Car Loan Bodinayakanur

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Car Loan Bodinayakanur

Best Banks for Car Loan in Bodinayakanur


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Car Loan Bodinayakanur 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

An automobile Loan is a fund offering for people to acquire a car. A car loan permits the person to pay in instalments instead of spending the automobile immediately. It demands a minimum process of documentation and lowers costs.

Car Loan Bodinayakanur


car loan

Car Loan Bodinayakanur 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 Bodinayakanur EMI Calculator

Car Loan Bodinayakanur 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 Bodinayakanur Fees and Charges: Leading Banks – May 23 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 Bodinayakanur 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 Bodinayakanur

The rates of interest on automobile loans in Bodinayakanur may change, but they are moderate and competitive. If you want a car loan with the lowest interest rate in Bodinayakanur, complete the following steps:

  • A credit rating shows the lender that your financing is less dangerous, as shown by the score, as you have paid on time in the past.
  • The amount of money you loan influences your vehicle loan interest rate. Therefore, you can get a lower rate if you choose a larger loan amount.
  • If you have an excellent payment and business history, companies may be willing to provide you with a cheap interest rate on a car loan.
  • You may be eligible for a decreased interest rate when you earn more money since higher incomes reflect stronger repayment capacity.
  • If the debt-to-income value is little, consumers will obtain a better chance at a lower price of a new mortgage.

How to Apply for a Car Loan in Bodinayakanur?

To use Car Loan Bodinayakanur:

  • Select the car loan choice from the drop-down menu, check our website. Enter the car facts and your income. Wait then for our financial advisor to contact you at your telephone number. You can call our Relation Manager at 9878981166 if you have any questions concerning the loan.
  • This can be a stressful circumstance for you to go to the branch itself.


car loan

Which Bank in Bodinayakanur Offers the Best Car Loans?

Several major banks and financial non-banks offer auto loans in the city. The best lender will naturally give you the loan at a fair value and distribute the funds as soon as possible. It is always a good idea to examine different lenders’ vehicle loans before applying for one that fulfils all your criteria, such as interest rates.

Car Loan for Major Car Manufacturers in Bodinayakanur

TABLE WILL APPEAR

Processing Fees / Prepayment Charges on Car Loan Bodinayakanur

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


car loan

CIBIL Score Required for Car Loan in Bodinayakanur

The CIBIL scoring represents your past credit history and all previous credit defaults. Due to the high credit value that most financial institutions demand, the decent credit rating is 750 or above. Nevertheless, every bank and NBFC has their own minimum standards for a CIBIL loan score. Therefore, if a CIBIL score of less than 750, the interest rate may be higher.

A poor CIBIL score may cause your loan to be declined, as this is the first item a bank examines before your application is completed.


car loan

Car Loan Bodinayakanur Contact Number

In case of any queries regarding the Car Loan in Bodinayakanur, you may contact on the number 9878981166 for any assistance.


car loan

Pre Calculated EMI Table for Car Loan Bodinayakanur

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

About Bodinayakanur

In the State of Tamil Nadu, India, Bodinayakanur is a town and municipality. It’s in the district of Theni.


car loan

Car Loan Banks in Bodinayakanur

Bank Name bank Address IFSC Code
CENTRAL BANK OF INDIA PRASAD COMPLEX, 2231, KAMAIAJ BAZAR, NEAR TOWN POLICE STATION, BODINAYAKANUR, DIST-THENI, TAMILNADU-625513 CBIN0280917
CITY UNION BANK LIMITED NEAR LIC OFFICE, THEVARAM ROAD, BODINAYAKANUR 625 513 THENI DIST CIUB0000346
CANARA BANK NO.16, KAMARAJAR BAZAR, BODINAYAKANUR – 625513, DISTTHENI CNRB0001002
HDFC BANK HDFC BANK LTD NO61 PERIYANDAVAR ROAD BODINAYAKANUR THENI TAMIL NADU 625513 HDFC0004057
INDIAN BANK 1013 URUMIKARAN STREET BODINAYACKANUR 625513 IDIB000B042
INDIAN OVERSEAS BANK 5, PERIYANDAVARPURAM STREET NEAR POLICE STATION BODINAYAKANUR THENI DIST 625513 IOBA0002574
KARUR VYSYA BANK P.B. NO. 14 2273 KAMARAJ BAZAAR, I FLOOR, BODINAYAKANUR-625513 KVBL0001115
STATE BANK OF INDIA 44 P H ROAD DISTT THENI TAMIL NADU 625513 SBIN0000821
SOUTH INDIAN BANK DONO42 , WARD NO 22, DRVASUDEVAN BUILDING, UTHAMAPALAYAM ROAD, OPP BODINAYAKANNUR BUS STAND, BODINAYAKANNUR, THENI, TAMIL NADU-625513 SIBL0000200
TAMILNAD MERCANTILE BANK LIMITED 22.PONNAMBALAM STREET, BODINAYAKANUR-625513 TMBL0000180
AXIS BANK ARUNAKASH COMPLEX 24 2 DEVARAM ROAD BODI PIN 626513 UTIB0002671

FAQ’s About Bodinayakanur Car Loan

✅ Is there a best time within the month to make an extra payment towards the Loan?

Yes, the last day on which the lender/bank will credit you for the current month is the best time within the month to make an extra payment.

✅ Should you pay the principal amount or the interest first?

The principal amount is the amount of your car, i.e. the actual debt you owe, but interest is the percentage of the Loan, which is basically profit for your lender. Hence, you should always try to reduce your interest first as it is an extra payment.

✅ Is it good to make your Car Loan payment early?

Absolutely! You Car Loan amount includes interest which is usually high. So, if you have extra cash with you, you should consider repaying your Loan early so that you save money on the total interest owed.