Best Banks for Car Loan in Sonai
|
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 Sonai 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 Sonai 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 |
Car Loan Sonai EMI Calculator
Car Loan Sonai 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 Sonai Fees and Charges: Leading Banks –Oct 03 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 Sonai Documents Required
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 Sonai
The interest rates on vehicle loans offered by different lenders in Sonai may vary, but they all are competitive and reasonable. So, if you want to get a car loan in Sonai with the lowest interest rate, then follow the below-mentioned steps:
- Short repayment term – Applicants usually believe that lengthier repayment terms are better than shorter repayment terms as the monthly EMI are low. Generally, applicants don’t seem to be aware that the lenders view lengthier payback terms as an indication of the low repayment capabilities of a borrower, due to which they charge higher interest rates.
- Compare the perks offered by different banks and lenders – To get a decent deal on an auto loan, it is always advised that you must compare and explore deals and benefits offered by different lenders.
- Modest debt-to-income ratio – Debt-to-income helps measure how much of the applicant’s income goes into the loan repayment. Banks can take this information into their account while setting interest rates for the loan. Therefore, if your ratio of debt to income is low, then you have a better chance of getting a car loan at a low-interest rate.
- Maintain your credit score — Having a good credit score will get you a car loan with cheaper interest rates from the lenders as it indicates your ability to pay off credits. For example, a CIBIL Score of 750 is considered good by lenders or banks. Some lenders would provide auto loans to applicants with bad credit, but they will demand a higher interest rate on loans.
How to Apply for a Car Loan in Sonai?
Availing of a car loan in Sonai is an easy process with Dialabank. Follow these steps to apply for a Car loan in Sonai:
- Visit our website Dialabank.
- Click on the car loan option in the menu.
- Fill out the application form with all the required information and details.
- Once you have filled in details, soon you will be contacted by the relationship manager for further procedure.
- Regarding any queries or issues about the loan, you can contact on 9878981166.
- For the offline method, visit the branch personally for a car loan, but it might become hectic for you.
Which Bank in Sonai Offers the Best Car Loans?
Numerous NBFCs and banks, including HDFC, Private, and SBI, offer vehicle loans for borrowers in Sonai. However, it is crucial you choose a lender that provides you with a reasonable interest rate in your loan amount and can provide the funds as quickly as feasible as they are considered as the best lender. Therefore, it is always advised to check and compare vehicle loans from several lenders before applying for one that meets all of your requirements, such as interest rates.
Car Loan for Major Car Manufacturers in Sonai
TABLE WILL APPEARProcessing Fees / Prepayment Charges on Car Loan Sonai
| 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 Sonai
A CIBIL Score indicates your ability to pay off your credits. A high Credit score indicates the applicant has had a good credit history and is eligible for the loan, making your loan application process easy and smooth to be processed. The majority, banks and NBFCs consider a credit score of 750 and above as a good score to approve your loan application process in Sonai.
This score usually varies from bank to bank. If you have a CIBIL score lower than the required value, you will be required to pay a high-interest rate on your loan amount. On the other hand, the lenders offer a low-interest rate if you have a good CIBIL Score.
Car Loan Sonai Contact Number
If you face any issues regarding car loans in Sonai, you can contact us on 9878981166 for any assistance.
Pre Calculated EMI Table for Car Loan Sonai
| 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 Sonai
Sonai is a town located in district Cachar under Assam state. It was also declared as the municipal area by the government in 2016.
FAQ’s About Sonai Car Loan
✅ What are the various methods for repaying Car loans in Sonai?
You can repay your car loans in sonai using three methods Electronic Clearing Service (ECS), Standing Instruction (SI) it is usually advised to repay your loan using these two methods as they are faster and have a lower risk of error, which is not the case with third method Post-Dated Cheques (PDCs).
✅ What is a suitable CIBIL Score for getting a car loan in Sonai?
A CIBIL score of 750 and above is good for applying for a Car loan in Sonai.
✅ Is interest rates in car loans negotiable?
Negotiation of interest rates depends on the borrower’s past record, CIBIL Score, relationship with the lenders and various others if these factors are available then interest rates can be negotiated.
