Home Credit Bank Car Loan

Home Credit Bank Car Loan Key Features – Jan 2021

Home Credit Bank Car Loan Rate of Interest

7% per annum

Min Loan Amount ₹ 1,00,000
Max Loan Amount
(Loan to Value)
Loan up to 90% of On Road Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,524
Minimum Net Monthly Income ₹ 25,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee 0.40% of the principal amount
Home Credit Bank Car loan Foreclosure Charges No foreclosure charges
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation

About Home Credit Bank Car Loan

Home Credit Bank Car Loan is available at reasonable interest rates to the consumer for buying their dream car either new or second hand. It is an accessible loan which can be acquired by anyone who has a good CIBIL score. You need minimal documents to get your Car Loan application approved.

Advantages of Home Credit Bank Car Loan

Home Credit Bank Car Loan

Home Credit Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be minimum ₹ 25000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Home Credit Bank Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
Interest Rate

7% per annum

Starts@9.65%
Processing fee 0.40% of the principal amount Up to 0.25% (Max Rs. 5,000)
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges No foreclosure charges No foreclosure charges
Penal Interest 2% per month 2% per month
Part Payment charges 3% of the paid amount 3% of the paid amount
Cheque/Instrument Swap Charge NIL NIL
Documentation Charge Rs.1000 per instance Rs.1000 per instance
Issuance of Duplicate No Dues Certificate Charges NIL NIL
Registration Certification Collection Charge NIL NIL
Cheque Bounce/Instrument Return Charges Rs.750 per instance Rs.750 per instance
Issuance of Duplicate Statement Charges Rs. 10 per page Rs.10 per page
Loan Cancellation/Re-booking Charges NIL NIL
Issuance of Credit Report NIL NIL

Home Credit Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving License
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

Home Credit Bank Car Loan EMI Calculator

With the Home Credit Bank Car loan interest rate calculator, the borrower has the option to check out the EMI’s before getting a Car Loan. You can easily check through the link below:

Car Loan EMI Calculator

Home Credit Bank Car Loan Types

Home Credit Bank Car loan offers different types of car loans to its customers. You have the option of choosing the offer that works the best for you. The following types of Car Loans are available:

  1. New Car Loan –  If you are thinking to buy a new car, it is the scheme for you. You can get a Car Loan from Home Credit Bank for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you want to buy a used car then you must choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can choose this scheme if you require urgent funds where you can keep your cars as an assurance with the bank.

Home Credit Bank Car Loan Pre Calculated EMI

How to Apply for Home Credit Bank Car Loan online?             

  1. Visit Dialabank and go to the Car Loan page
  2. Look at various offers available on the Car Loan page.
  3. Fill the form available on the top of the page.
  4. Our Customer Relationship Manager will contact you.
  5. You can compare different offers of various banks and choose according to your suitability.

Home Credit Bank Car Loan for Top Selling Cars

FAQs for Home Credit Bank Car Loan

✅ What is Home Credit Bank Car Loan?

Home Credit Bank Car Loan is a car loan provided for purchasing a new as well as a used car.

✅ How can I get Car Loan from Home Credit Bank?

You can get a car loan from Home Credit Bank by visiting the nearest bank branch.

✅ How does Home Credit Bank Car Loan work?

Home Credit Bank car loan interest rates are provided at reasonable rates. You can get a car loan approval faster. Home Credit offers a flexible loan tenure period.

✅ What is the Car Loan Interest Rate in Home Credit Bank?

The interest rate charged by Home Credit Bank for a car loan starts at

7% per annum

.

✅ How to Check Car Loan status in Home Credit Bank?

You must visit the Home Credit Bank branch to check your car loan status. Also, you can use Home Credit Bank’s net banking services to check your car loan status.

✅ How to Calculate Car Loan interest in Home Credit Bank?

For the calculation of your car loan interest in Home Credit Bank, the following information is required:

  • Loan tenure
  • Rate of interest
  • Loan amount
  • You can calculate car loan interest for Home Credit Bank through the EMI Calculator.

✅What is the maximum loan amount I can avail myself on Car Loan from Home Credit Bank?

You can get a maximum loan amount up to 90% of On Road Price for a car loan from Home Credit Bank.

✅ What is the loan tenure of Home Credit Bank Car Loan?

The loan tenure duration for a car loan from Home Credit Bank ranges from 1 to 7 years.

✅ Can I get 100% Car Loan from Home Credit Bank?

You can get loan up to 90% of On Road Price for a car loan from Home Credit Bank. To get a 100% Car loan, apply for the loan at Dialabank.

✅ How much processing fee is applicable on Home Credit Bank Car Loan?

Home Credit Bank charged a processing fee is 0.40% of the principal amount for getting a car loan.

✅ What are the EMI options available on Home Credit Bank Car Loan?

Your car loan EMIs are automatically deducted from your bank account. Also, you can pay your car loan EMI through the net banking services of Home Credit Bank.

✅ What are the Home Credit Bank Car Loan Prepayment charges?

Home Credit Bank does not have any prepayment charges for availing a car loan.

✅ Can I get a top-up loan on my existing Home Credit Bank Car Loan?

Yes, you can get a top-up loan on your existing Home Credit Bank Car loan. The online platform of Dialabank can also help you get a top-up.

✅ Do I need to provide a guarantor to avail a car loan from Home Credit Bank?

A guarantor for getting a car loan from Home Credit Bank will only increase your car loan eligibility.

✅ How to get a Home Credit Bank Car Loan Statement?

For getting a car loan statement from Home Credit Bank, you can use the Bank’s mobile banking app. Also, you can visit Dialabank online, fill a simple form and get offers.

✅ How to pay Home Credit Bank Car Loan interest online?

You can pay your car loan interest through the net – banking services of Home Credit Bank. For getting a low-interest car loan, you can visit Dialabank online.

✅ What if I can’t pay the interest on Home Credit Bank Car Loan for 3 months?

If you can’t pay the interest on Home Credit Bank Car Loan for 3 months, then it will add up to the outstanding loan amount and repayment charges will be reframed.

✅ How can I apply for EMI Moratorium on Home Credit Bank Car Loan?

You can apply for EMI Moratorium on Home Credit Bank by visiting the nearby branch. You can alos submit a request through an email. Also, if you want relief for the balance duration, you must apply through Dialabank.

✅ Can I close the Home Credit Bank Car loan online?

You can close your car loan from Home Credit Bank by using the net-banking page. You have to log in with your Home Credit Bank Car loan details on the net -banking page and pay your car loan.

✅ What is the Home Credit Bank Car Loan Customer Care Number?

The customer care number of Home Credit Bank Car loan queries is  9878981144.

✅ How can I get NOC from Home Credit Bank for a car loan?

You can get a car loan NOC from Home Credit Bank when you clear your car loan amount.

 What is the Home Credit Bank Car Loan closure procedure?

  • Just go to the bank with the documents.
  • Write a letter for pre-closure of the Home Credit Bank Car Loan account.
  • Pay the pre-closure charges as per the rules.

✅ What are the Home Credit Bank Car Loan preclosure charges?

Home Credit Bank Car Loan preclosure charges are zero.

✅ What is the Home Credit Bank Car Loan maximum tenure?

The Home Credit Bank Car Loan maximum tenure is 7 years.

✅ What is the Home Credit Bank Car Loan minimum tenure?

The Home Credit Bank Car Loan minimum tenure is 1 year.

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