Car Loan Prakasam

Best Banks for Car Loan in Prakasam

Car Loan Prakasam 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

Car Loan Prakasam Eligibility Criteria

The car loan eligibility requirements are as follows in Prakasam:

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 Prakasam EMI Calculator

Car Loan Prakasam 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 Prakasam Fees and Charges : Leading Banks – Mar 26 2023

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 Prakasam Documents Required

The documents required for applying for a car loan in Prakasam are: –

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 Prakasam

Research and compare the benefits provided by various lenders – Smart and financially responsible borrowers must evaluate a wide range of plans provided by numerous lenders to select the one that best meets their unique set of demands.
Maintain a low debt-to-income ratio — This ratio determines how much of the loan seeker’s income is spent on repaying earlier debts; if this measure is low, the chances of having a new loan improve.
Choose a loan with a shorter repayment term – Loans with longer repayment terms typically attract a large number of borrowers because they believe they will pay it off in smaller payments over a longer period of time. Unfortunately, loan applicants frequently pick long-term loans and wind up paying significantly more in interest because of this misunderstanding.
Maintain a solid credit score — One of the most important variables considered when accepting a vehicle loan application is the borrower’s CIBIL score. Lenders typically prefer candidates with at least a 750 credit score.

How to Apply for a Car Loan in Prakasam?

Applying for a vehicle loan in Prakasam is a simple procedure with DialaBank; follow the steps shown below to take advantage of the finest deals in your area: –

Dialabank is our website.
Select the auto loan option from the website.
Fill up the relevant boxes with information about the kind of vehicle and your annual income.
Our relationship manager will contact you shortly.
If you have any questions about the loan, please call us at 9878981166.

Which Bank in Prakasam Offers the Best Car Loans?

Car loan companies in Prakasam, such as HDFC and Muthoot, offer loans with extremely cheap interest rates and various payback terms. Going through all of these plans on your own might be a daunting process, but Dialabank staff can assist you in completing this stage. After you fill out a form, one of our staff will contact you and guide you through the whole loan application procedure and assist you in preparing the necessary paperwork for the application process.

Car Loan for Major Car Manufacturers in Prakasam

TABLE WILL APPEAR

Processing Fees / Prepayment Charges on Car Loan Prakasam

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
Prepayment Charges	>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 Prakasam

The CIBIL Score of a loan applicant is one of the most important factors a lender examines when authorising a vehicle loan. To complete an application, most of the major companies in the vehicle loan industry need the applicant to have a credit score of 750 to 900. A CIBIL score in this range indicates that the applicant has paid off his prior loans and credit card payments on schedule. Lenders will sometimes give credit to those with poor CIBIL ratings, but they will charge a higher interest rate.

Car Loan Prakasam Contact Number

In case of any queries regarding the auto loan in Prakasam, feel free to contact us on 9878981166 for any assistance.

Pre Calculated EMI Table for Car Loan Prakasam

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 Prakasam

Prakasam is a coastal district in Andhra Pradesh and has a population of around 34 Lakh people.

Car Loan Banks In Prakasam

Bank Name	Bank Address	IFSC code
ANDHRA BANK	786,BEGAM BRIDGE ROAD,MEERUTUTTAR PRADESH	ANDB0000855
BANK OF BARODA	P.B.NO.64, OLD GOVT.HOSPITAL ROAD ,OPP.DISTRICT LIBRARY,ONGOLE	BARB0ONGOLE
BANK OF BARODA	SNO-145 OPP NT ST UPPU BA PRAKASAM DIST UPPUMAGULURU ANDHRA PRADESH 523301	BARB0UPPUMA
KARUR VYSYA BANK	KANIGIRI 100 FT ROAD NANDA VARI STREET KANDUKUR PRAKASAM DISTRICT ANDHRA PRADESH 523105	KVBL0004872
ORIENTAL BANK OF COMMERCE	D. NO. 2-5, MAIN ROAD, SANKHAVARAPPADU, ADANKI MANDAL	ORBC0102123
STATE BANK OF INDIA	DIST PRAKASAM STATE ANDHRA PRADESH PIN 523201	SBIN0000751
STATE BANK OF INDIA	PEDARIKATLAAP	SBIN0005816
STATE BANK OF INDIA	PRAKASAMAP	SBIN0007822
STATE BANK OF INDIA	PRAKASAMAP	SBIN0008305
STATE BANK OF INDIA	PRAKASAMAP	SBIN0008838
STATE BANK OF INDIA	PITAKAYAGULLAAP	SBIN0009504
STATE BANK OF INDIA	MARKAPUR BAZAR,DNO 6 449,1ST FLOOR,NS COMPLEX,DORNALA BUSSTAND,MARKAPUR	SBIN0012918
STATE BANK OF INDIA	TRUNK ROAD,KANDUKUR ROAD CENTRE,SINGARAYAKONDA,PRAKASAM DT,A P	SBIN0012922
STATE BANK OF INDIA	HNENTREINKOLLUMNDLPRKSMDIST	SBIN0020367
STATE BANK OF INDIA	AAEGLE	SBIN0020488
STATE BANK OF INDIA	PCGTKLP	SBIN0020581
STATE BANK OF INDIA	334DURBARROADCHIRALA52355PRAKASAMDT	SBIN0020761
STATE BANK OF INDIA	H Y B GK I	SBIN0020773
STATE BANK OF INDIA	ANROADOPPRURALPOLCESTATONKANDUKURUPRKS	SBIN0020774
STATE BANK OF INDIA	PRAKASHAM DT	SBIN0020847
STATE BANK OF INDIA	AGANNAVARAMRDNHMARTHUR	SBIN0021170
STATE BANK OF INDIA	OGURRODOGOLE	SBIN0021171
STATE BANK OF INDIA	TVCR COMPLEX NEW BAJAJ SHOWROOM COLLEGE ROADMARKAPUR PRAKASHAM DIST	SBIN0021204
STATE BANK OF INDIA	NO11 465 MNR COMPLEXOPPRTC BUS STAND KURNOOL ROADPODILI PRAKASAM DIST	SBIN0021205
STATE BANK OF INDIA	N32SIVALAKSHMIBUILINGVRAKANIGIRIPRAKASAMIST	SBIN0021206
STATE BANK OF INDIA	GOGOEODPKMDTDDK	SBIN0021249
STATE BANK OF INDIA	9 45 B1 MARKAPUR NANDYAL ROADNEAR BUS STANDCUMBUM PRAKASAM DIST	SBIN0021251
STATE BANK OF INDIA	NO8 19 51 KOTHAPETA VEEDHI STREET OPPHEAD POST OFFICEGIDDALUR PRAKASAM DIST	SBIN0021284
STATE BANK OF INDIA	HNO 10 19 LIBRARY STREETVETAPALEM VILLAGE MANDAL PRAKASHAM DISTRICT ANDHRA PRADESH	SBIN0021582
UNION BANK OF INDIA	KOPPOLU(AT & POST) ONGOLE(TALUKA) CITY – PRAKASAM DISTT.PRAKASAM PIN-523287 ANDHRA PRADESH	UBIN0565962

FAQ’s About Prakasam Car Loan

✅ Will banks finance my car’s accessories too?

No, most banks and NBFC’s provide a loan amount sufficient only for the standard trim of the car.

✅ What form of collateral do lenders require for a car loan in Prakasam?

Lenders consider the car you are buying as a collateral asset for your loan.

✅ What is the maximum age limit to apply for a car loan in Prakasam?

The maximum age limit to apply for a car loan in Prakasam is usually set between 60-70.

Buy your dream Car