Used Car Loan Barbil

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Best Banks for Used Car Loan in Barbil

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

Used Car Loan Barbil Features

Get a used car loan to literally eliminate all your financial worries when purchasing a vehicle that you own!
By taking advantage of personalized and flexible repayment plans with easy pay EMIs, you can easily opt for a Barbil used car loan at low interest.
By having approximately 3 to 6 times your annual income and borrowing up to 100 percent of the value of the car *, up to Rs.2.5 crore of loan sum can be used.

Some other impressive Barbil characteristics of used car loans include:

Hassle, and free process complex.
Fast and simple approvals and disbursals for loans.
Simple document delivery services from your doorstep.
Up to 85 percent of the car’s value as a 5-year loan sum, and that too without any evidence of profits.

Used Car Loan Barbil 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
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	1%	Nil
Andhra Bank Car Loan	Nil	Nil

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

Used Car Loan Barbil Documents Required

Documents required to avail of a car loan :

For Salaried:-

Identity & Address Evidence of any of the following documents:

Passport: True
Permanent [recent, legible, laminated] driving license
The letter provided by the National Register of Population containing name & address information
ID Card for Voters
NREGA job card released

As evidence of income all the following records are:

Latest Slip in Pay
New Form 16 / New ITRR Form 16
For the previous 6 months, the bank statements

Any of the following for confirmation of sign verification:

Credit Card Copy Statement by Credit Card
Verification from the banker
Copy Passport
Picture Driving License (recent, legible, laminated) with DOB
Copy of the Bank’s Margin Money Paid

For Self Employed:-

Age proof: Memorandum of Association and Articles / Certificate of Incorporation.
Identity proof: Association Memorandum and Articles / Certificate of Incorporation.
Income proof: the new ITR and audited balance sheet along with the statement of profit & loss.

Any of the following papers as proof of address:

Telephone Recharge
Association Memorandum and Papers
Incorporation Qualification
Bill on Electricity

Any of the following for confirmation of sign verification:

Copy Passport
Credit Card Copy Statement by Credit Card
Verification from the banker
Picture Driving License (recent, legible, laminated) with DOB
Copy to the Bank of the Margin Money Paid.

Used Car Loan Barbil Eligibility Criteria

Eligibility criteria to get a car loan :

A good CIBIL score is a must before applying for a loan other than a gold loan. Making sure your CIBIL score is good before applying for a loan is a good practice.

For Salaried:-

Applicants must be doctors, CAs, employees of private limited firms, employees of public sector undertakings, including federal, state, and local authorities.
Age range: Individuals who are at least 21 years of age while applying for a loan, and a maximum age 60 at the completion of the loan term.
Minimum Work Experience: Persons who have been working for at least 2 years with the present employer for at least 1 year.
Minimum Earning: Those who earn at least Rs 2,50,000 per year, the spouse’s income may be considered one with the applicant’s income.

For Self-Employed:-

This involves people who own a private company in the manufacturing, trading, or service sector.
The minimum salary should be Rs. 2.50,000 per annum.
Individuals who have a landline office.

Used Car Loan for Major Used Car Manufacturers in Barbil

TABLE WILL APPEAR

Processing Fees / Prepayment Charges on Used Car Loan Barbil

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
Prepayment Charges	>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

Pre Calculated EMI Table for Used Car Loan Barbil

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 Barbil

Barbil is a city and municipality of the state of Odisha, India, in the Kendujhar district (also known as Iron City). About Barbil the area has one of the world’s largest deposits of iron ore and manganese ore. It is a significant source of revenue generation for the governments of both central and state.