Car Loan Faizabad

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Car Loan Faizabad

Best Banks for Car Loan in Faizabad

Feature
HDFC Bank
ICICI Bank
Kotak Mahindra Bank
Interest Rate
8% - 8.4 %
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 Faizabad Features

car loan faizabadThinking of purchasing your dream car? But don’t have the required funds for it? Worry not! A car loan is here to fulfill your dreams. A car loan is a means of funding or financial help provided by banks and NBFCs to applicants at an affordable rate of interest to aid them in buying a car of their choice. Since cars have now become a necessity for everyone, but the cost of cars is growing rapidly daily, a car loan has also become important and fulfills your desire to be the owner of a luxurious car. The main features of a car loan in Faizabad are:

  • Car loans are available at affordable low-interest rates
  • Almost all major banks and NBFCs offer car loans in the city
  • The documentation process is quick and hassle-free on applying with DialaBank
  • Car loans are easily available through DialaBank and disbursed quickly

Car Loan Faizabad 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
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 Faizabad Documents Required

The essential documents required for car loan to get it approved in Faizabad are as follows:

For salaried:

  • Identity Proof: in the form of any one of the following Passport copy, PAN Card, Voters ID card, Driving License
  • Income Proof: Latest 3-month salary slip with form 16 
  • Address Proof: Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy /PAN Card or any other valid document
  • Bank Statement: for the last 6 months.

For self-employed: 

  • Identity Proof: in the form of any one of the following Passport copy, PAN Card, Voters ID card, Driving License
  • Income Proof:  Latest ITR proof
  • Address Proof: Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy /PAN Card or any other valid document
  • Bank Statement: for the last 6 months.

Car Loan Faizabad Eligibility Criteria

The car loan eligibility requirements are as followed in Faizabad:

For salaried:

  • Minimum age: 21 years 
  • Maximum age at loan maturity: 60 years 
  • Minimum employment: 1 year in current employment and a minimum of 2 years of employment 
  • Minimum Annual Income: Rs 100000 net annual income 
  • Usually getting a car loan in Faizabad is easier when the applicant possesses a CIBIL score of 750 and above which is an essential factor required for loan approval.

For self-employed:

  • Minimum age:  30 years 
  • Maximum age at loan maturity: 65 years respectively
  • Minimum employment:  at least 3 years in business
  • Minimum Annual Income: For Salaried Rs 100000 net annual income / For Self- Employed Net profit Rs. 60000 p.a for standard cars and Rs.100000 p.a. for mid-sized and premium cars
  • Usually getting a car loan in Faizabad is easier when the applicant possesses a CIBIL score of 750 and above which is an essential factor required for loan approval.

Car Loan for Major Car Manufacturers in Faizabad

TABLE WILL APPEAR

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Processing Fees & Prepayment Charges on Car Loan Faizabad

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 Faizabad

The CIBIL score is the score that defines your ability to pay off your credits. A higher Credit score means you have a good credit history and makes your application process smooth and easy to be approved. Usually, banks and NBFCs require a credit score of 750 and above to approve any loan application process in Faizabad. This score requirement may vary from bank to bank. But in case a CIBIL score is less than the required value you may be required to pay a high interest rate to avail the loan.

Car Loan Faizabad Contact Number

In case of any queries regarding the car loan in Faizabad, you may contact the number 9878981166 for any sort of assistance.

Pre Calculated EMI Table for Car Loan Faizabad

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 EMI Calculator

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