Best Banks for Car Loan in Lokamaleswaram
Car Loan Lokamaleswaram 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 Lokamaleswaram 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 |
Car Loan Lokamaleswaram EMI Calculator
Car Loan Lokamaleswaram 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 |
Car Loan Lokamaleswaram Fees and Charges: Leading Banks –Apr 25 2024
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 Lokamaleswaram 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. |
How to Get the Best Car Loan Interest Rates in Lokamaleswaram
The interest rates on vehicle loans offered by different lenders in Lokamaleswaram may vary, but they all are competitive and reasonable. So, if you want to get a car loan in Lokamaleswaram with the lowest interest rate, then follow the below-mentioned steps:
- Select a shorter repayment period – Some borrowers feel that longer repayment terms are preferable since the monthly EMI (equated monthly instalment) is cheap. In general, applicants appear to be unaware that longer repayment terms are seen by lenders as an indicator of a borrower’s low repayment capacity, resulting in higher interest rates.
- Examine and contrast the benefits provided by various lenders – To receive a good bargain on a vehicle loan, you must compare and investigate the incentives and perks given by various lenders. This can help you choose which lenders provide the greatest interest rates and which ones to avoid.
- Debt-to-income ratio is low – Debt-to-income ratios assist assess how much of an applicant’s income goes toward loan repayment, and banks might use this information when determining loan interest rates. If your debt-to-income ratio is low, you have a higher chance of receiving a vehicle loan with a lower interest rate.
- Maintain a high credit score – If you have an excellent credit score, lenders are more likely to grant you a vehicle loan with lower interest rates. Lenders or banks consider a CIBIL Score of 750 to be good. Some lenders may give vehicle loans to individuals with terrible credit, but at a higher interest rate.
How to Apply for Car Loan in Lokamaleswaram?
Applying for a car loan in Lokamaleswaram is an easy and simple process with Dialabank. To take advantage of the greatest deals, follow the procedures outlined below:
- Visit Dialabank
- Fill in all the required details like name, monthly income, phone no.
- Apply for a Car Loan
Which Bank in Lokamaleswaram Offers the Best Car Loans?
In Lokamaleswaram there are various NBFCs and banks, including HDFC, Private, and SBI, that offers vehicle loans. The best lender is one who offers you a fair interest rate on your loan amount and can disburse the cash as soon as possible. Before applying for a vehicle loan that fits all of your needs, such as interest rates, it is usually a good idea to examine and compare them from multiple lenders.
Car Loan for Major Car Manufacturers in Lokamaleswaram
TABLE WILL APPEARProcessing Fees / Prepayment Charges on Car Loan Lokamaleswaram
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 Lokamaleswaram
A CIBIL Score represents the borrower’s capacity to repay the credit. A high credit score indicates that the applicant has a strong credit history, which makes the loan application procedure simple and straightforward. The majority of banks and NBFCs in Lohit consider a credit score of 750 and above to be a decent score for approving your loan application procedure.
This score varies from bank to bank. If your CIBIL score is lower than the specified value, you must pay an interest rate on the loan amount, but if your CIBIL score is 750 or above, you may be able to pay a low rate of interest on the loan amount.
Car Loan Lokamaleswaram Contact Number
In case of any queries or issues regarding the car loan in Lokamaleswaram, you can contact the number 9878981166 for any sort of assistance!
Pre Calculated EMI Table for Car Loan Lokamaleswaram
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 Lokamaleswaram
Lokamaleswaram is a village located in Thrissur of Kerala India. It is situated nearby to Thiruvanchikulam. So in order to get great car loans in Lokamaleswaram visit the official site of Dialabank.
Car Loan Banks in Lokamaleswaram
BANK NAME |
BANK ADDRESS |
BANK IFSC CODE |
HDFC BANK | DOOR X683PB 25 KK ABDU BUILDINGVADAKKENADA | HDFC0001545 |
FAQ’s About Lokamaleswaram Car Loan
✅ Is it possible for me to acquire a loan on my current vehicle?
Yes, banks and NBFCs pe4rmit customers to take loans on current vehicles.
✅ Is the car loan interest rate negotiable?
Usually, the interest rate is negotiable but it majorly depends on your CIBIL Score, past records, past relationship with the money lenders and other factors.
✅ What is a good car loan CIBIL score?
A CIBIL score of 750 and above is good for applying for a Car loan.