Car Loan Sikkim

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Rates as low as 8.50%*
Up to 100% Funding
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Major Car Loan Providers in Sikkim

Feature
HDFC Bank
ICICI Bank
Kotak Mahindra Bank
Interest Rate
8% - 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 Sikkim FeaturesCar loan Sikkim

Owning a car is not anymore branded as a sign of luxury but it is among the fundamental needs of everyday living. An Auto Loan is an offer that allows a person to convert their dream of having a vehicle in reality.  It is the best way to acquire a vehicle without paying the whole cost at once.

A car loan is a financial help provided by banks and NBFC’s to fulfil 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. 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 instalments.

Features of car loan in Sikkim are:

  • Easy monthly repayment options
  • Instantly available
  • Loan Tenure period varies from 1-7 years
  • Affordable interest Rates
  • No hidden charges
  • Quick approval with minimum documentation

Car Loan Sikkim Interest Rate

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
1%
Nil
Andhra Bank Car Loan
Nil
Nil

 

To check Personal Loan Interest Rate for all major banks you can visit: Car Loan Interest Rates

Car Loan Sikkim Documents Required

  1. Identity Proof required is a copy of Passport, PAN Card, Voters ID card, Driving License
  2. Income Proof For Salaried persons is Latest 3-month salary slip with form 16 and For Self Employed persons is Latest ITR
  3. Address Proof required is one of the following: Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy /PAN Card
  4. And the Bank Statement of the Last 6 months.

Car Loan Sikkim Eligibility Criteria

  1. Minimum age: 21 years
  2. Maximum age at loan maturity: 65 years
  3. Minimum employment: For Salaried- 1 year in current employment and a minimum of 2 years of employment / For Self Employed– at least 3 years in business
  4. Minimum Annual Income: For Salaried Rs 100000 net annual income / For Self- Employed Net profit Rs. 60000 p.a for standard cars and Rs.100000 p.a. for mid-sized and premium cars

How to Apply for Car Loan in Sikkim?

  • Apply online on www.dialabank.com
  • Go to the loan section on the page and click on the car loan link.
  • The applicant will be directed to all the details of the car loan where they can choose their preferred city, according to their needs.
  • For more information on car loans and free guidance, you may call on 9878981166.

Processing Fees & Prepayment Charges on Car Loan Sikkim

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 Sikkim

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 might lead to rejection of your loan as it is the first thing a bank tracks before processing your loan.

Car Loan Sikkim Contact Number

For more information regarding the car loan in Sikkim, you can call us on 9878981166.

Pre Calculated EMI Table for Car Loan Sikkim

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 Sikkim

Sikkim is a state in the northeastern part of India. Sikkim shares its borders with Bhutan, Nepal, and China. The capital of Sikkim is Gangtok. Sikkim has a total population of around 6.5 lakhs as of the year 2020.

Main attractions of Sikkim are the beautiful mountains and scenarios. It is also home to many Buddhist monks and Hindus.

Special Note: Banks do not provide Car Loans to bad credit holders, but one can fulfil their money requirement with Gold Loan easily.

Car Loan EMI Calculator

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