Best Banks for Car Loan in Mustafabad
Car Loan Mustafabad Features
If you want to buy a car but don’t have enough cash, you may consider getting a car loan. A vehicle loan is essentially a sum of money that is provided to an individual, a corporation, or any entity in order for them to acquire an automobile. This loan is organised as long-term and short-term instalments and is classified as a secured loan.
⍟ 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 Mustafabad 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 Mustafabad EMI Calculator
Car Loan Mustafabad 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 Mustafabad Fees and Charges: Leading Banks – Oct 05 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 Mustafabad 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 Mustafabad
- Choose a shorter repayment period – Because the monthly EMI (equated monthly instalment) is cheap, many vehicle loan applicants assume that longer repayment durations are better. They don’t appear to realise that lenders perceive longer repayment terms as a sign of a borrower’s limited repayment skills, so they charge higher interest rates. Consider a shorter payment time if you want to save money on your car loan.
- Investigate and contrast the benefits provided by various lenders – If you want to receive a good deal on a vehicle loan, you must first investigate and evaluate the perks provided by various lenders. This can assist you in determining which lenders offer the best interest rates and, as a result.
- Maintain a low debt-to-income ratio — The debt-to-income ratio assesses how much of an applicant’s income goes toward loan repayment, and lenders consider this when determining interest rates. If your debt-to-income ratio is lower, you have a higher chance of securing a car loan with a lower interest rate.
How to Apply for a Car Loan in Mustafabad?
- Dialabank is our website.
- Select the car loan option from the menu.
- Fill in the blanks with information about your car and your salary.
- Wait for our relationship manager to contact you at the number you gave.
- If you have any questions about the loan, please call our relationship managers at 9878981166.
- To obtain a car loan offline, you must go to the bank in person, which may be inconvenient for you.
Which Bank in Mustafabad Offers the Best Car Loans?
Many banks and NBFCs, like Private, SBI and HDFC, offer vehicle loans in Mustafabad. However, the finest lender in Mustafabad is one that provides you with a Car Loan in Mustafabad at a reasonable interest rate and can provide the funds as quickly as possible. Therefore, it is always better to compare your vehicle loans from many lenders in Mustafabad before applying for one that meets all of your needs.
Car Loan for Major Car Manufacturers in Mustafabad
TABLE WILL APPEARProcessing Fees / Prepayment Charges on Car Loan Mustafabad
| 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 Mustafabad
The CIBIL score is used to determine your ability to repay your debts. A higher credit score indicates a strong credit history and makes your vehicle loan application procedure smooth and simple. Generally, banks and NBFCs consider a credit score of 750 or more to be adequate to approve your loan application in Mustafa. However, this score may differ from one bank to the next. If your CIBIL score is lower than the required number, you will be needed to pay a high-interest rate on the loan amount.
Car Loan Mustafabad Contact Number
If you have any questions about a car loan in Mustafabad, please call 9878981166.
Pre Calculated EMI Table for Car Loan Mustafabad
| 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 Mustafabad
Mustafabad is a village in Kapurthala district in the state of Punjab, India.
Car Loan Banks in Mustafabad
| BANK NAME | BANK ADDRESS | IFSC CODE |
| HDFC BANK | HDFC BANK LTD., KHASRA NO.30612, OPP. ANAJMANDI GATE, MUSTAFABAD, YAMUNANAGAR HARYANA 133103 | HDFC0002915 |
| INDIAN BANK | VILL AGEYA MUSTAFABAD | IDIB000A212 |
| INDUSIND BANK | GRD FLR SHOP ON MAIN ROAD INSIDE ABADI OLD ABADI MUSTAFABAD JAGADHARI YAMUNA NAGAR HARYANA 133103 | INDB0000700 |
| PUNJAB AND SIND BANK | MUSTAFABAD, DISTT. AMBALA, HARYANA-1313103 | PSIB0000322 |
| STATE BANK OF INDIA | VPO MUSTAFABAD HARYANA | SBIN0050092 |
| UNION BANK OF INDIA | AT POST-MUSTAFABAD TEHSIL MACHALISAHAR DIST. JAUNPUR BLOCK SUJANGANJ UTTAR PRADESH PIN 222143. | UBIN0543624 |
FAQ’s About Mustafabad Car Loan
✅What repayment choices do I have for my Auto Loan?
You have three alternatives for repaying your car loan Mustafabad: Standing Instruction (SI), Electronic Clearing Service (ECS), and Post-Dated Cheques (PDCs). It is normally recommended that you return your loan using the first two alternatives because they are faster and have a smaller risk of error, which PDCs do not have.
✅Is it necessary to have a guarantor for a car loan?
Most lenders in Mustafabad will not require a guarantor to obtain a car loan. If your salary is less than the statutory minimum, lenders in Mustafabad may demand you to provide a guarantee or co-applicant to show that you will be able to repay the loan.
✅Where can I get a Car Loan Interest Calculator?
You can use the EMI calculator on the Dialabank website or the lending bank’s website. Enter different interest rates to calculate the EMIs. Filling up a loan application will ask you to enter basic information such as your salary, company, and job experience, depending on which interest rates will be presented.
