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Rates as low as 7.05%*
Up to 100% Funding
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Car Loan Phagwara

Best Banks for Car Loan in Phagwara

Feature HDFC Bank ICICI Bank
Kotak Mahindra Bank
Interest Rate 7.05 % - 8.4 % 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 Phagwara Features

A car loan is financial funding provided by banks and NBFC’s to make your dream come true of having your own car. It is not a difficult task nowadays availing for a car loan as numerous products have come into the market to cater to the needs of a buyer. Moreover, if you want to buy a pre-owned car, financial institutions also provide the service of used car loans which can be used for financing a used car. Car Loans come at an affordable rate of interest and requires minimal documentation.

Car Loan Phagwara Interest Rates

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 Phagwara Documents Required

Documents required for car loan are as followed:

For Salaried Individuals

  1. Identity Proof: Passport copy, PAN Card, Voters ID card, Driving License
  2. Income Proof: – Latest 3-month salary slip with form 16
  3. Residence Proof: Any one of the following (Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill)
  4. Bank Statement: Last 6 months.

 For Self Employed

  • Identity Proof: Passport copy, PAN Card, Voters ID card, Driving License
  • Income Proof: – Latest ITR reports.
  • Residence Proof: Any one of the following (Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill)
  • Bank Statement: Last 6 months.

Car Loan Phagwara Eligibility Criteria

It is important to fulfill the following car loan eligibility as follows:

For Salaried Applicants

  1. Minimum age: 21 years
  2. Maximum age at loan maturity: 65 years
  3. Minimum employment Required:  Minimum of 1 year in current employment and at least 2 years of  total employment
  4. Annual Income: A minimum of Rs 100000 per annum.

For Self Employed Applicants

  1. Minimum age: 21 years
  2. Maximum age at loan maturity: 65 years
  3. Minimum employment: a minimum of 3 years in business is required.
  4. Minimum Annual Income: at least Rs. 60000 p.a net profit for standard cars and approx. Rs.100000 p.a. for mid-sized and premium car loans.

Car Loan for Major Car Manufacturers in Phagwara

TABLE WILL APPEAR

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Processing Fees & Prepayment Charges on Car Loan in Phagwara

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 Phagwara

CIBIL Score is basically a 3-digit numeric summary of the customer’s credit history. The score is evaluated using the credit history of the CIBIL Report (usually called as CIR or Credit Information Report).  A CIR does not use the details of your savings, investments, or any fixed deposits. 750 and above CIBIL score is required to get a car loan in Phagwara.

Car Loan Phagwara Contact Number

To get instant car loan you can visit our website or call on 9878981166 to get personalized assistance. Our executives are well trained and will assist you in the best way possible in order to provide you with a deal most suited for you.

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Pre Calculated EMI Table for Car Loan Phagwara

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

You can calculate your EMI here: Car Loan EMI Calculator

Car Loan Phagwara

Car Loan EMI Calculator

Car loan EMI can be calculated by clicking on Car Loan EMI Calculator at Dialabank. It is free to use and you can use it as many times you want. Equated Monthly Installments(EMI) is the monthly fixed charges that you pay to the bank as monthly repayment for the loan amount borrowed. Based on the profile, the interest rate on the loan is determined. EMI is calculated based on the Interest Rate you are charged by the bank and the amount of loan you have to take and the period for which you enjoy the car loan.

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