Car Loan Madhopur

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Car Loan Madhopur

Best Banks for Car Loan in Madhopur


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Car Loan Madhopur 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 Madhopur

Car Loan Madhopur 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 Madhopur EMI Calculator

Car Loan Madhopur 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 Madhopur Fees and Charges: Leading Banks –

May 25 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 Madhopur 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 Madhopur

The interest rates on vehicle loans offered by different lenders in Madhopur may vary, but they all are competitive and reasonable. So, if you want to get a car loan in Madhopur with the lowest interest rate, then follow the below-mentioned steps:

  • Choose a shorter repayment term – Borrowers usually believe that lengthier repayment terms are better as compared to shorter repayment terms as the monthly EMI are low. Generally, applicants don’t seem to be aware of the fact that lengthier payback terms are viewed by the lenders as an indication of the low repayment capabilities of a borrower, due to which they charge higher interest rates.
  • Modest debt-to-income ratio – Debt-to-income helps measure how much amount of the applicant’s income goes into the loan repayment and banks can take this information into their account while setting interest rates for the loan. If your ratio of debt to income is low then you have a better chance of getting a car loan at a low interest rate.
  • Have a Good credit score — Having a good credit score will get your car loan with cheaper interest rates from the lenders as it indicates your ability to pay off credits. A CIBIL Score of 750 is considered good by lenders or banks. Some lenders would provide auto loans to applicants with bad credit, but they will demand a higher interest rate on loans.

How to Apply for Car Loan in Madhopur?

Availing of a car loan in Madhopur is an easy process with Dialabank. Follow these steps to apply for Car loan in Madhopur:

  • Visit our website Dialabank .
  • Click on car loan option in the menu.
  • Fill out the application form with all the required information and details.
  • Once you have filled in details, soon you will be contacted by the relationship manager for further procedure. .
  • Regarding any queries or issues about the loan, you can contact on 9878981166.
  • For the offline method visit the branch personally for car loan but might turn to be hectic for you.

Which Bank in Madhopur Offers the Best Car Loans?

In Madhopur there are various NBFCs and banks, including HDFC, ICICI, and SBI, that offers vehicle loans. A lender that provides you with a reasonable rate of interest in your loan amount and can provide the funds as quickly as feasible is the best lender. It is always advised to check and compare vehicle loans from several lenders before applying for one that meets all of your requirements, such as interest rates.

Car Loan for Major Car Manufacturers in Madhopur

TABLE WILL APPEAR

Processing Fees / Prepayment Charges on Car Loan Madhopur

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 Madhopur

CIBIL Score indicates your ability to pay off your credits. High Credit score indicates the applicant has had a good credit history and is eligible for the loan which makes your loan application process easy and smooth to be processed. The majority, banks and NBFCs consider a credit score of 750 and above as a good score to approve your loan application process in Madhopur.

Car Loan Madhopur Contact Number

In case if you have queries or issues regarding the car loan in Madhopur, you can contact us on the number 9878981166 for any sort of assistance.

Pre Calculated EMI Table for Car Loan Madhopur

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 Madhopur

Madhopur is a town situated in District Pathankot. It is located in state Punjab, India at the border with Jammu and Kashmir’s Kathua District. It is also the place of Madhopur Headworks.

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Car Loan Banks in Madhopur

BANK NAME

BANK ADDRESS

BANK IFSC CODE

ALLAHABAD BANK VILL-PO-MADHOPUR DIST- E CHAMPARAN ALLA0211317
HDFC BANK HDFC BANK LTD., MAIN CHOWK MADHOPUR, VPO. MADHOPUR VPO. MADHOPUR GURDASPUR PUNJAB 145024 HDFC0003256
INDUSIND BANK GRD FLR KH NO 133 1 02 VILLAGE MAIN ROAD OPP GURUDWARA MADHOPUR NAKODER KAPURTHALA PUNJAB 144623 INDB0000788
STATE BANK OF INDIA DIST GURDASPUR, PUNJAB 145024 SBIN0002411
UNION BANK OF INDIA AT MADHOPUR POST NANAUTA DIST.SAHARANPUR UTTAR PRADESH PIN 247452 UBIN0546208

FAQ’s About Madhopur Car Loan

✅ Who is a guarantor in a Car Loan?

A guarantor is a co-applicant the lender or bank ask for in case the applicant doesn’t meet the qualifications required for the loan.

✅ 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.

✅ Is it possible for me to acquire a loan on my current vehicle?

Yes, many lenders will approve loan for your present car when you have solid payment history with your current lender.