Car Loan East Champaran

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Car Loan East Champaran

Best Banks for Car Loan in East Champaran

Feature HDFC Bank ICICI 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


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Car Loan East Champaran 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 East Champaran

If purchasing a car is your dream and you lack funds for it, then you have come to the right place. We provide you with the best in market Interest rates and help you check your Eligibility. Get the best car loan with easy documentation and the Lowest EMIs.

Car Loan East Champaran


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Car Loan East Champaran Eligibility Criteria

The car loan eligibility requirements are as follows in East Champaran:

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 East Champaran EMI Calculator

Car Loan East Champaran 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 East Champaran Fees and Charges : Leading Banks – May 25 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 East Champaran Documents Required

Documents required for a car loan 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 East Champaran

The interest rates on vehicle loans offered by different lenders in East Champaran may vary, but they are all reasonable and competitive. If you want to get a car loan in East Champaran with the lowest interest rate, follow the steps below:

  • Choose a shorter repayment term -Because the monthly EMI (equivalent monthly installment) is low, many car loan applicants assume that longer repayment terms are better. Unfortunately, they don’t appear to realize that lenders see longer payback terms as a sign of a borrower’s low repayment ability; therefore, they charge higher interest rates. Consider a shorter payment time if you want to save money on your car loan.
  • Research and compare the perks offered by different lenders – If you want to get a good deal on a car loan, you should first examine and evaluate the different lenders’ features. This can assist you in determining which lenders offer the lowest interest rates and, as a result, which lender to select.
  • Maintain a modest debt-to-income ratio – The debt-to-income ratio calculates how much of an applicant’s income goes toward loan repayment, and lenders use it to determine interest rates. So you have a higher chance of securing a car loan with a lower interest rate if your debt-to-income ratio is lower.
  • Maintain a good credit score — If you have an excellent credit score, lenders will be happy to provide you with a car loan with lower interest rates. Lenders consider a credit score of 750 or higher to be good. Unfortunately, many lenders will make auto loans to people with bad credit but at a higher interest rate. To ensure you have a good credit score, check your credit scores regularly with Dialabank’s “Free Credit Score” service. This enables you to take corrective action to improve your credit score if it is low, and it enables you to approach lenders with confidence if your credit score is good.

How to Apply for a Car Loan in East Champaran?

With Dialabank, getting a car loan in East Champaran is simple. To take advantage of the best deals, follow these steps:

  • Visit our website Dialabank.
  • Select the option for a car loan from the menu.
  • Fill in the details about the car and your income
  • Please wait for our relationship manager to contact you at the phone number you provided.
  • If you have any questions about the loan, you can call our relationship managers at 9878981166.
  • You will have to visit the bank in person to apply for a car loan, which may be inconvenient for you.


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Which Bank in East Champaran Offers the Best Car Loans?

Many big banks and NBFCs, including HDFC, ICICI, and SBI, offer vehicle loans in East Champaran. The finest lender is one that can provide you with the loan amount you need at a reasonable interest rate and can distribute the funds as quickly as feasible. Therefore, it is always a good idea to compare vehicle loans from many lenders before applying for one that meets all of your needs, such as interest rates.

  • Personalized Service: Our trained Relationship Managers will understand your requirements and profile and help you find the most suitable Car Loan offer.
  • Rate Comparison: We help you understand the details of all costs involved in taking a Car Loan and help you find the Cheapest Offer.
  • Research: Benefit from our detailed research on all the products from the leading Car Loan players in the market and make the right choice.
  • Zero Charges: Dialabank offers personalized service to its customers at zero fees. Use our services to find the right Car Loan deal at no extra cost.
  • Unbiased and Transparent Search: Our objective is to simplify your Car Loan search, and we provide information in an unbiased and transparent manner.

Car Loan for Major Car Manufacturers in East Champaran

TABLE WILL APPEAR

Processing Fees /Prepayment Charges on Car Loan East Champaran

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 East Champaran

The CIBIL score is used to determine your ability to repay your debts. A higher credit score indicates a positive credit history, making the car loan application smooth and simple. In most cases, banks and NBFCs in East Champaran consider a credit score of 750 or higher to be a decent score when approving your loan application.

This score may differ from one bank to the next. For example, if your CIBIL score is lower than the required number, you will be needed to pay a high interest rate on a loan; however, if your CIBIL score is strong, you may be asked to pay a low interest rate. As a result, a CIBIL score plays a significant role in obtaining a car loan.


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Car Loan East Champaran Contact Number

If you have any queries regarding the car loan in East Champaran, you may contact the number 9878981166 for any assistance.


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Pre Calculated EMI Table for Car Loan East Champaran

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 East Champaran

East Champaran is a district located in the Indian state of Bihar. Motihari is home to the district headquarters. Nepal forms its northern border, with Sitamadhi and Sheohar on the east, Muzaffarpur on the south, and Gopalganj on the west. Champaran gets its name from Champa-aranya or Champkatanys. Magnolia is known as Champa or Champaka, and Aranya is known as a forest. Champaranya, therefore, refers to a forest of Magnolia (CHAMPA) trees.


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Car Loan Banks in East Champaran

STATE BANK OF INDIA VILLSUGAULI, EAST CHAMPARAN, 845456 SBIN0013153
STATE BANK OF INDIA 1ST FLOOR OF MOTIHARI BAZAR BR, PO MOTIHARI, EAST CHAMPARAN, DIST EAST CHAMPARAN 845401 SBIN0013727
UNION BANK OF INDIA ARERAJ BRANCHARERAJ CHOWKPOARERAJ EAST CHAMPARAN BIHAR PINCODE845411 UBIN0574490
UTKARSH SMALL FINANCE BANK VILLAGE – YOGIYAD JANERAWA, P.S – GOBINDGANJ, ARERAJ, DIST – EAST CHAMPARAN, STATE – BIHAR – 845411, KHATA NO-240, KHESARA NO – 1121, THANA NO – 103, TAUZI NO – 951 UTKS0001137
UTKARSH SMALL FINANCE BANK GROUND FLOOR, MAUZA – MOTIHARI KOLHUARWA, THANA – MOTIHARI, DISTRICT – EAST CHAMPARAN, BIHAR UTKS0001194

FAQ’s About East Champaran Car Loan

✅ Is the registration charge covered in a car loan?

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

✅ What is the minimum amount for a car down payment?

When you take out a loan, some banks will require you to pay the dealer a percentage of the car’s worth (typically 5% to 15%) before releasing the loan.

✅ Do I require insurance to obtain a car loan?

Yes, everyone who finances a vehicle is required to carry full coverage auto insurance for the duration of their loan. Any car with a balance due on loan is still theoretically owned by the lender. To protect their investment, lenders need consumers to have full coverage auto insurance.

✅ Is it necessary to have a guarantor for a car loan?

Most lenders will not require a guarantor to obtain a car loan. However, if your income falls below the required minimum, lenders may want a co-applicant or a guarantee to show that you will be able to repay the loan.

✅ What kind of vehicles can I get a car loan for?

Car loans can be used to purchase various vehicles, including SUVs, MUVs, and other models. In addition, one can use it to purchase a vehicle for business use. Some lenders may also lend money for trucks, tractors, and construction equipment.