Car Loan Bhawanigarh

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Car Loan Bhawanigarh

Best Banks for Car Loan in Bhawanigarh


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Car Loan Bhawanigarh 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

Car Loan Bhawanigarh

You can get an auto loan to get the money you need to buy a car. Because automotive loans are deemed “secured,” you must use the vehicle you’re purchasing as collateral for the loan. There’s good news and terrible news here.

Car Loan Bhawanigarh


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Car Loan Bhawanigarh Eligibility Criteria

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 Bhawanigarh EMI Calculator

Car Loan Bhawanigarh 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 Bhawanigarh Fees and Charges: Leading Banks – May 21 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


car loan

Car Loan Bhawanigarh Documents Required

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 Bhawanigarh

Varied lenders in Bhawanigarh offer different interest rates on automobile loans, but they are all sensible and competitive. Follow the steps below to secure a car loan in Bhawanigarh with the lowest interest rate:

  • Choose a shorter repayment period – Many vehicle loan applicants assume that longer repayment terms are preferable because the EMI (equated monthly installment) is low. Unfortunately, they don’t seem to realize that lenders in Bhawanigarh see longer repayment terms as a sign of a borrower’s poor repayment ability. Therefore they charge higher interest rates. As a result, if you want to save money on your car loan, cons are a good option.
  • Investigate and compare the benefits provided by various lenders. If you want to secure a good deal on an auto loan, you must first investigate and compare the benefits provided by other lenders.
  • Maintain a low debt-to-income ratio — The debt-to-income ratio measures 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 lower, you’ll have a higher chance of securing a reduced-interest auto loan.
  • Maintain an excellent credit score – If you have a good credit score, lenders will be happy to provide you with a car loan with lower interest rates. A credit score of 750 or more is considered healthy by lenders in Bhawanigarh. Many lenders may provide negative credit borrowers auto loans, but they will charge a higher interest rate. To ensure a good credit score, use Dialabank’s “Free Credit Score” service frequently. If your credit score is poor, you’ll be able to take steps to improve it, and if your credit score is strong, you’ll be able to approach lenders with confidence.

How to Apply for a Car Loan in Bhawanigarh?

Dialabank makes getting a car loan in Bhawanigarh a simple process. To take advantage of the best deals, follow these steps:

  • Dialabank is our website.
  • Select the option for a car loan from the menu.
  • Fill in the facts about the vehicle and your earnings.
  •  You then Wait for our relationship manager to contact you at the phone number you provided.
  • If you have any questions or queries about the loan, you can call our relationship managers at 9878981166.
  • To take out a car loan Bhawanigarh offline, you will have to visit the branch personally, which might be hectic for you.


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Which Bank in Bhawanigarh Offers the Best Car Loans?

Car loans Bhawanigarh provides several large banks and NBFCs, including HDFC, ICICI, and SBI. The best lender will be able to give you the loan amount you require at a reasonable interest rate and will be able to release the funds as soon as possible. As a result, it’s a good idea to evaluate auto loans from various lenders before applying for one that fulfills all of your requirements, such as interest.

Car Loan for Major Car Manufacturers in Bhawanigarh

TABLE WILL APPEAR

Processing Fees / Prepayment Charges on Car Loan Bhawanigarh

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 in Bhawanigarh

The CIBIL score is a value that determines your ability to repay your debts. A higher credit score indicates a positive credit history and facilitates the processing of your vehicle loan application. Most banks and NBFCs in Bhawanigarh consider a credit score of 750 or higher to be a good score when approving the application for a loan.

From one bank to another, this score may differ. For example, you may be charged a high interest rate on the loan amount if your CIBIL score is lower than the required number; however, if your CIBIL score is great, you may be charged a low-interest rate. As a result, while applying for a car loan, a CIBIL score is an important factor to consider.


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Car Loan Bhawanigarh Contact Number

If you have any queries about the car loan Bhawanigarh, you may contact the number 9878981166 for any assistance.


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Pre Calculated EMI Table for Car Loan Bhawanigarh

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 Bhawanigarh

Bhawanigarh is a town located in the Sangrur district in the state of Punjab, India. For more information on Car Loans, you can visit our official site.

If you are in urgent need of money and you have any query feel free to contact Dialabank.

Car Loan Banks in Bhawanigarh 

ALLAHABAD BANK ALLAHABAD BANK, NABHA-SANGRUR ROAD, NEAR STATE BANK OF PATIALA, BHAWANIGARH DISTT – SANGRUR (PB) – 148026 ALLA0213413
CORPORATION BANK N H 64 NEAR OLD BUS STAND OPP PEER BABA PATIALA ROAD BHAWANIGARH DIST SANGRUR PUNJAB CORP0001642
HDFC BANK SCF 7, NEW GRAIN MARKET BHAWANIGARH PIN 148026 HDFC0001957
ICICI BANK LIMITED ICICI BANK LTD.SCF 1 GRAIN MARKET BHAWANIGARH 148026 DISTT SANGRUR PUNJAB ICIC0002829
ORIENTAL BANK OF COMMERCE MAIN ROAD, BHAWANIGARH, BHAWANIGARH ORBC0100452
PUNJAB AND SIND BANK BHAWANIGARH, SANGRUR PSIB0000261
PUNJAB NATIONAL BANK BHAWANIGARH PUNB0682300
STATE BANK OF INDIA NEW GRAIN MARKET, BHAWANIGARH DISTT SANGRUR PUNJAB PIN 148026 SBIN0016489
STATE BANK OF INDIA TEH DIST SANGRUR SBIN0050033
AXIS BANK GROUND FLOOR, KHASRA NO.2927, SCHOOL ROAD, VILLAGE NAGRA, TEHSIL- SUNAM & DISTRICT – SANGRUR, PUNJAB- 148026 UTIB0001640
AXIS BANK GR FLR PART OF KHATA NO 64 90 KHASRA NOS 101 12 2 5 10 UTIB0003505
YES BANK GR FLR, S.C.F NO.2, NEW MANDI TOWNSHIP, NEW GRAIN MARKET, BHAWANIGARH, DIST.SANGRUR, PB,148026 YESB0000911

FAQ’s About Bhawanigarh Car Loan

✅ Is it a good idea to pay off a car loan Bhawanigarh early? 

Paying off the loan early may be a good way to avoid the long repayment period. It is not smart to proceed with the pre-closure if the penalty amount is significantly higher than the interest charges.

✅ Is the registration charge included in the auto loan?

Car loans do not include insurance or registration fees, which one must pay at the time of purchase. Auto insurance, required by law, must be acquired separately, as must all vehicle registration-related expenditures, which are not covered by your car loan.

✅ What should I do now that the last EMI has been paid?

The bank will issue Form 35 and NOC (No Objection Certificate) to the RTO (Road Transport Office) once you have paid off your loan in full, and It will delete the lender’s name from the RC book endorsement.