Standard Chartered Bank Car Loan

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Standard Chartered Bank Car Loan

Standard Chartered Bank Car Loan Bank Car Loan Key Features – Dec 03 2022

Standard Chartered Bank Car Loan Interest Rate

7.35% per annum

Min Loan Amount ₹ 1,00,000
Max Loan Amount
(Loan to Value)
100% of Ex-showroom Price
Loan Tenure 12 to 84 months
Lowest EMI / Lac ₹ 1,634
Minimum Net Monthly Income ₹ 25,000
Minimum ITR for Self Employed ₹ 4,00,000
Age Criteria Salaried: 21 years – 60 years
Self Employed: 21 years – 70years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs).
Processing Fee 0.50% or minimum Rs.1500
Foreclosure Charges Nil
Basic Documentation ID Proof, Address Proof, Salary Slip and Car Quotation

About Standard Chartered Bank Car Loan

Standard chartered bank is a Gramin Bank in India established on 02-10-1975. It has headquartered in Moradabad, and its address is Prathama Bhawan, Ram Ganga Vihar Phase-II, Post Box NO. 446, Moradabad-244001. it has 422 branches across the state. Prathama Bank Car Loan Interest Rates, Car Loan at 10.50% Updated on 21 Jan 2021. Apply for Car Loans Online. Find Prathama Bank Car loan purpose, Eligibility, Margin, Repayment of Car Loan, Security, Documents Required.

Advantages of Standard Chartered Bank Car Loan

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

Standard Chartered Bank Car Loan

Standard Chartered Bank Car Loan Eligibility

Salaried Individual
  • Age – Should be a minimum of 21 years old and should not exceed 60 years.
  • Net Monthly Income – Rs.25000 is the base criteria.
  • Employment Duration – At least one year
  • Income Eligibility – Form 16
Self-Employed Individuals
  • Age – 21-70 years of age
  • Minimum ITR  – Rs. 4 lakh
  • Employment Duration – 3 years(minimum)
  • Income Eligibility –  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 must be associated with at least six months.
  • Average Quarterly Balance – Rs.5000
  • Maximum Loan Amount – 3 times

Standard Chartered Bank Car Loan Interest Rate, Fees, and Charges

Charges New Car Loan Used Car Loan
Interest Rate    

7.35% per annum

   14.80% p.a. to 16.80% p.a.
Processing fee 0.50%(minimum Rs.1500) 0.50%(minimum Rs.1500)
Issuance of Duplicate Repayment Schedule Charges Above Rs.350 Above Rs.350
Foreclosure Charges Nil Nil
Penal Interest 2% per month 2% per month
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge Above Rs.350 Above Rs.350
Documentation Charge Above Rs.350 Above Rs.350
Issuance of Duplicate No Dues Certificate Charges Above Rs.350 Above Rs.350
Registration Certification Collection Charge Above Rs.150 Above Rs.150
Cheque Bounce/Instrument Return Charges Above Rs.350 Above Rs.350
Issuance of Duplicate Statement Charges Above Rs.350 Above Rs.350
Loan Cancellation/Re-booking Charges Nil Nil
Issuance of Credit Report Above Rs.50 Above Rs.50

Standard Chartered Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof Voter ID
Aadhar Card
Passport
Address Proof Driving License
Passport
Electricity Bill
Date of Birth Proof Birth Certificate
Passport
Driving License
PAN
Signature Proof PAN Card
Bankers Verification
Passport
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last three months
Employment Continuity Proof ITR of Form 16
Salary Slip with Joining Date
Work Experience Certificate
Appointment Letter

Self-Employed Individuals

Category Documents Required
Identity Proof Aadhar card
PAN Card
Driving License
Address Proof Driving License
Aadhaar Card
Voter ID
Utility Bills
Date of Birth Proof Birth Certificate
Passport
Driving License
High School Marksheet
Signature Proof Passport
PAN
Bankers verification
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last three months
Employment Continuity Proof Current Account Statement
SSI or MSME Registration Certificate
Shop & Establishment Act Certificate
Sales Tax or VAT Certificate
Business Proof Telephone Bill
Electricity Bill
Current Account Statement
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate

Partnership Firms/Societies

Category Documents Required
Identity Proof Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof Driving License
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous two years
Bank Statement Bank statement of last three 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

Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest AOA, Incorporation and MOA
Address Proof Current Account Statement
Shop & Establishment Act Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
SSI or MSME Registration Certificate
Telephone Bill
Electricity Bill
Income Proof Audited Balance sheet, P&L Account and Filed ITR, Previous three months bank statement
Business Continuity Proof SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Shop & Establishment Act Certificate
Current Account Statement
Additional documents
PAN Card
Board Resolution
List of Directors and Shareholding Partners
Certificate of Commencement of Business for Ltd. Co.

How to Increase Your Eligibility for Standard Chartered Bank Car Loan

  • Opt for a shorter tenure – When you opt for a shorter term to repay the money, the EMI that you will pay each month will be higher. This will indicate your higher repayment capacity which will build a sense of confidence in you. So, if you wish to boost your eligibility for a car loan, you can opt for a shorter repayment tenure.
  • Keep your credit score in check – If you wish to increase your eligibility for an HDFC Bank car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score. Checking your credit score regularly will allow you to take corrective measures to improve it if your score is low or if it gives you the confidence to approach the bank if it is high.
  • Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and your spendings. Before banks decide to lend to you, they will check the percentage of your earnings that goes into paying your debts and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
  • Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for an HDFC Bank car loan. A lower loan amount means that the loan will be repaid faster. Therefore, the chances of you being eligible for a loan are higher.

Factors Affecting Standard Chartered Bank Car Loan Eligibility

The eligibility criteria for a car loan will depend on the below-given factors:

  • Income – If your income is on the higher side, there is a good chance that your eligibility for an HDFC Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for an HDFC Bank car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount – Your eligibility for a car loan from HDFC will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
  • Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
  • Credit score – This is an important factor that every bank, including HDFC Bank, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
  • Relationship with the bank – As stated earlier, HDFC Bank offers instant car loans to their existing customers through the feature which allows HDFC Bank customers to can avail themselves of loans instantly, at their convenience, with very few documents required for a car loan. This indicates that your relationship with the bank is an important factor while determining your eligibility.

Standard Chartered Bank Car Loan Customer Care – Toll-Free Number

HDFC Bank 24*7 customer care toll-free number all your general enquiries is For Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune dial 1800 425 1000. For Chandigarh / Cochin / Indore / Jaipur / Lucknow dial 1800 425 1000.

Standard Chartered Bank Car Loan EMI Calculator

The applicant can calculate its EMI on the Car Loan before even availing it by following the address below:

Car Loan EMI

Standard Chartered Bank Car Loan Types

There’s a long list of Car Loan Products provided by Standard Chartered Bank Car Loan. Choose among them according to your desires. Lit of Car Loan provided by Standard Chartered Bank Car Loan:
Standard Chartered Bank Car Loan offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:

  1. New Car Loan –  Applicants looking to buy a new car can go for this. You can get a car loan for a minimum amount of Rs. 1 lakh and tenure up to 7 years.
  2. Used Car Loan – Individuals wanting to buy used cars can avail Used Car loan with a minimum amount of Rs. 1 Lakh and a tenure of 5 years.
  3. Loan Against Car – Applicants with the urgency of funds can go for this loan by providing their car as a gauge and getting a loan amount against it.

Standard Chartered Bank Car Loan Pre Calculated EMI

Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh ₹  4,480 ₹  3,090 ₹  1,982 ₹  1,512
3 Lakh ₹  13,439 ₹  9,270 ₹  5,947 ₹  4,535
5 Lakh ₹ 22,398 ₹ 15,450 ₹  9,912 ₹ 7,559
10 Lakh ₹ 44,795 ₹ 30,900 ₹ 19,825 ₹ 15,117

Tips to Decide the Right Amount of EMI in Car Loan

  • Ascertain the amount you need to borrow: It is important that before approaching a bank for a loan, you inform them about the amount of loan you need to borrow. Limit your loan amount after accounting for your own available funds. Furthermore, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans can result in huge interest outgo.
  • Review your current obligations: Before taking a loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you to estimate the amount of EMI which you will be able to pay comfortably after taking into account other obligations. Once you arrive at the EMI, you can also decide on the right loan tenure.
  • Calculate your HDFC Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. HDFC Bank provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
  • Multiplier-based loan amount eligibility – HDFC Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating loan eligibility used by banks. Usually, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your company that is based on its reputation, stability, size, and growth in turnover.
  • FOIR based loan amount eligibility – HDFC Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. HDFC Bank’s assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

Car Loan EMI Changes in Case of Pre-payment

In case you prepay your vehicle loan, I issued a small penalty. Prepayment in HDFC Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. HDFC Bank gives you two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged
  • Reduce the amount of EMI and keep your loan tenure the same

How to Calculate Chhattisgarh Rajya Gramin Bank Car Loan EMI

Before you avail of a car loan from HDFC Bank, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly installments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

How to Apply for Standard Chartered Bank Car Loan?

  1. Reach out to Dialabank at https://www.dialabank.com and provide the information asked on the form.
  2. Our Relationship Manager will contact you shortly to guide you through the Prathama Bank Car Loan process.
  3. Compare and select from various options available.
  4. Applying for a Car Loan with Dialabank helps you avail of the various offers.

Standard Chartered Bank Car Loan for Top Selling Cars

Compare HDFC Car Loan With Other Banks In India

Car loan Banks Interest Rates
EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55%
Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35%
Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50%
Rs. 1,596 – Rs. 1,634
HDFC Bank Car Loan 7.05% – 11.25%
Rs. 1,512 – Rs. 1,725
ICICI Bank Car Loan 8.82% – 12.75%
Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85%
Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70%
Rs. 1,609 – Rs. 1,645

What is Standard Chartered Bank Car Loan?

Standard Chartered Bank Car Loan is a secured loan provided by the Bank to applicants looking to allocate funds for buying a new or used car.

FAQ Standard Chartered Bank Car Loan

✅ How can I get a Car Loan from Standard Chartered Bank Car Loan?

Standard Chartered Bank Car Loan can be availed by applying directly through Dialabank or reaching out to the nearest branch of the Bank.

✅ How does Standard Chartered Bank Car Loan work?

Working on Standard Chartered Bank Car Loan is pretty simple as it involves allocating funds to its customers willing to buy a car and keeping the same as collateral. The rate of Interest is charged against the loan and is repaid in burdenless EMIs.

✅ What is the Car Loan Interest Rate in Standard Chartered Bank Car Loan?

Car Loan Interest Rate in Standard Chartered Bank Car Loan is as low as

7.35% per annum

.

✅ How to Check Car Loan status in Standard Chartered Bank Car Loan?

Check car Loan status in Standard Chartered Bank Car Loan directly by reaching out to the Bank’s website and providing your Loan number on the Loan Status page.

✅ How to Calculate Car Loan Interest in Standard Chartered Bank Car Loan?

Calculate Car Loan Interest in Standard Chartered Bank Car Loan by using Dialabank’s Calculator. This Calculator provides information about the EMI and Interest of your Loan.

✅ What is the maximum loan amount I can avail myself of on a Car Loan from Standard Chartered Bank Car Loan?

Car Loan from Standard Chartered Bank Car Loan can avail you of up to 100% amount of the ex-showroom price of the vehicle.

✅ What is the loan tenure of Standard Chartered Bank Car Loan?

Prathama Bank Car Loan Tenure range between 12 to 84 months.

✅ Can I get a 100% Car Loan from Standard Chartered Bank?

Yes, a 100% car loan from Standard Chartered Bank Car Loan can be provided on the Ex-showroom price of the car.

✅ How much Processing Fee is applicable on Standard Chartered Bank Car Loan?

Processing Fees of 0.50% or a minimum of Rs.1500 is applicable on Standard Chartered Bank Car Loan.

✅ What are the EMI options available on Standard Chartered Bank Car Loan?

EMI options of Step-up EMI and Balloon EMI are available with Standard Chartered Bank Car Loan.

✅ What are the charges for Prepayment in Standard Chartered Bank Car Loan?

There are NO charges for Prepayment in Standard Chartered Bank Car Loan.

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

Top-up Loan on Existing Standard Chartered Bank Car Loan can only be availed under particular circumstances.

✅ Do I need to provide a guarantor to avail myself of a Car Loan from  Prathama Bank Car Loan?

A guarantor is not needed to avail of a Car Loan from Standard Chartered Bank Car Loan.

✅ How to get a Standard Chartered Bank Car Loan Statement?

Standard Chartered Bank Car Loan Statement is readily available on the Bank’s website and can be availed by providing the Loan Details.

✅ How to Pay Standard Chartered Bank Car Loan Interest Online?

Pay Standard Chartered Bank Car Loan Interest Online through Bank’s Payment gateways using your Net Banking.

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

Bank has the right to seize the vehicle or charge a nominal penalty for not paying Standard Chartered Bank Car Loan EMI for 3 Months.

✅ How can I apply for EMI Moratorium on Standard Chartered Bank Car Loan?

EMI Moratorium on Standard Chartered Bank Car Loan can be requested directly with the Bank.

✅ What is the number for Standard Chartered Bank Car Loan agent?

9878981166 is the number for Standard Chartered Bank’s most valuable Car Loan Agent, i.e. Dialabank.

✅ Can I close Standard Chartered Bank Car Loan online?

Standard Chartered Bank Car Loan cannot be closed online; an Applicant has to reach the branch for the closure process.

✅ What is Standard Chartered Bank Car Loan Customer Care Number?

9878981166 is the number for all the queries related to Standard Chartered Bank Car Loan.

✅ How can I get NOC from Standard Chartered Bank Car Loan?

NOC from Standard Chartered Bank Car Loan can be availed after completing the foreclosure process.

What is the Standard Chartered Bank Car Loan closure procedure?

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

✅ What are the Standard Chartered Bank Car Loan preclosure charges?

Standard Chartered Bank Car Loan preclosure charges are zero.

✅ What is the Standard Chartered Bank Car Loan maximum tenure?

The Standard Chartered Bank Car Loan’s maximum tenure is 7 years.

✅ What is the Standard Chartered Bank Car Loan minimum tenure?

The Standard Chartered Bank Car Loan minimum tenure is 1 year.

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