Car Loan Machilipatnam

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Car Loan Machilipatnam

Best Banks for Car Loan in Machilipatnam

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

Car Loan Machilipatnam Features

car loan machilipatnam

A car loan is a financial help provided by banks and NBFC’s to fulfill your dream of having your car. To purchase a car which can be on Ex-Showroom Price or On-Road Price of the car necessary funds are provided by them. With easy repayment options car loan is a secured loan. The loan amount is offered on Interest charges which vary from bank to bank. One can pay for the vehicle in easy installments.

Car Loan Machilipatnam 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

Car Loan Machilipatnam Documents Required

Documents required for car loan are as followed:

  1. Identity Proof: Passport copy, PAN Card, Voters ID card, Driving License of the applicant
  2. Income ProofFor Salaried– Latest 3-month salary slip with form 16 of the applicant
  3.  For Self Employed- Latest Income Tax Report of the applicant
  4. Address Proof: Ration card/Driving license/Voters card/Passport Copy/Telephone Bill/Electricity Bill/Life Insurance Policy/PAN Card of the applicant
  5. Bank Statement: The Last 6 months bank statement of the applicant is needed to apply for loan.

Apply for a Car Loan

Car Loan Machilipatnam Eligibility Criteria

The car loan eligibility requirements are as followed:

  1. Minimum age: 21 years old.
  2. Age at loan maturity: maximum 65 years old.
  3. Minimum employment: Salaried people-  minimum of 2 years of employment and 1 year in current employment.
  4. For Self Employed– at least 3 years in business.
  5. Minimum Annual Income: Net annual income For Salaried should be Rs 100000 .
  6. For Self- Employed Rs.100000 per annum for mid-sized and premium cars, net profit Rs. 60000 p.a for standard cars.

Car Loan for Major Car Manufacturers in Machilipatnam

TABLE WILL APPEAR

Processing Fees & Prepayment Charges on Car Loan Machilipatnam

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 Machilipatnam

Every lending institution has its criteria for the minimum CIBIL score required for processing the Car Loan application in Machilipatnam so that they can minimize the risk of lending to you and also if your CIBIL score is low you get an interest rate at a much high-interest rate than others. Most institutions require a minimum score of CIBIL of 750 or above to process your loan application. Also having a good CIBIL score helps to loans at a cheaper rate of interest if your CIBIL score is high enough.

The institutions don’t just look at the overall score but also the detailed behavior on the previous loans taken. This includes details on the type of loan taken and the amount borrowed. Any delayed payments for previous loans can act as a barrier to your availing a fresh loan.

Car Loan Machilipatnam Contact Number

You can get a car loan Machilipatnam easily from dialabank by contacting the number 9878981166 any time.

Pre Calculated EMI Table for Car Loan Machilipatnam

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 Machilipatnam

Machilipatnam, a city also known as Masulipatnam and Bandar, is in Krishna district of the Indian state of Andhra Pradesh. It is a municipal corporation and the administrative headquarters of Krishna district of Andhra Pradesh. It is also the Mandal headquarters of Machilipatnam Mandal in Machilipatnam revenue division of the district

Car Loan EMI Calculator

Car loan EMI Calculator provided by Dialabank helps you to calculate the Car loan EMI. It can be used infinite number of times as it is free. Equated Monthly Installments(EMI) is the monthly fixed charges that you pay to the bank as monthly repayment for the loan amount borrowed. Based on the profile, the interest rate on the loan is determined. EMI is calculated based on the Interest Rate you are charged by the bank and the amount of loan you have to take and the period for which you enjoy the car loan.

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