Best Banks for Car Loan in Kangan
|Feature||HDFC Bank||ICICI Bank||
Kotak Mahindra Bank
|Interest Rate||7.05 % - 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
Car Loan Kangan 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 Kangan Eligibility Criteria
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
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.
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 Kangan EMI Calculator
Car Loan Kangan Fees & Charges
|Charges||New Car Loan||Used Car Loan|
|Interest Rate||7.05% per annum||11.80% p.a. to 13.80% p.a.|
|Car loan Processing fees||0.004||0.004|
|Issuance of Duplicate Repayment Schedule Charges||Around Rs.500||Around Rs.500|
|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 Kangan fees: Leading Banks –
|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||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
How to Get the Best Car Loan Interest Rates in Kangan
The interest rates on vehicle loans offered by different lenders in Kangan may vary, but they are all reasonable and competitive. If you want to get a car loan in Kangan with the lowest interest rate, follow the steps below:
How to Apply for a Car Loan in Kangan?
Availing of a car loan in Kangan is an easy process with DialaBank. Follow the following steps to avail of the best offers:
- Shorter repayment term –In Kangan, the interest rate on a car loan varies from bank to bank. All of these prices are fair and competitive. Follow the steps outlined below to obtain a vehicle loan in Kangan at the lowest possible interest rate.
- Research and compare an offer from different lenders –If you want to receive a good deal on a car loan, you should evaluate offers from several banks and NBFCs. You will be able to locate the best bank in Kangan with the lowest interest rate if you do so.
- Maintain Debt to income ratio –The debt to income ratio indicates how much of an applicant’s income goes toward loan repayment and is considered when determining a loan’s interest rate. If your debt-to-income ratio is low, you have a better chance of receiving a low-interest loan.
- Maintaining credit score – When it comes to acquiring a loan and determining the interest rate, your credit score is crucial. Banks look at credit scores and make greater offers if the applicant’s credit score improves. They usually search for a credit score of at least 750 points. Therefore, if your credit score is higher, you may acquire a better interest rate. Dialabank’s “Free credit score” service can be used to check your score. This will make you aware of your credit score and provide you with time to improve it before applying for a loan.
- Visit our website Dialabank.
- Click on the car loan option available in the menu
- Fill in the details regarding the car type and your income
- Wait as our relationship manager will soon get in touch with you on your provided number.
- You may also contact our relationship managers on 9878981166 in case of any queries regarding the loan.
- To avail of a car loan offline, you will have to visit the branch personally, which might be hectic for you.
Which Bank in Kangan Offers the Best Car Loans?
Vehicle loans are available in Kangan from various large banks and NBFCs, including HDFC, ICICI, and SBI. Naturally, the best lender will be able to offer you the loan amount you require at a competitive interest rate and release the cash as fast as possible. As a result, it’s always a good idea to shop around for auto loans from various lenders before committing to one that fits all of your requirements, such as interest rates.
Car Loan for Major Car Manufacturers in KanganTABLE WILL APPEAR
Processing Fees / Prepayment Charges on Car Loan Kangan
1999 - 4999 + Tax
No prepayment is allowed until 12 EMIs are paid
No foreclosure is allowed until 12 EMIs are paid
13-24 months: 2% of loan principal outstanding
>36 months: Nil Charges
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 Kangan
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 750 and above as a good score to approve your loan application process in Kangan.
This score may again vary from bank to bank. If you have 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, you may have to pay a low rate of interest. Thus, a CIBIL score is an important factor in a car loan.
Car Loan Kangan Contact Number
If you have any queries regarding the car loan in Kangan, you may contact the number 9878981166 for any assistance.
Pre Calculated EMI Table for Car Loan Kangan
|Rate||5 Yrs||4 Yrs||3 Yrs|
Kangan is a town in Jammu and Kashmir’s Ganderbal district. It is a tehsil in the Ganderbal District. It is located across the Nallah Sindh and spans a 50-kilometre-long ravine valley, with 1,20,934 people, a literacy rate of 52.8 per cent, and a male-to-female ratio of 868.
FAQ’s About Kangan Car Loan
✅ What is the best way to pay an EMI on a car loan?
The applicant has three EMI payment choices. Standing Instruction (SI), Electronic Clearing Service (ECS), and Post-Dated Cheques are some of the choices available.
✅ How do I figure out the monthly payment on a car loan?
The Dialabank EMI calculator can be used to calculate the EMI. This simple EMI calculator allows you to calculate your monthly EMI by following a few simple steps.
✅ What types of interest rates are there?
There are two sorts of interest rates. The first is the fixed interest rate, and candidates should pick between the fixed and floating interest rates based on their preferences.
Table of Contents
- 1 Best Banks for Car Loan in Kangan
- 3 Car Loan Kangan Features
- 4 Car Loan Kangan Eligibility Criteria
- 5 Car Loan Kangan EMI Calculator
- 6 Car Loan Kangan Fees & Charges
- 7 Car Loan Kangan fees: Leading Banks –
- 8 How to Get the Best Car Loan Interest Rates in Kangan
- 9 How to Apply for a Car Loan in Kangan?
- 10 Which Bank in Kangan Offers the Best Car Loans?
- 11 Car Loan for Major Car Manufacturers in Kangan
- 12 Processing Fees / Prepayment Charges on Car Loan Kangan
- 13 CIBIL Score Required for Car Loan in Kangan
- 14 Car Loan Kangan Contact Number
- 15 Pre Calculated EMI Table for Car Loan Kangan
- 16 About Kangan
- 17 FAQ’s About Kangan Car Loan