Car Loan Erode

Best Banks for Car Loan in Erode

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 Erode Features

Thinking of purchasing a new car? But don’t have the required funds for it?

Do not worry! Dialabank presents to you the easiest steps to avail a car loan so that you can fulfill your dream with great convenience.

Car loans are provided by banks and NBFCs for both brand-new and second- hand cars, and for both ex-showroom and on-road prices.

Car loans are provided by banks and NBFC’s for a specific period of time varying from 24 months to 60 months, for both brand new and second-hand ones.

Car Loan Erode Interest Rate

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 Erode Documents Required

Documents required for car loan are as followed:

For Salaried Individuals:

1. Identity Proof: Passport copy, PAN Card, Voters ID card, Driving License
2. Income Proof: Latest 3-month salary slip with form 16
3. Bank Statement: Last 6 months.
4. Address Proof: Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy /PAN Card

For Self Employed Individuals:

1. Income Proof: Latest Income Tax Return
2. Identity Proof: Passport copy, PAN Card, Voters ID card, Driving License
3. Address Proof: Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy /PAN Card
4. Bank Statement: Last 6 months.

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Car Loan Erode Eligibility Criteria

The car loan eligibility requirements are as followed in Erode:

For Salaried Individuals:

1. Minimum age: 21 years
2. Minimum employment:  1 year in the current place of work and 2 years of total employment.
3. Minimum Annual Income: Rs 100000 net annual income.
4. Maximum age at loan maturity: 65 years

For Self Employed Individuals:

1. Minimum age: 21 years
2. Maximum age at loan maturity: 65 years
3. Minimum Annual Income:  Net profit of Rs. 60000 p.a for standard cars and Rs.100000 p.a. for mid-sized and premium cars
4. Minimum employment:  A minimum of 3 years in business.

How to Apply for Car Loan in Erode?

Availing a car loan Erode is an easy process with Dialabank. Just follow some steps to avail the best offers:

• Visit our website and click on the car loan option available on the menu. Fill in the details regarding the car type and your income. Our relationship manager will soon get in touch with you on your provided number.
• You may also contact our relationship managers on the number +919878981166 in case of any queries regarding the loan.
• For availing a car loan offline you will have to visit the branch personally, which might turn hectic for you. So we advise you to do it online!

Car Loan for Major Car Manufacturers in Erode

TABLE WILL APPEAR

Processing Fees & Prepayment Charges on Car Loan Erode

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 in Erode

The CIBIL score is referred to as what defines your ability to pay off your credits. A higher Credit score means good credit history and makes your car loan application process smooth and easy to be processed. Mostly, banks and NBFCs consider a credit score of 750 and above as a good score to approve your loan application process in Erode.

This score may again vary from bank to bank. In case of a low CIBIL score than the required value, you will be required to pay a high interest rate on car loan amount. Thus, a CIBIL score is an important factor in a car loan.

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Car Loan Erode Contact Number

Dial us up at +919878981166 to get more information about car loans at Erode and we will give you the best advice to help you fulfill your dream easily, quickly and efficiently.

Pre Calculated EMI Table for Car Loan Erode

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 Erode

Erode is a city in Tamil Nadu and is the seventh-largest urban conglomerate. It is known as the ‘turmeric city’ for its turmeric market. Apart from this, it is famous for its plantain, coconuts, and white silk.

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