged period means you won’t have to pay as much in EMIs each month, but it will encourage the lender to charge you a higher interest rate. To get the lowest interest rate from the lender, choose the shortest term available.
- Research and compare the perks offered by different lenders – Make sure you’ve looked into all of the banks and NBFCs that offer vehicle loans in Baidpura. This will assist you in making the best decision and selecting a bank that will meet all of your needs.
- Maintain a modest debt-to-income ratio – The debt-to-income ratio determines how much of an applicant’s income goes toward loan repayment. It is taken into account by lenders when determining interest rates. As a result, if your debt-to-income ratio is low, you’ll have a greater chance of securing a low-interest auto loan.
- Maintain a good credit score — If you have a strong credit score, lenders will be happy to provide you with a low-interest auto loan. A credit score of 750 or higher is considered ideal and perfect by lenders. Many lenders may provide negative credit borrowers auto loans, but they will charge a higher interest rate in exchange. To ensure a good credit score, use Dialabank’s official “Free Credit Score” service regularly. This will allow you to take the necessary measures to enhance your credit score if it is low, and it will enable you to approach lenders with confidence if your credit score is good.
How to Apply for a Car Loan Banasinga?
Availing of a car loan Banasinga is an easy process with DialaBank. Follow the steps given below to avail of the best offers:
- Visit our website Dialabank from your browser.
- Now go to the loan part of the page and select the car loan option.
- The applicant will next be requested to fill out all of the auto loan data, including selecting their preferred city based on their requirements.
- Call 9878981166 for more information on vehicle loans and additional assistance
Which Bank in Banasinga Offers the Best Car Loans?
In Banasinga, most of the large banks and NBFCs, including HDFC, Private, and SBI, offer vehicle loans. Compare all of your alternatives for a vehicle loan in Banasinga on the market and pick the best one that meets all of your needs. The best option is one that provides you with a cheap interest rate, a long repayment period, and 100 per cent financing of the car’s on-road costs.
Car Loan for Major Car Manufacturers in Banasinga
TABLE WILL APPEARProcessing Fees / Prepayment Charges on Car Loan Banasinga
| 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 Banasinga
Your creditworthiness is determined by your CIBIL score, which is based on your previous transactions. As a result, it is a crucial consideration when taking out a car loan. The minimum CIBIL score necessary for vehicle loans varies by bank. MOST BANKS CONSIDER a CIBIL score of 750 ideal and flawless, making it easy to execute your vehicle loan application. In case of a low CIBIL score, you might be required to pay a higher interest rate on the loan amount to get the loan.
Car Loan Banasinga Contact Number
In case of any queries regarding the car loan Banasinga, you may contact on the number 9878981166 for any assistance.
Pre Calculated EMI Table for Car Loan Banasinga
| 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 Banasinga
Banasinga is a village in Dhenkanal, Orissa, India, in the Gandia Tehsil. If you need a Car Loan Banasinga, come to our website and apply for a low-interest loan.
FAQ’s About Car Loan Banasinga
✅ What are my options for repaying my auto loan?
You have three alternatives for repaying your loan: Standing Instruction (SI), Electronic Clearing Service (ECS), and Post-Dated Cheques (PDCs). However, you usually recommend that you repay your loan using the first two alternatives because they are speedier and have a more negligible risk of error, whereas PDCs do not.
✅ Where can I get an EMI interest car loan calculator?
You can use the EMI calculator on Dialabank’s official website or the one provided by your lending institution. Enter several interest rates that may be given to you to calculate the EMIs. You may get the interest rate by filling out a loan application, which will ask you for basic information like your salary, company, and work experience, depending on which prospective interest rates are provided.
✅ What are the types of vehicles I can purchase with a car loan?
Any vehicle can be purchased with the help of a car loan. It is unconcerned with the type of four-wheeler you choose to get.
