Best Banks for Car Loan in Muzaffarpur
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 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 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 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 |
Car Loan Muzaffarpur Fees and Charges: Leading Banks – Apr 20 2024
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 Muzaffarpur 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 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.
Which Bank in Muzaffarpur Offers the Best Car Loans?
- HDFC Car Loan
- Kotak Mahindra Car Loan
- Yes, Bank Car Loan
- Private Bank Car Loan
- Axis Bank Car Loan
- State Bank of India Car Loan
- Canara Bank Car Loan
- Indusind Bank Car Loan
Car Loan for Major Car Manufacturers in Muzaffarpur
TABLE WILL APPEARProcessing Fees / Prepayment Charges on Car Loan Muzaffarpur
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 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.
Car Loan Muzaffarpur Contact Number
If you have any questions about a car loan in Muzaffarpur, please call 9878981166.
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.
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.