Used Car Loan Muktsar

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Best Banks for Used Car Loan in Muktsar

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

Used Car Loan Muktsar Features

Tired of traveling by public transport? Wishing to have a car? But buying a car may not be budget-friendly, so you can always go for a car loan. You can even get a car loan on used cars. The following details will help you to get the car loan.

The main features of a car loan in Muktsar are:Used Car Loan Muktsar

  • Car loans are available at lower interest rates on a wide range of cars
  • The Documentation process is very quick.
  • Almost all major banks and NBFCs offer car loans in Muktsar
  • You can get car loans easily through Dialabank

Used Car Loan Muktsar 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

Used Car Loan Muktsar Documents Required

For Salaried:

  • For Identity & Address Proof: Valid Passport, Permanent Driving license [recent, legible, laminate], Voters ID Card, Job card issued by NREGA, Letter issued by the National Population Register containing details of name & address
  • For  proof of income: Latest Salary Slip, Latest Form 16/Latest ITR, Last 6 months bank statement

  • For sign verification proof: Passport Copy, Photo Driving License with DOB (recent, legible, laminated), Credit Card Statement with Credit Card Copy, Banker’s Verification, Copy of Margin Money Paid to the Bank

For Self Employed:

  • Memorandum and Articles of Association/Certificate of Incorporation as age proof
  • Memorandum and Articles of Association/Certificate of Incorporation as identity proof
  • Latest ITR and audited balance sheet along with profit & loss account as proof of income
  • Documents required for address proof:- Memorandum and Articles of Association, Certification of Incorporation, Telephone Bill, Electricity Bill
  • Documents required for sign verification proof:-Passport copy, Photo Driving License with DOB (recent, legible, laminated), Banker’s verification, Copy of Margin Money Paid to the Bank
  • Also, the used car loan can be borrowed in the following type of firms as well: Partnership Firms, Sole Proprietorship, Public Limited Companies

Used Car Loan Muktsar Eligibility Criteria

For Salaried:-

  1. This includes doctors, CAs, employees of private limited companies, employees from public sector undertakings, including central, state, and local bodies
  2. The Minimum age of the candidate should be 21 years and the maximum age should be 60 years
  3. Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer are eligible
  4. Minimum Annual Income should be Rs 2,50,000

For Self-Employed:-

  1. The Minimum age of the  candidate should be 21 years and the maximum age should be 60 years
  2. Only Individuals who have been in business for a minimum of 3 years are eligible
  3. The Individual  should earn at least Rs 2,50,000 per anum
  4. This includes individuals  who own a private company in the business of manufacturing, trading, or services

Used Car Loan for Major Car Manufacturers in Muktsar

TABLE WILL APPEAR

Processing Fees / Prepayment Charges on Used Car Loan Muktsar

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
ucl_processing_fees

CIBIL Score Required for Used Car Loan in Muktsar

The CIBIL score is referred to as what defines your ability to pay off your credits. A higher credit score means good credit history and makes your car loan application process smooth and easy to be processed. Mostly, banks and NBFCs consider a credit score of 720 and above as a good score to approve your loan application process Muktsar.

This score may again vary from bank to bank. In case of a low CIBIL score than the required value, you will be required to pay a high rate interest rate on the loan amount while if your CIBIL score is good then you may have to pay a low rate of interest. Thus, a CIBIL score is an important factor in a car loan.

Used Car Loan Muktsar Contact Number

In case of any queries regarding the car loan in Muktsar, you may contact on the number 9878981166 for any sort of assistance.

Pre Calculated EMI Table for Car Loan Muktsar

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

Used Car Loan EMI Calculator

About Muktsar

Muktsar is a city and district headquarters for the district of Sri Muktsar Sahib, located in Punjab, India. Historically known as Khidrana or Khidrane di dhab, the city was made the district headquarters in 1995.  The government officially changed the name of the city to Sri Muktsar Sahib in 2012, though the city is still primarily referred to by its unofficial name – Muktsar.

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