Best Banks for Car Loan in Nadapuram
Car Loan Nadapuram Features
An automobile has become a necessity in today’s world, so much so that we can’t picture our lives without one. Unfortunately, we are unable to purchase one for ourselves due to financial restrictions. A vehicle loan may make your dreams come true, and you can purchase a car of your own.
A car loan is a type of financial assistance provided to consumers by commercial banks and non-bank financial institutions (NBFCs). Banks give the funds for the vehicle’s purchase. As a result, you get the best interest rates with the least amount of paperwork.
⍟ 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 Nadapuram 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 Nadapuram EMI Calculator
Car Loan Nadapuram 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 Nadapuram Fees and Charges: Leading Banks – Apr 27 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 Nadapuram 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 Nadapuram
- Choose a shorter repayment time – Because the monthly EMI (equated monthly instalment) is low, many car loan applicants believe lengthier payback periods are preferable. Unfortunately, they don’t seem to understand that lenders see lengthier payback terms as an indication of a borrower’s restricted repayment abilities. Therefore they charge higher interest rates. If you want to save money on your auto loan, consider making shorter payments.
- Investigate and contrast the advantages offered by various lenders – If you want to get a good deal on a car loan, you must first study and compare the benefits offered by various lenders. This can help you determine which lenders have the best interest rates.
- Maintain a low debt-to-income ratio – The debt-to-income ratio measures how much of an applicant’s income goes toward loan repayment, and lenders take this into account when calculating interest rates. Therefore, if your debt-to-income ratio is lower, you have a better chance of obtaining a vehicle loan with a lower interest rate.
How to Apply for a Car Loan in Nadapuram?
Many banks and NBFCs, like Private, SBI and HDFC, offer vehicle loans in Nadapuram. However, the finest lender in Nadapuram is one that provides you with a Car Loan in Nadapuram 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 Nadapuram before applying for one that meets all of your needs.
- Dialabank is the name of our website.
- Choose the automobile loan option from the drop-down menu.
- Fill up the blanks with details about your automobile and salary.
- Please wait for our relationship manager to reach you at the phone number you provided. Also, please contact our relationship managers at 9878981166 if you have any questions regarding the loan.
- You must go to the bank in person to acquire a vehicle loan offline, which may be difficult for you.
Which Bank in Nadapuram Offers the Best Car Loans?
Many banks and NBFCs, like Private, SBI and HDFC, offer vehicle loans in Nadapuram. However, the finest lender in Nadapuram is one that provides you with a Car Loan in Nadapuram 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 Nadapuram before applying for one that meets all of your needs.
Car Loan for Major Car Manufacturers in Nadapuram
TABLE WILL APPEARProcessing Fees / Prepayment Charges on Car Loan Nadapuram
| 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 Nadapuram
The CIBIL score assesses your capacity to repay your obligations. A better credit score shows a good credit history and simplifies the auto loan application process. In general, banks and NBFCs consider a credit score of 750 or above to be sufficient for approving your loan application in Nadapuram. However, this score may fluctuate from bank to bank. If your CIBIL score is less than the required number, you will be forced to pay a high-interest rate on the loan amount.
Car Loan Nadapuram Contact Number
Please contact 9878981166 if you have any queries concerning a car loan.
Pre Calculated EMI Table for Car Loan Nadapuram
| 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 Nadapuram
Nadapuram is a town located in Kozhikode District of Kerala. The population of this place is 40,230.
Car Loan Banks in Nadapuram
| BANK NAME | BANK ADDRESS | BANK IFSC CODE |
| CANARA BANK | NP VI1244, A-18, I FLOOR, M J A C SHOPPING COMPLEX, TELLICHERRY ROAD,673504 | CNRB0000828 |
| FEDERAL BANK | CROWN BUILDING, MAIN ROAD NADAPURAM, KOZHIKODE DIST. | FDRL0001568 |
| HDFC BANK | HDFC BANK LTD KALLACHI ROAD NADAPURAM | HDFC0002325 |
| IDBI BANK | NADAPURAM BUS STAND, NADAPURAM P O,KOZHIKODE 673504 | IBKL0114NUB |
| Private BANK LIMITED | Private BANK LTD CITY TOWER OPP HP PETROL PUMP KALLACHI ROAD NADAPURAM KOZHIKODE KERALA -673504 | ICIC0002667 |
| KOZHIKODE DISTRICT COOPERATIVE BANK LTD | MOYILOTH BUILDING, MOYILOTH MUKKU, P.O. NADAPURAM, KOZHIKODE, PIN 673 504 | KDCB0000058 |
| PUNJAB NATIONAL BANK | NK COMPLEX, OPP BUS STAND | PUNB0432000 |
| SYNDICATE BANK | NP 10698, KALLACHI, NEAR KALLACHI PETROL STATION, NADAPURAM KATTIADI ROAD, NADAPURAM, DIST – KOZHIKODE KERALA INDIA -673506 | SYNB0004419 |
FAQ’s About Nadapuram 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 Nadapuram will not require a guarantor to obtain a car loan. However, if your salary is less than the statutory minimum, lenders in Nadapuram 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.
