Car Loan Muzaffarpur

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Car Loan Muzaffarpur

Best Banks for Car Loan in Muzaffarpur

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

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Car Loan Muzaffarpur 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

A vehicle loan is a financial assistance provided by banks and non-bank financial institutions to help you realise your ambition of owning an automobile. They provide the necessary funds for the purchase of an automobile, which can be based on the car’s Ex-Showroom Price or On-Road Price. A car loan is a secured loan with flexible payback terms. The loan amount is offered with interest costs that vary per bank. The vehicle can be purchased in convenient payments.

Car Loan Muzaffarpur

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Car Loan Muzaffarpur 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 Muzaffarpur EMI Calculator

Car Loan Muzaffarpur 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 Muzaffarpur Fees and Charges: Leading Banks – May 26 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 Muzaffarpur Documents Required

Salaried Individual

Documents Required
Identity Proof (Any 1) Passport
Voter ID
Aadhar Card
Driving License
Address Proof (Any 1) Aadhar Card
Driving License
Electricity Bill
Date of Birth Proof(Any 1)
Birth Certificate
High School Marksheet
Driving Licence
Signature Proof(Any 1)
Bankers Verification
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

Documents Required
Identity Proof (Any 1) PAN Card
Voter ID
Aadhar Card
Address Proof (Any 1) PAN Card
Voter ID
Electricity Bill
Date of Birth Proof (Any 1) Birth Certificate
Driving Licence
Signature Proof (Any 1)
Bankers Verification
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

Documents Required
Identity Proof (Any 1) Driving Licence
PAN Card
Aadhar Card
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

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 Muzaffarpur

  • 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. Unfortunately, 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. Therefore, you have a higher chance of securing a car loan with a lower interest rate if your debt-to-income ratio is lower.

How to Apply for a Car Loan in Muzaffarpur?

  • 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.

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Which Bank in Muzaffarpur Offers the Best Car Loans?

  1. HDFC Car Loan
  2. Kotak Mahindra Car Loan
  3. Yes, Bank Car Loan
  4. ICICI Bank Car Loan
  5. Axis Bank Car Loan
  6. State Bank of India Car Loan
  7. Canara Bank Car Loan
  8. Indusind Bank Car Loan

Car Loan for Major Car Manufacturers in Muzaffarpur


Processing Fees / Prepayment Charges on Car Loan Muzaffarpur

Category Details
Processing Charges
1999 - 4999 + Tax
No prepayment is allowed until 12 EMIs are paid
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 Muzaffarpur

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 enough to approve your loan application in Muzaffarpur. 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.

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Car Loan Muzaffarpur Contact Number

If you have any questions about a car loan in Muzaffarpur, please call 9878981166.

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Pre Calculated EMI Table for Car Loan Muzaffarpur

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 Muzaffarpur

Muzaffarpur is a city established in Muzaffarpur district in the Tirhut region of Bihar, which is in India. Muzaffarpur serves as the headquarters of the Tirhut division, the Muzaffarpur Railway District and the Muzaffarpur district.

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FAQ’s About Muzaffarpur Car Loan

✅ What repayment choices do I have for my Auto Loan?

You have three alternatives for repaying your loan: 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 Muzaffarpur will not require a guarantor to obtain a car loan. If your salary is less than the statutory minimum, lenders in Muzaffarpur 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.