Car Loan Panchmahal

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Car Loan Panchmahal

Best Banks for Car Loan in Panchmahal

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 Panchmahal 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

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Car Loan Panchmahal

Car Loan Panchmahal 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 Panchmahal EMI Calculator

Car Loan Panchmahal 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 Panchmahal Charges: Leading Banks – May 21 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 Panchmahal 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 Panchmahal

Varying lenders in Panchmahal offer different interest rates on automobile loans, but they are all sensible and competitive. Follow the steps below to acquire a vehicle loan in Panchmahal with the lowest interest rate:

  • Choose a shorter repayment term – Because the monthly EMI (equated monthly instalment) is cheap, many auto loan applicants feel that longer payback terms are preferable. Unfortunately, they don’t seem to realize that lenders view longer payback terms as a sign of a borrower’s poor repayment ability. Thus greater interest rates are charged. Consider a shorter repayment time if you want to save money on your auto loan.
  • Research and compare the perks offered by different lenders – If you want to receive a good bargain on an auto loan, you should first look into and evaluate the different lenders’ perks. This can assist you in determining which lenders provide the lowest interest rates and, as a result, which lender to select.
  • Maintain a modest debt-to-income ratio –The debt-to-income ratio is a calculation that lenders use to determine how much of an applicant’s income goes toward loan repayment. As a result, if your debt-to-income ratio is lower, you have a greater chance of qualifying for a reduced interest vehicle loan.
  • Maintain a good credit score — If you have a high credit score, lenders would gladly provide you with a vehicle loan with lower interest rates. A credit score of 750 or above is considered good by lenders. People with weak credit may get vehicle loans, but they will have to pay a higher interest rate. To ensure you have a decent credit score, check your credit scores periodically using Dialabank’s “Free Credit Score” service. If your credit score is poor, you’ll be able to take steps to improve it, and if your credit score is strong, you’ll be able to approach lenders with confidence.

How to Apply for a Car Loan in Panchmahal?

DialaBank makes getting a vehicle loan in Panchmahala a simple affair. To take advantage of the greatest deals, follow these steps:

  • Go to Dialabank’s website.
  • Go to the menu and select the auto loan option.
  • Fill in the information about the vehicle and your income.
  • Please be patient as our relationship manager will contact you as soon as possible at the phone number you gave.
  • You may also get in touch with our managers on 9878981166 in case of any queries.
  • To apply for a car loan offline, you must go to the branch in person, which may be inconvenient for you.

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Which Bank in Panchmahal Offers the Best Car Loans?

Vehicle loans are available from several large banks and NBFCs in  Panchmahal, including HDFC, ICICI, and SBI. The best lender will be able to offer you the loan amount you require at a fair interest rate and will be able to disburse the cash as soon as possible. As a result, it’s always a good idea to shop around for auto loans from various lenders before settling on one that fits all of your requirements, such as interest rates.

Car Loan for Major Car Manufacturers in Panchmahal


Processing Fees / Prepayment Charges on Car Loan Panchmahal

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 Panchmahal

The CIBIL score is a number that determines your capacity to repay your debts. A better credit score indicates a positive credit history and facilitates the processing of your auto loan application. Banks and NBFCs in Panchmahal usually consider a credit score of 750 and above to be a good score when approving your loan application.

This score may differ from one bank to the next. For example, if your CIBIL score is lower than the required number, you may be charged a high interest rate on the loan amount, but if your CIBIL score is strong, you may be charged a low interest rate. As a result, a CIBIL score is a crucial consideration when applying for a vehicle loan.

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Car Loan Panchmahal Contact Number

If you have any questions about the vehicle loan in Panchmahal, you may call 9878981166 for help.

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Pre Calculated EMI Table for Car Loan Panchmahal

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 Panchmahal

Panchmahal, commonly known as Panch Mahals, is a district in Gujarat State, western India.

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FAQ’s About Panchmahal Car Loan

 Is it possible for me to acquire a loan on my current vehicle?

Yes, if you have a strong payment history with your current lender, many lenders will allow you a loan on your current vehicle.

 What types of vehicles can I acquire with a car loan?

Car loans can be used to buy numerous passenger vehicles, including SUVs (Sport Utility Vehicles), MUVs (Multi Utility Vehicles), and many other types of vehicles. You can also get a car loan to purchase a vehicle for business purposes. Some lenders also provide tractor, truck and construction equipment loans.

 What are the methods for repaying my Car loan? 

There are three methods to repay your loan Electronic Clearing Service (ECS), Standing Instruction (SI). It is advised that you repay your loan using the first two methods as they are faster and have a lower risk of error, which is not the case with the third method, Post-Dated Cheques (PDCs).