Best Banks for Car Loan in Mahilpur
| Feature | HDFC Bank | Private 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 Mahilpur 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 Mahilpur 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 Mahilpur EMI Calculator
Car Loan Mahilpur 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 Mahilpur Fees and Charges: Leading Banks – Sep 28 2023
| 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 Mahilpur 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 Mahilpur
The interest rates on vehicle loans offered by different lenders in Mahilpur may vary, but they all are competitive and reasonable. So, if you want to get a car loan Mahilpur 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 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 you 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 as 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 Mahilpur?
Availing of a car loan in Mahilpur is an easy process with Dialabank. Follow these steps to apply for Car Loan in Mahilpur:
- Visit our website Dialabank.
- Click on the options car loan 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 Mahilpur Offers the Best Car Loans?
In Mahilpur there are various NBFCs and banks, including HDFC, Private, and SBI, that offers vehicle loans. The one that provides your interest rate at the reasonable amount in your car loan and distributes the funds as fast 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 Mahilpur
TABLE WILL APPEAR
Processing Fees / Prepayment Charges on Car Loan Mahilpur
| 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 Mahilpur
A 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 Mahilpur.
Car Loan Mahilpur Contact Number
In case if you have queries or issues regarding the car loan Mahilpur, you can contact us on the number 9878981166 for any sort of assistance.
Pre Calculated EMI Table for Car Loan Mahilpur
| 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 Mahilpur
Mahilpur is a city located in District Hoshiarpur in State Punjab. Mahilpur is also Nagar Panchayat in the District. The city is famous for it’s football game in the region.
Car Loan Banks in Mahilpur
|
BANK NAME |
BANK ADDRESS |
BANK IFSC CODE |
| BANK OF BARODA | NEAR BUS STAND, MAHILPUR, DIST-HOSHIARPUR, MAHILPUR, PUNJAB | BARB0MAHILP |
| BANK OF INDIA | HOSHIARPUR CHANDIGARH ROAD | BKID0006314 |
| ORIENTAL BANK OF COMMERCE | PHAGAWARA ROAD,MAHILPUR,,MAHILPUR | ORBC0100160 |
| PUNJAB NATIONAL BANK | MAHILPUR-MAIN, DISTT.-HOSHIARPUR | PUNB0030800 |
| PUNJAB NATIONAL BANK | MAHILPUR, PHAGWARA ROAD | PUNB0343100 |
| AXIS BANK | GR FLR KHATA NO 2968 3366 HOSHIARPUR RD ADJOINING BANK OF INDIA MAHILPUR | UTIB0003325 |
| YES BANK | GROUND FLOOR,H.NO 391,B2,WARD NO 5,, PO-MAHILPUR PIN 146105,DIST, HOSHIARPUR, MAHILPUR, PUNJAB-146105 | YESB0000281 |
FAQ’s About Mahilpur Car Loan
✅ What paper or documents can I submit for Identify Proof in Car Loan?
For the requirement of Identity Proof in Car loan you can submit papers or documents like Aadhar Card, Ration Card, Passport and others.
✅ How many options are available for repaying a 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 Cheque (PDCs).
✅ What is a good car loan CIBIL score?
A CIBIL score of 750 and above is a good for applying a Car loan.
