Car Loan Loharu

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Car Loan Loharu

Best Banks for Car Loan in Loharu

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 Loharu 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


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Car Loan Loharu

Car Loan Loharu 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 Loharu EMI Calculator

Car Loan Loharu 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 Loharu Fees and Charges: Leading Banks –Nov 28 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 Loharu 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 Loharu

The interest rates on vehicle loans in Loharu vary, but they are all competitive and sensible. If you want to acquire the best interest rate on a car loan in Loharu, then follow the steps below:

  • Select a shorter repayment period – Some borrowers assume that longer repayment terms are preferable because the monthly EMI (equated monthly instalment) is cheap. Applicants do not appear to be aware that lenders view longer repayment terms as an indicator of a borrower’s low repayment capacity, therefore they charge higher interest rates.
  • Check and compare the benefits provided by various lenders – In order to receive a good deal on an auto loan, you must compare and study the deals and benefits provided by various lenders. This can help you determine which lenders offer the greatest interest rates and which lender to select.
  • Maintain a low debt-to-income ratio – The debt-to-income ratio measures how much of an applicant’s income goes toward loan repayment, and banks might take this into account when establishing interest rates. If your debt-to-income ratio is low, you have a better chance of getting a car loan with a lower interest rate.
  • Maintain a strong credit score – If you have an excellent credit score, lenders are more likely to grant you a car loan with lower interest rates. A credit score of 750 or more is considered good by lenders or banks. Many lenders may provide auto loans to individuals with bad credit, but they will charge a higher interest rate.

How to Apply for a Car Loan in Loharu?

Availing of a car loan in Loharu is an easy process with Dialabank.

  • Visit our website Dialabank.
  • Fill out the form with your information.
  • Our relationship manager will contact you and assist you during the process.

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Which Bank in Loharu Offers the Best Car Loans?

Vehicle loans are available in Loharu from a number of NBFCs and banks, including HDFC, ICICI, and SBI. The best lender is one who offers you a reasonable interest rate on your loan amount and can disburse the funds as soon as possible. Before applying for a vehicle loan that matches all of your requirements, such as interest rates, it is usually a good idea to examine and compare them from several lenders.

Car Loan for Major Car Manufacturers in Loharu

TABLE WILL APPEAR

Processing Fees / Prepayment Charges on Car Loan Loharu

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 Loharu

A CIBIL Score is what determines your ability to repay your debts. A high credit score indicates that the applicant has an excellent credit history, which makes the loan application procedure simple and straightforward. The majority of banks and NBFCs in Loharu consider a credit score of 750 and above to be a decent score for approving your loan application process.

This score varies from bank to bank. If your CIBIL score is lower than the required value, you will be required to pay a higher interest rate on the loan amount, whereas if your CIBIL score is higher, you may be required to pay a lower interest rate.


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Car Loan Loharu Contact Number

If case you face any queries regarding the car loan, you may contact on the number 9878981166 for any assistance.


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Pre Calculated EMI Table for Car Loan Loharu

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 Loharu

Loharu is a city in the state of Haryana, India in the Bhiwani District. Anaaj Mandi is their main commercial hub built-in 1937 by Sir Aminuddin Ahmed Khan.


car loan

Car Loan Bank in Loharu

BANK NAME

BANK ADDRESS

BANK IFSC CODE

CANARA BANK SHOP NO 02 ANAJ MANDI LOHARU CNRB0004751
HDFC BANK HDFC BANK LTDDEVI LAL CHOWK NEAR BUS STAND OPP PNB LOHARU BHIWANI HARYANA127201 HDFC0004066
PUNJAB NATIONAL BANK VPO LOHARU, PUNB0075700
UCO BANK LOHARU BRANCH, VILL. – LOHARUDISTT. – BHIWANI, HARYANA – 127201 127201 UCBA0002488

FAQ’s About Loharu Car Loan

✅ What are the methods for repaying my Loharu Car Loan? 

There are three methods to repay you loan Electronic Clearing Service (ECS), Standing Instruction (SI) it is advised that you repay your loan using the first two methods as they are faster and have a lower risk of error, which is not the case with third method Post-Dated Cheques (PDCs).

✅ While applying for a car loan, do I need a guarantor?

The majority of banks don’t request a guarantor. However, if your salary amount doesn’t meet the qualification models, the lender could ask for a co-candidate.

✅ What types of vehicles can I acquire with a Loharu Car Loan?

Car loans can be used to purchase a variety of passenger vehicles, including SUVs (Sport Utility Vehicles), MUVs (Multi Utility Vehicles), and many others. A car loan can also be used to purchase a vehicle for commercial purposes. Some lenders also offer loans for tractors, trucks, and construction equipment.