Car Loan Salem

Best Banks for Car Loan in Salem

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 Salem Features

The car has become an indispensable part of everybody’s’ life. Without it, no one can imagine his life to run smoothly. But buying a car requires a huge amount of financing and it is quite difficult to arrange finance in limited income. Auto Financing is the best way and a beneficiary method to avail cash in a short period of time.

A car loan is a financial help provided by banks and NBFC’s to fulfill your dream of having your own car. They provide necessary funding for purchasing a car which can be on Ex-Showroom Price or On-Road Price of the car. A car loan is a secured loan with easy repayment options. The loan amount is offered on Interest charges which vary from bank to bank. One can pay for the vehicle in easy installments.

Some of the features of car loan Salem are:

1. Easy monthly repayment options
2. Instantly available
3. Loan Tenure period varies from 1 to 7 years
4. Affordable interest Rates
5. No hidden charges
6. Quick approval with minimum documentation

Car Loan Salem Interest Rate

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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 Salem Documents Required

Documents required for car loan are as followed:

For Salaried Individuals:

1. Identity Proof: Copy of Passport, Driving License, PAN Card, Electoral Photo ID card can be used as ID proof.
2. Income Proof: 3 months or 6 months salary slip with Income Tax Return
3. Residence Proof: Driving License, Electricity Bill, PAN Card, Voter ID Card, and Life Insurance Policy are valid address proofs.
4. Past six months’ bank statement

For Self-employed individuals:

1. Identity Proof: Copy of Passport, Driving License, PAN Card, Electoral Photo ID card can be used as ID proof.
2. Income Proof: Income Tax Return.
3. Residence Proof: Driving License, Electricity Bill, PAN Card, Voter ID Card, and Life Insurance Policy are valid address proofs.
4. Past six months’ bank statement

Car Loan Salem Eligibility Criteria

1. The car loan eligibility requirements are as followed in Salem:
   

   For Salaried Individuals:

   1. The minimum age required for the car loan is 21 years.
   2. The maximum age at the loan maturity time ought to be 65 years.
   3. The salaried candidate should be employed for a year in current employment and a minimum of 2 years of total employment.
   4. The minimum annual income for the salaried candidate should be Rs 1,00,0000 as net annual income.

   For Self-employed Individuals

   1. The minimum age required for the car loan is 21 years.
   2. The maximum age at the loan maturity time ought to be 65 years.
   3. The Self-employed candidate must be running Business for at least three years.
   4. The Self-employed candidate should have a net profit of Rs 60,000 per annum for most standard cars and Rs 1,00,000 per annum for mid-sized elite cars.

How to Apply for Car Loan in Salem?

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Applying for a car loan with Dialabank online is an easy process. Follow the steps to apply for a car loan:

• Visit our website at Dialabank.
• Click on the auto loan option and select the car loan option on the menu.
• Fill out the form with the necessary details of your loan requirements.
• Wait for our team of experts to reach to get in touch with you.
• You can also visit the nearest branch or call on 9878981166.

Car Loan for major car manufacturers in Salem

TABLE WILL APPEAR

Processing Fees/Prepayment Charges on Car Loan in Salem

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 Salem

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CIBIL score reflects your credit history in the past as well as your defaults in repayment of your previous loans. A good credit score is considered as 750 and above as most of the financial institutions ask for a high credit score. Every bank and NBFC has different criteria for a minimum CIBIL score they require to process your loan. A Lower CIBIL score than 750 can attract a higher rate of interest.

A very low CIBIL score can lead to rejection of your loan as it is the first thing a bank tracks before processing your loan.

Car Loan Salem Contact Number

To get an instant car loan you can call us on 9878981166 and we would be happy to assist you.

Pre Calculated EMI Table for Car Loan Salem

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 Salem

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In the southernmost state of Tamil Nadu, Salem is a city and municipal corporation in Salem district. Known as Mani city, it is situated at the base of the popular tourist destination called Yercaud hills. The Corporation of Salem consists of 60 wards and four zonal offices.

Special Note: Banks do not provide Car Loans to bad credit holders, but one can accomplish their financial terms with Gold Loan easily.

Car Loan EMI Calculator Salem

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