Car Loan Morbi

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Car Loan Morbi

Best Banks for Car Loan in Morbi

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 Morbi Features

Do you need to buy a new car? Facing a shortage of funds? No need to worry now. A Car Loan is a simple and affordable way to finance your car at low-interest rates and allow minimal paperwork. Similar to other loans, the qualifying requirements are also not strict. When a person has a secure source of income and required documentation, the banks and NBFCs quickly offer car loans without any difficulty. So prepare yourself to buy yourself a new car.

Car Loan Morbi

Car Loan Morbi 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

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Car Loan Morbi Documents Required

Documents required for car loan are as followed:

For Salaried Individuals:

  1. Proof of Identification: Passport copy, PAN Card, Voters ID card, Driving License
  2. Income Proof: Latest 3-month salary slip with form 16
  3. Residence Proof: Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy /PAN Card
  4. Bank Statement: Last 6 months.

For Self Employed Individuals:

  1. Identification Proof: Passport copy, PAN Card, Voters ID card, Driving License
  2. Income Proof: Latest ITR
  3. Address Proof(anyone): Ration card/ Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy /PAN Card
  4. Bank Statement: Last 6 months.

Car Loan Morbi Eligibility Criteria

The car loan eligibility requirements are as followed:

You should be at least 21 years of age to apply for a car loan. In addition, the maximum age of a person should be 65 years at the time of maturity of the loan.

For Salaried: You should be having a minimum of 2 years of employment, and you should be working for at least 1 year in your current employment. The minimum annual salary required is Rs. 100000 as net annual income.

For Self Employed: You should be in the business for at least 3 years. A net profit of at least Rs. 60000 p.a. should be there for standard cars and Rs. 100000 p.a. for mid-sized and premium cars.

Car Loan for Major Car Manufacturers in Morbi

TABLE WILL APPEAR

Processing Fees & Prepayment Charges on Car Loan Morbi

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 Morbi

CIBIL score is an important criterion based on which banks and NBFCs approve any customer a car loan. For each lending institution, the minimum criteria of a CIBIL score for a car loan is different. But, generally speaking, a score above 800 is considered decent for any individual to be eligible for a car loan application.

One must clear all the pending debts to maintain a good credit score. A default in your credit score may hinder your opportunities for availing of a fresh loan in the future.

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Car Loan Morbi Contact Number

To get an instant car loan, you can visit DialaBank or call 9878981166 to get personalized assistance. Our relationship managers are well trained and will assist you in the best way possible to provide you with the deal most suited for you.

Pre Calculated EMI Table for Car Loan Morbi

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

We have eased out the procedure to calculate your monthly EMI.

Car Loan EMI Calculator

Online Car Loan EMI Calculator

About Morbi

Morbi or Morvi is a metropolis and a municipality in Morbi district in the Indian state of Gujarat. It is located on the Kathiawar peninsula. In 2011, the city’s populace was determined to be 194,947. The metropolis of Morbi is located on the Machhu River, 35 km from the sea and 60 km from Rajkot.

Special Note: Banks do not provide Car Loans to bad credit holders, but one can quickly fulfil their money requirement with Gold Loan.

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Car Loan EMI Calculator

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