You can avail a car loan to purchase a car in Amritsar, a city in Punjab, at interest rates ranging between 9.05% and 12.85% to be repaid over a maximum of 7 years. These loans are quickly approved, requires less documentation, and can be repaid in easy equated monthly instalments (EMIs).
|Name of the Bank||Interest Rate||Processing Fee|
|ICICI Bank||9.30% to 12.85%||Rs.3,500 to Rs.8,500|
|Axis Bank||9.05% to 11.30%||Rs.3,500 to Rs.5,500|
|State Bank of India||8.80% to 12.05%||Nil|
|Indian Bank||9.10%||Up to Rs.10,236|
|HDFC Bank||9.50% to 10.25%||Rs.3,000 to Rs.10,000|
|IDBI Bank||9.20% to 9.90%||-|
|Federal Bank||9.25%||Rs.1,500 to Rs.2,500|
|Canara Bank||8.70% to 11.30%||Rs.1,000 to Rs.5,000|
|Allahabad Bank||8.60% to 10.85%||Up to Rs.8,696|
|Andhra Bank||8.80%||Rs.1,000 to Rs.25,000|
Any individual that has a steady source of income is eligible to avail a car loan in Amritsar. The other eligibility criteria that one needs to fulfil for a car loan are given below:
|Who Can Avail||Salaried, self-employed individuals and professionals of partnership firms, private and public limited companies, and sole proprietorships|
|Minimum Age||21 years|
|Minimum Annual Income||Rs.3 lakh|
|Business or Job Stability||
|Other Requirements||Should have a telephone/mobile connection|
Please note that the above list provides the generic eligibility criteria. Different lenders may have different criteria and hence, it is advised that you check with the lenders before applying for a car loan.
You do not need to provide too many documents while applying for a car loan. You will need a proof of identity, address proof, and income proof, the details of which have been given below:
|Proof of Identity||Passport/PAN Card/Aadhar Card/Driving License/ Voter’s ID||PAN Card/ Aadhaar Card/ Passport/Voter’s ID/Driving License|
|Address Proof||Ration Card/ Aadhar Card/ Passport/ Driving License/Telephone Bill/Electricity Bill/Life Insurance Policy||Ration Card/ Aadhar Card/ Passport/ Driving License/Telephone Bill/Electricity Bill/Life Insurance Policy/ Sales Tax Certificate|
|Income Proof||Form 16 and latest salary slips||Latest Income Tax Returns/Audited Balance Sheet/Profit and Loss Account|
|Others||Bank statement for the last 6 months||Bank statement for the last 6 months|
Answer: Yes. To be eligible for a car loan in Amritsar, you will need a minimum credit score of 750. If your score is lower than that, the chances of your car loan application getting rejected are higher. Hence, before you apply for a car loan, it is advised that you check your credit score. Doing so will boost your confidence to approach the lender if your score is high and in case it is low, you can take corrective steps to improve it and then apply for the loan.
Answer: Missing out on making your EMI payments can affect your credit score and ruin your chances of securing a loan in the future. So, it is never a good idea to miss out paying your EMIs. Also, if you miss out on your car loan EMI for more than 6 months, the lender can seize your vehicle and auction it to recover the outstanding loan amount since your vehicle is hypothecated with the lender.
Answer: Yes, you can foreclose your loan before the end of your loan tenure by paying the outstanding loan amount. Many banks will charge you a penalty fee on loan foreclosure and hence, you should check for the charges with your lender before foreclosing your loan.
Answer: Processing fee on a car loan needs to be paid upfront, while making the loan application. However, other charges such as stamp duty charge, cheque swap charge, documentation charges, etc., if applicable, need to be paid later.
Answer: Yes, anyone who has a steady source of income is eligible for a car loan in Amritsar. However, you will have to be in the same line of business for at least 2 years and fulfill the minimum income criteria specified by the lender.
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