North East Small Finance Bank Car Loan Key Features – Apr 23 2024
| North East Small Finance Bank Car Loan Interest Rate | 7.35% per annum |
| Min Loan Amount | ₹ 100,000 |
| Max Loan Amount (Loan to Value) |
Loan up to Rs. 5 Lakhs |
| Loan Tenure | 1 year to 7 years |
| Lowest EMI / Lac | ₹ 2,353 |
| Minimum Net Monthly Income | ₹ 20,000 |
| Minimum ITR for Self Employed | ₹ 300,000 |
| Age Criteria | Salaried: 21 years to 60 years Self Employed: 21 years to 60 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 |
| Foreclosure Charges | NIL |
| Basic Documentation | ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation |
About North East Small Finance Bank Car Loan
North East Small Finance Bank (NESFB) is a wholly-owned subsidiary of RGVN (North East) Microfinance Ltd. that received ‘In-principle approval’ from RBI to initiate Small Finance Bank (SFB) operations from September 2015. NESFB offers lending support to various entities, such as small farmers, micro business units, Micro, Small, and Medium Enterprises, and several unorganised sector units.
Advantages of North East Small Finance Bank Car Loan
- Higher Loan Amount: Banks offer you a car loan of up to 80-100% of the on-road price of the car in case of new vehicles. The on-road price of a car includes the ex-showroom price, state government tax, and insurance cost of the vehicle.
- No Need to Liquidate your Investments: If you avail of the car loan, then there is no need to liquidate the investments you have made for some other purpose.
- Flexible Tenure: You can go for any loan repayment tenure ranging from 1 year to 7 years according to your choice.
- Tax Benefits: A car Loan can help you save on tax if you are a self-employed person/ businessman and use the car for legitimate business purposes. If you are a self-employed person/ businessman, you can claim the interest paid on a car loan as a business expense. In this way, your taxable income will get reduced by the amount of interest you have paid in a financial year on a car loan.
North East Small Finance Bank Car Loan Eligibility
| Salaried Individual |
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| Self-Employed Individuals |
|
| Self-Employed Non-Individuals (Company/Partnership) |
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| Priority Customers |
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North East Small Finance Bank Car Loan Interest Rate, fees
| Charges | New Car Loan | Used Car Loan |
| Interest Rate | 7.35% per annum |
14.50% p.a. |
| Processing fee | 0.40% of the principal amount | Up to 1.25% of the loan amount |
| Issuance of Duplicate Repayment Schedule Charges | Rs.500 per instance | Rs.500 per instance |
| 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 | Rs.500 per instance | Rs.500 per instance |
| Documentation Charge | Rs.500 per instance | Rs.500 per instance |
| Issuance of Duplicate No Dues Certificate Charges | Rs.500 per instance | Rs.500 per instance |
| Registration Certification Collection Charge | Rs.200 per instance | Rs.200 per instance |
| Cheque Bounce/Instrument Return Charges | Rs.500 per instance | Rs.500 per instance |
| Issuance of Duplicate Statement Charges | Rs.500 per instance | Rs.500 per instance |
| Loan Cancellation/Re-booking Charges | Rs.2,500 per instance | Rs.2,500 per instance |
| Issuance of Credit Report | Rs.50 per instance | Rs.50 per instance |
North East Small Finance Bank Car Loan Documents Required
Salaried Individual
| Category | Documents Required |
| Identity Proof | Driving License Aadhaar Card Passport PAN Voter ID |
| Address Proof | Driving Licence Aadhaar Card Passport PAN Voter ID |
| Date of Birth Proof | Birth Certificate Passport Driving Licence PAN |
| Signature Proof | 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 | Driving Licence Aadhaar Card Passport PAN Voter ID |
| Address Proof | Driving Licence Aadhaar Card Passport PAN Voter ID |
| Date of Birth Proof | Birth Certificate Passport Driving Licence PAN |
| Signature Proof | 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:
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 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 |
Private Limited/Limited Companies
| Category | Documents Required |
| Identity Proof | Copy of Latest MOA Copy of Incorporation Copy of Latest AOA |
| Address 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 |
| 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. |
North East Small Finance Bank Car Loan EMI Calculator
An applier has the option to know the EMI’s before availing of a Car Loan. Thus, you can easily know the EMIs through the link below:
North East Small Finance Bank Car Loan Types
North East Small Finance Bank offers different types of car loans to its customers. You have the choice of choosing the offer which suits your need the best. It offers the following types of Car Loans:
- New Car Loan – If you want to buy a new car, this is the scheme for you. You can take North East Small Finance Bank Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
- Used Car Loan – If you want to buy a used car, then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
- Loan Against Car – You can choose this scheme if you are in need of urgent funds where you can keep your cars as collateral with the bank.
North East Small Finance Bank Car Loan Pre Calculated EMI
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
How to Apply for North East Small Finance Bank Car Loan?
- Visit Dialabank and fill a form.
- Our Relationship Manager will call you and guide you throughout the process.
- You can compare different offers from banks and opt for the one which suits your needs.
- Thus, you can easily apply for a Car Loan through Dialabank and enjoy the best offers.
FAQs for North East Small Finance Bank Car Loan
✅ What is North East Small Finance Bank Car Loan?
North East Small Finance Bank Car Loan is a financial product offered for buying a car, whether new or used.
✅ How can I get a Car Loan from North East Small Finance Bank?
You can avail of a car loan from North East Small Finance Bank by visiting the nearest branch of J and K Grameen Bank. You will get satisfaction to apply from anywhere and get car loan approval faster.
✅ How does North East Small Finance Bank Car Loan work?
North East Small Finance Bank offers car loans at attractive interest rates. You can get a car loan easily and quickly. J and K Grameen Bank provides flexible loan tenure duration.
✅ What is the Car Loan Interest Rate in North East Small Finance Bank?
The interest rate charged by North East Small Finance Bank for a car loan starts at
7.35% per annum
.✅ How to Check Car Loan status in North East Small Finance Bank?
You must visit the North East Small Finance Bank branch to check your car loan status. Also, you can use the net-banking facility of North East Small Finance Bank.
✅ How to Calculate Car Loan interest in North East Small Finance Bank?
For the calculation of your car loan interest in North East Small Finance Bank, the information required is:
- Loan tenure
- Loan amount
- Interest rate
You can calculate car loan interest and EMI for North East Small Finance Bank using the Emi Calculator.
✅ What is the maximum loan amount I can avail myself of on a Car Loan from North East Small Finance Bank?
You can avail a maximum loan amount for a car loan from North East Small Finance Bank is up to Rs. 5 lakhs.
✅ What is the loan tenure of North East Small Finance Bank Car Loan?
The loan tenure duration for a car loan from North East Small Finance Bank ranges from 1 to 7 years.
✅ Can I get a 100% Car Loan from North East Small Finance Bank?
You can get a loan of up to Rs. 5 lakhs for a car loan from North East Small Finance Bank. To avail of a 100% Car loan, you must visit the online platform of Dialabank.
✅ How much is the processing fee applicable on North East Small Finance Bank Car Loan?
North East Small Finance Bank charged a processing fee is 0.40% of the principal amount for getting a car loan.
✅ What are the EMI options available on North East Small Finance Bank Car Loan?
Your car loan EMIs are automatically subtracted from your bank account. Also, you can pay your car loan EMI through the net banking facility of North East Small Finance Bank. Also, pay using post-dated cheques.
✅ What are the charges for Prepayment in North East Small Finance Bank Car Loan?
North East Small Finance Bank does not have prepayment charges for availing of a car loan.
✅ Can I get a top-up loan on my existing North East Small Finance Bank Car Loan?
Yes, you can get a top-up loan on your existing North East Small Finance Bank car loan. Also, get a top-up car loan by visiting the online platform of Dialabank.
✅ Do I need to provide a guarantor to avail myself of a car loan from North East Small Finance Bank?
Yes, you can avail yourself of a guarantor for getting a car loan from North East Small Finance Bank. It will increase your car loan eligibility.
✅ What is the North East Small Finance Bank Car Loan Customer Care Number?
The customer care number of North East Small Finance Bank for car loan queries is 9878981166.
✅ How can I get NOC from North East Small Finance Bank for a car loan?
You can get a car loan NOC from North East Small Finance bank when you have paid your outstanding loan amount.
✅ What is the North East Small Finance Bank Car Loan closure procedure?
- Just go to the bank with the documents.
- Write a letter for pre-closure of the North East Small Finance Bank Car Loan account.
- Pay the pre-closure charges as per North East Small Finance Bank Car Loan.
✅ What is North East Small Finance Bank Car Loan preclosure charges?
North East Small Finance Bank Car Loan preclosure charges are zero.
✅ What is North East Small Finance Bank Car Loan maximum tenure?
North East Small Finance Bank Car Loan maximum tenure is 7 years.
✅ What is North East Small Finance Bank Car Loan minimum tenure?
The North East Small Finance Bank Car Loan minimum tenure is 1 year.
